10 advantages of a cashless society which Nigeria is sadly not taking benefit of at the moment

Ayo Akinfe

[1] It reduces business risks and costs

[2] It reduces the transmission of diseases via cash

[3] Transaction speed is increased

[4] Elimination of high-denomination notes for purposes of reducing criminal activity

[5] Better collection of economic data

[6] Easier consumer budgeting

[7] Limitation on the amounts spent by politicians to induce voters

[8] Less money sprayed at parties wastefully

[9] The informal economy is brought into the mainstream with petty artisans and traders given POS machines

[10] Millions of naira that has been stashed away must now be brought out into the open