Yakub02
Banned
Small business are business that are business being run under five million naira ( Nigeria Money) . It is a business that are being registered as enterprises under the corporate affairs commission. They are not as buoyant as Limited company and Public limited company.
Cashless is a policy of the government where virtually all business transaction will be carried through digital means. It allows business men to do transaction without making use of physical money . The digital are of various ways it can be PayPal. mobile banking , digital wallet, bank app, USSD, Credit card, card bindings etc.
The frame work of the cashless economic policy should provide answers to all bordering questions that may arise as a result of the implementation of the cashless policy.
Some of the benefits are that it allows us to have fair access to finance and payment, transaction is easily traced, It increase efficiency, It saves time. It saves cost. It prevent crime that may arise as a result of cash theft
Challenged that may arise as a result of cashless policy implementation are , Bad network which can be an impediment to carrying out transaction. Resistant to changes on the part of individual. Cyber crimes can also affect the seamless operation of the cash less operation. Illiteracy can also make it difficult to be implemented.
Small business owner are finding it difficult especially now in Nigeria where there forth and back on the Naira redesign and cashless policy of the CBN. Shortage of Naira note is a problem due to the fact that some are not having bank account thereby finding it difficult go cashless.
Government is expected to provide an avenue for cashless practice without having bank account . Just having a phone number and any form of phone should suffice.
If all the required regulations and conditions are not put in place it will continue to having adverse effect on the Small business owners. Ensuring cyber security is a must for the nation.
Cashless is a policy of the government where virtually all business transaction will be carried through digital means. It allows business men to do transaction without making use of physical money . The digital are of various ways it can be PayPal. mobile banking , digital wallet, bank app, USSD, Credit card, card bindings etc.
The frame work of the cashless economic policy should provide answers to all bordering questions that may arise as a result of the implementation of the cashless policy.
Some of the benefits are that it allows us to have fair access to finance and payment, transaction is easily traced, It increase efficiency, It saves time. It saves cost. It prevent crime that may arise as a result of cash theft
Challenged that may arise as a result of cashless policy implementation are , Bad network which can be an impediment to carrying out transaction. Resistant to changes on the part of individual. Cyber crimes can also affect the seamless operation of the cash less operation. Illiteracy can also make it difficult to be implemented.
Small business owner are finding it difficult especially now in Nigeria where there forth and back on the Naira redesign and cashless policy of the CBN. Shortage of Naira note is a problem due to the fact that some are not having bank account thereby finding it difficult go cashless.
Government is expected to provide an avenue for cashless practice without having bank account . Just having a phone number and any form of phone should suffice.
If all the required regulations and conditions are not put in place it will continue to having adverse effect on the Small business owners. Ensuring cyber security is a must for the nation.
