Talking About Cashless Economy, Nigeria Has A Long Way To Go. Banks Phone Transfer System Is Currently Giving Problems. Norway Is A Cashless Society. I Have Spent A Little Over 3 Years Living In The Country But I Only Used Cash 3 Times. Cashless Is Good For The Economy Because It Enforces Accountability. Before Nigerians Begin To Copy The Word "Cashless" And Dream About Its Implementation Because It Is Fancy To Do So, These Are Some Interesting Indicators To Consider:

Norway is a cashless society. I have spent a little over 3 years living in the country but I only used cash 3 times. Cashless is good for the economy because it enforces accountability. 

Before Nigerians begin to copy the word "cashless" and dream about its implementation because it is fancy to do so, these are some interesting indicators to consider:

1. Norway has a literacy level of 99%.

2. Norway has a population of 5.4 million. 

3. Norwegian banks have an interest rate of only 2.5%.

4. Norwegian banks don't charge transaction fees.

5. Norwegian banks don't charge account maintenance fees.

6. Norwegian banks don't charge ATM withdrawal fees.

7. Most Norwegian banks don't charge card processing and maintenance fees.

8. The Norwegian economy is highly developed and operated within formal sectors.

9. Most Norwegians have bank accounts and use Bank IDs to eliminate fraud.

10. The Norwegian Central Bank is stable and the managers are not selected randomly. 

11. Electricity supply is 24 hours, 7 days a week, and 365 days per year. It doesn't blink.

12. The banks and ATM machines always have network. It doesn't fail.

Until Nigerians realise that our economy is different. The population is different. The literacy level is different. The banking system and infrastructure are different etc, we cannot hold a meaningful discussion on the CBN cash withdrawal policy. If this is allowed to continue, the economy will be affected. Those who are targeted for liquidation will likely survive, and today's advocates will have no buffer against the economic disaster that is imminent!

©️Usman Isiyaku