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Cashless Transactions: An Essential Step In Surviving Naira Scarcity In Nigeria

cashless transactions naira scarcity nigeria

Cashless Transactions: An Essential Step In Surviving Naira Scarcity In Nigeria

Embracing cashless transactions is an essential step in surviving naira scarcity in Nigeria. With the advent of technology, Nigerians can now pay for goods and services, transfer money to friends and family, and pay bills using their mobile phones. This is known as mobile banking, and it offers a convenient and secure way of making transactions without having to carry physical cash.

One of the advantages of using mobile banking is that it reduces the need for physical cash, which can be difficult to come by during times of naira scarcity. With mobile banking, you can pay for your groceries, fuel your car, or pay your electricity bills without having to worry about carrying cash. This reduces your exposure to risks such as theft or loss of physical cash.

Additionally, mobile banking offers a level of convenience that is unmatched by physical cash. With mobile banking, you can make transactions from the comfort of your home, office, or anywhere you have access to the internet. You don’t have to waste time queuing up in banks or other financial institutions to carry out transactions. This not only saves time but also reduces the stress associated with physical cash transactions.

Another advantage of mobile banking is that it offers rewards for using the platform. Some banks offer incentives such as airtime, cashback, or discounts for using their mobile banking platform. This can help you save money in the long run and reduce the impact of naira scarcity on your finances.

However, it is essential to note that mobile banking is not without its challenges. Poor internet connectivity can affect your ability to make transactions, and some mobile banking platforms may charge fees for certain transactions. Additionally, you must be vigilant to avoid falling victim to online scams and fraud.

To further enhance your experience with mobile banking, it is essential to choose the right financial institution. When selecting a bank or financial institution, consider factors such as the quality of their mobile banking platform, the fees charged for transactions, the level of customer service, and the availability of rewards and incentives.

You should also take the time to familiarize yourself with the features of your chosen mobile banking platform. Learn how to make transfers, pay bills, check your account balance, and access other features available on the platform. This will make it easier for you to use the platform effectively and avoid any unnecessary fees or errors.

Furthermore, it is important to ensure that your mobile banking platform is secure. Always use a strong and unique password for your account, and avoid sharing your login details with anyone. Additionally, enable two-factor authentication, which requires you to provide a second form of identification such as a fingerprint or security code to access your account.

Lastly, it is essential to keep track of your transactions and monitor your account regularly. Check your account balance frequently to ensure that all transactions are accurate, and report any suspicious activity to your bank immediately. This will help you to detect and prevent any fraudulent activity on your account.

Doing cashless transactions is an excellent way to survive naira scarcity in Nigeria. Mobile banking offers a convenient, secure, and efficient way of making transactions without having to carry physical cash. By using mobile banking, you can reduce your exposure to risks associated with physical cash transactions and save time and money.

It is essential to be vigilant and take precautions to avoid online scams and fraud. With these tips and strategies, you can embrace cashless transactions and navigate naira scarcity successfully.

[About The Author: Victoria Adewoyin is the author of, a trusted life coach and the convener of Back To Naija movement]

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