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Coping with Cashless Policy

Cashless policies have been implemented in many countries around the world, including Nigeria. The aim of these policies is to encourage the use of electronic payment systems and reduce the amount of cash in circulation, which can improve financial transparency and reduce the risk of fraud.


If you are in Nigeria and are struggling to cope with the cashless policy, here are some tips to help you adjust:


Use electronic payment options: One of the primary ways to cope with the cashless policy is to use electronic payment options such as bank transfers, mobile payments such as Palm Pay, and debit or credit cards. Most businesses now accept electronic payments, and these options are convenient and secure.


Plan ahead: If you know that you will be visiting an area where electronic payment options may not be readily available, plan ahead and carry cash with you. However, be sure to limit the amount of cash you carry and take precautions to keep it safe.


Familiarize yourself with the policy: It is important to understand the details of the cashless policy and how it affects you. Educate yourself on the benefits of electronic payments and the penalties for non-compliance.


Keep track of your transactions: With electronic payments, it can be easy to lose track of your spending. To avoid overspending, keep track of your transactions using a budgeting app or software, or regularly check your bank statements.


Take advantage of discounts and rewards: Many businesses offer discounts and rewards for using electronic payment options. Take advantage of these offers to save money and make the most of the cashless policy.


In summary, coping with the cashless policy in Nigeria requires a change in mindset and a willingness to embrace electronic payment options. By familiarizing yourself with the policy, using electronic payments, and keeping track of your transactions, you can adjust to the new way of doing business and benefit from the improved financial transparency and security that electronic payments provide

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