October 29, 2020 All Things Fintech in Africa

  Why you should go cashless now?

 

The Central Bank of Nigeria has advised Nigerians to go cashless and adopt alternative payment methods like electronic transfers in view of efforts to contain the coronavirus outbreak. As many Nigerians stock up on food and provisions amid the pandemic, concerns about handling cash have grown.  Studies have suggested that: “Cash is notoriously covered in germs and can contain bacteria and virus.”  However, one of the ways people can contract the virus is by touching an infected surface or object, then touching one’s mouth, nose or sensitive body parts, which is why cash handling has been advised against.

In an interview with a news agency, the CBN Director of Corporate Communications, Isaac Okoroafor have buttressed on the need for Nigerians to take precautions and adopt the alternative payment methods to avoid contracting or spreading the disease. Alternative payment methods like: electronic transfers, use of mobile banking apps.  In a statement, he stretched on how reliable easily accessible and cost-effective was:

“Its efficiency has minimized liquidity, settlement, systemic credit and operational risks which are inherent in financial transactions. It is secured, reliable, accessible, prompt and cost-effective to meet all user’s needs. Nigerians should use it.”

Here is why you should go cashless?

  • The World Health Organization has cited that cash could harbor the coronavirus. So, it’s highly advisable to wash your hand after handling cash, as a safety precaution.
  • The COVID-19, also known as SARS-COV-2, is believed to stay alive on surfaces. It has been noted to be more infectious than influenza.
  • It has been acknowledged that surfaces and keypads of ATMs may have germs lingering on them.

Here is how Nigerian fintechs are reacting to coronavirus threat

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