How Nigera's ATM failures is helping Cashless

Chinedu Nwanze, a father of two, who lives at Ogidi in Idemili North Local Government Area of Anambra State, was excited when ATM was introduced in his neighbouring community, Ogbunike. He was happy as the innovation reduced his frequency of visiting the banking hall for cash transactions, not knowing that something more exciting was waiting in the offing.

Before the ATM was introduced in his neighbourhood, Nwanze used to travel to Onitsha for cash transactions amid the challenges associated with such journey. But with the installation of two ATMs at the Ogbunike branch of the First Bank Plc., he reduced his visits to Onitsha, though network glitches and other systemic challenges occasionally force him to Onitsha for cash transactions.

Nevertheless, this heart-sweetening experience became short lived when incessant ATM failures pushed him back to Onitsha frequently, and by this time, to the Ogidi Building Materials Market along Enugu-Onitsha Expressway where almost every bank in the country has a branch.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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