Any efforts to introduced cashless society in our country will not able to eliminate entirely crime relates to money like money laundering, embezzlement, corruption, and others as criminal will continue to find ways to carry out their criminal activities regardless the method of transaction we adopted.
There is also a fear that our society will be expose to new kinds of criminal activities involving online financial transactions if we rush with the plan to turn our society into cashless society.
Cashless society describes an economic state whereby financial transactions are not conducted with the use of conventional money in the form of physical banknotes or coins, but rather through the transfer of digital information usually through electronic representation of money between the transacting parties.
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There is also a fear that our society will be expose to new kinds of criminal activities involving online financial transactions if we rush with the plan to turn our society into cashless society.
Cashless society describes an economic state whereby financial transactions are not conducted with the use of conventional money in the form of physical banknotes or coins, but rather through the transfer of digital information usually through electronic representation of money between the transacting parties.
Read more
Will Africa turn cashless?
