 What impacts do you think this move will have on the economy and the society at large? Like you had Elu Melu say, this will stop banditry in Nigeria. What do you think is the idea behind this whole move? Well good evening once again but you cannot separate the economy from security and I think that also will help maybe because of the cash movement knowing that and this bandit have been paid a large amount of cash. So definitely it's going to help in the in the in the long run. So is a good policy especially is the global best practice and if we are the largest economy in Africa there is no reason why we shouldn't be practicing it. So for me I think it's good it will address banditry with address a lot of other for the length of activities like money laundry it will bring more Nigerian into the into the tax bracket especially the informal sector. So there's a lot of advantage in the in the in the policy but even with that we know that there's a little bit of cheating that will be done especially that has to that will relate to the rural areas. All right so we have a report by Business Day that says the total number registered PRS businesses in Nigeria is about 1.9 million meaning we have some more having more than one terminal in the long run which means employ more workers and it's safe to say this is one of the highest employers of people in the lower class as it may be. Now has it been considered that a number of people will become jobless by this move? I think the CBN is looking at that from the report we got they say they are trying to do waiver for those for the POS terminal but again you shouldn't also forget that POS terminal has also become a point of crime too for especially for for the length of activities whereby you hear that people pay money into a first-star account in the bank and you drive through POS so I think the the CBN will come up with policies that will guide against this and also policy that maybe they have to come up with some other details especially for the POS maybe they have to have a certain amount of money when it comes here you need to do the maybe they have to free form do the BVM do verification and all that but I think it's something the CBN should look into because that sector has been one of the the best policy of this present CBN administration when it comes to the POS terminal because it has even brought the rural people into the bankable space and also even if it's not only the rural people they even in in Lagos when you go to market places where you want to use their card and they say no we don't have card before you say anything they are calling you a POS person to do the play so definitely I think POS is something they should look at also in the area of job creation that's also helping job creation but as they are doing that also they should also look at improving security especially in ways that the CBN has become the POS has become a source for criminality also all right so I need to ask how do you think the government can justify forcing the citizens will I say compelling the citizens to go cashless when some governments owned initiatives like the train stations are still strictly cash only I think the government will start with their own they will definitely go cashless we know the reasons why sometime this government establishment don't want to go cashless because with them you know they have this the single digital treasury bill account they don't want the money to go in there because those money can be used for daily daily activities of those people I think they got the single treasury account I think the government will need to look at that because charity has to begin at home for Nigerians I don't think this policy is anything new because we are we are ready in the in it the only difference is that they reduce the limit of our cash that we need to withdraw from the system remember that the POS do us 150 but now they just say in the week you have to do 100,000 must be 20,000 a day I think that is for me that is a major challenge then again when you you also look at the withdrawal limits for for individuals it has just been reduced compared to what it was before same team with a company so it's not something new it's not something that I would be struggling to buy into remember that this policy initially was used only in Lagos, Porta Kota and Kano before we involve other states so definitely is a right thing to do it will it will help in a lot of way but my major challenge is if you are going cashless then you need to build a very strong cybersecurity so that a lot of people don't begin to lose their money too for the net activity so for me that's what I think the bank the CBN should be doing in coordinating with the bank to measure the beauty robust cybersecurity space and again in the sense of fail payment they need to reduce the the the amount of time such issues are resolved because somebody goes to withdraw 20,000 which is the only amount of money he wants to withdraw and you are seeing that's failed it has debited and the person does not have the fund in his hand so you're telling to wait for seven working days so I think those are part of the things that I think the CBN should work on if they really want this cashless policy to work well okay I need to ask ahead of the 2023 election do you think this might in a way reduce the rate of vote buying and other funds of electoral practices in the country definitely that is why you see the political the politicians are beginning to raise hybrid they need to understand that the CBN is not outside this art that was part of the national assembly and they also need to remember that there is separation of power you have the national assembly you have the executive and you have the judiciary so they should know and for me I think it will stop vote buying because especially you won't tell a Nigerian to vote for you but then let down you transfer the money to them they will not even accept because they don't even trust you so definitely it's one policy that I'll have in the area of vote buying I sincerely think it will help especially if they have the political with because when you see the politicians start talking or can we postpone it it's all for their own selfish interest but if they go ahead with it and I I strongly believe that the president is aware the president must have given a CBN governor the go ahead remember the redesign of the currency where we thought the president where they know the president came out and said I know and I think the same thing we did so I think definitely it's a policy that I've come to state it will see the light of day but they may be a little really jigging especially in the aid of the POS terminal and maybe the ATM machine I sort of got I don't see any reason why we should not go ahead with this policy all right we have been speaking with mukta Muhammad is a financial analyst thank you so much for joining us on the news tonight hello hope you enjoyed the news please do subscribe to our youtube channel and don't forget to hit the notification button so you get notified about fresh news updates