When are we Going 100% Cashless?

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When are we Going 100% Cashless?

Simple answer, soon, as soon as the world government concludes that there is no more paper again or any material used in printing money. They must also conclude that fiat money won’t do the economy any good as many transactions in millions and billions run digitally instead of fiat. As soon as the government is tired of its control of the masses using the Government Issue currency($). The helplessness and hopelessness of a legal tender that can’t match up to the present day financial demand. When all these are realized to their fullest. I believe the government will be too tired to issue any paper currency. Paperless all the way.

But when, not now, at least not now that the government still push for money laundering at some point, sponsors war and terrorism on the different front to booster their capitalism and financial gain, sponsors and encourage corruption in the heart of mind of Africa through their greedy corrupt leader who is ready to sell there fellow black populace for millions of dollars. When all these are well-taken care of fully and we don’t have people creating a common ground for money laundering and the likes. Boom! There won’t be a need for such.

A post covid era study showed that 73% of consumers and 68% of businesses believe America will never go cashless, So far, only Finland has been on the line of being the first to go cashless, and they are not presently fully cashless, but an increasing rate of her citizen owning debit card at staggering 98% shows the country is truly on the path of being cashless. Asia countries like South Korean China and Japan are too. Restaurants, amusement parks and social gatherings with a very large number of citizens opting for cashless payment have positioned these countries to be on the cashless transaction radar.

Can African Country Go Cashless?
No, not now or ever. Poverty is a major factor that plays if the currency will go cashless or not. As long as people are living under $1, with menial jobs and 9-5 daily jobs, there will always be fiat to pay them. As long as some hawk for daily living, local market buyers and sellers, taxis and other transport with no gadget for online payment, the cash will continue to rule and reign in such part of the world.

Though many apps are being released by banks these days to cater for online transactions in Nigeria, the unbanked still take a large chunk of the economy. Drawing back financial empowerment across many facets of life.

When will cashless policy ever come to play?
Let’s say in the next 5 years, as more transactions are done, faster financial institutions initiating more payments to many other third-party agents are being inculcated into the system. The easiness to pay online will reduce the urge to use cash or fiat. This means the system will take care of cash eradication not a government rule thing. It will gradually fade away with time.

Since you can use your conventional bank app to pay bills, transact even to the smallest amount and even connect to other third-party apps. Cash will continue to be relegated. Till its era fades off.

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