Cashless Africa: Revolution or Exclusion?

Let’s be honest—Africa's journey to becoming a cashless society feels like that family road trip where not everyone is ready. Some of us are cruising in Teslas (read: fintech-savvy urbanites), while others are still fixing the carburetor on their 1980s pickup (hello, rural communities).

In Nigeria, where everything from buying akara to paying the barber is increasingly being digitized, the "cashless" agenda sounds like a blockbuster sequel to "Mission: Impossible." But is it really a revolution for everyone, or are we leaving some people behind in the dust?

The Revolution: Who’s Winning?

For those in cities like Lagos and Abuja, cashless payments are now second nature. From using cards at supermarkets to using bank apps to transfer at suya spots, the convenience is unmatched. Even mama Nkechi now uses a POS machine in her shop!

Banks and fintechs are singing victory songs, boasting about deepening financial inclusion. We’ve got mobile apps, and even USSD codes. It’s starting to feel like cash is that old Nokia 3310 everyone loved but nobody misses.

The Exclusion: Who’s Struggling?

But pause for a second. Have we asked baba Musa in Sokoto or aunty Efe in the hinterlands how they’re doing? While cities are going cashless, many rural areas are still playing catch-up. Mobile network issues, high internet costs, lack of education about digital payments—these are real barriers.

Picture this: A farmer in Ekiti wants to buy fertilizer but doesn’t have a smartphone. The seller, equally disconnected, only takes cash. Now, imagine them staring at each other like they’re in a Nollywood suspense movie. Who's going to solve this cashless conundrum?

Financial Inclusion or Financial Pressure?

Let’s not forget the hidden costs of this "convenience." From transaction fees to unreliable payment systems that make you pray before every transaction, going cashless sometimes feels more like a tax than an upgrade. And when the bank network fails at the supermarket, do you walk away or leave your dignity at the counter?

The Big Questions

As Africa strives for a cashless society, are we inadvertently creating a class system in payments? Are we empowering urban elites while leaving rural communities behind? Or is this just a transition phase, and everyone will catch up eventually?

Over to You

What do you think? Is the cashless revolution a win for Africa, or are we moving too fast without considering everyone’s needs? How do we strike a balance between innovation and inclusion?

Let’s talk about it. Drop your thoughts, experiences, or even rants in the comments. Because when it comes to payments, everyone has a story to tell.

Interswitch Group Vincent Ogbunude Grace Adeniyi UGO OBASI 萬事達卡 Visa Andrew Uaboi Tunde Aka-Bashorun Adewale Sasore ProvidusBank Lanre Ogundare Oliseyenum Wakwe