January 27, 2012
The Apex bank CBN as part of its structural economic developmental program amongst others has been on set to fully activate its plans of the proposed Cashless Nigeria nay, a cashless society.
i. Create an efficient and modern payment system accommodating for economic growth.
ii. Reduce the cost of banking services and increase transaction options.
iii. Improve the effectiveness of monetary policy in managing inflation and driving economic growth.
Investors information correspondence- one of Proshare’s core and passion for existence, propelled the move to seek to find the views and concerns of Local and Diaspora citizens profiled; -investors, professionals, HNI’s and citizens at large via an online pool survey to determine the challenge envisaged in the full deployment of a Cashless Nigeria. The table below shows our unearthing-
The one-week poll which raised high the masked threat to this developmental leap to a cashless society revealed judgmentally from the respondents that the matter of a Cashless Nigeria is susceptible to ATM PIN Insecurity . .
Specifically, the data (with all margin or errors discounted) shows that:
*Sixty (60%) of the respondents to the poll questions were of the opinion and in submission that the security of the ATM PINS poses a threat to the deployment of a cashless society
*While 23% juxtaposed their views, giving that the Point of sales Machines are not predominantly used in service centers. This sect believed that business owners do not have adequate point of sales facility to drive this thrust. This implies that even an automobile mechanic would need to have a POS machine to efficiently run his workshop.
*Another disparity group with a percentage vote of (15%) argues that the instability of power supply across the country would regardless of all other facts, pose a challenge to this development as businesses that originally do not need power to operate, would as a result of the e-commerce innovation require Power Generation and Fueling- which has most recently experienced a price hike and consequently affected across board, prices of other commodities.
*Some percentage of participants precisely (2%) considers the Internet speed and Overall Service failure’ a dare to an efficientreal-time e-business in Nigeria.
Summarily it poses a question to us as a Nation to ask, ‘Are we truly ready to go Cashless’? Putting into consideration the views of the respondents of this exercise, it is evidential and glaring that the Nigerian society is skeptical about the security of their ATM PINS. Internet fraud would be inevitable and the risk very apparently, would become high. Most recently, one of America’s topmost online clothier mart; www.zappos.com was hacked and still not functional as at the time of writing this report. This is just one of the unseen perils this policy hasgot to combat with.
According to the survey, illiteracy and absence of technology is not considered as a militating factor but most importantly, SECURITY.
Talking about security as well, it goes beyond ATM PINs alone but also properties and lives – as the rate of bomb scare in Nigeria is on the increase daily.
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