Rapidbills
Have you noticed how fewer people carry cash these days? Especially since the cash scarcity period under Emefiele and Buhari. While some believe the initial cash crunch had political motivations, it undeniably changed the spending behaviour of the average Nigerian.
From the rise of POS vendors on every street corner to restaurants, shops, and even roadside traders accepting transfers or using POS machines, digital transactions have become the norm.
But is ditching cash completely a good idea? While some love the speed and convenience, others worry about security, overspending, and technical failures.
So, should you go cashless? Let’s break it down together!
Simply put, going cashless means relying on digital payment methods instead of carrying physical cash. Instead of stuffing your wallet with ₦1000, ₦500, ₦200, or ₦100 notes (I deliberately left out the lower denominations—you already know their worth these days), your money moves electronically through various platforms, making transactions faster and more convenient.
Here are some of the most common cashless payment methods:
The classic cashless option. Debit and credit cards have been around for decades, making it easy to pay at POS machines in stores, restaurants, and supermarkets. With the rise of contactless payments, transactions are now even faster—sorry, I mean your money disappears even quicker!
Nigeria’s fintech boom has made mobile wallets more accessible than ever. Apps like Kuda, OPay, and MoniePoint allow users to send and receive money, pay bills, and even save, all from their phones. Many of these apps come with added perks like cashback rewards and zero transfer fees, making them a popular choice.
Wait—have you tried RapidBills? It’s not a banking app, but it lets you buy cheap data, and airtime, and pay utility bills with ease plus you get cashback too. It’s so convenient, that you might just forget about your bank! If you doubt me, go ahead and give it a try!
With just a few taps on your bank app, you can send money to anyone, anytime. Many businesses now prefer transfers over cash due to security reasons. Whether you're shopping online, paying for services, or settling bills, bank transfers are a seamless way to handle transactions.
Some people are moving beyond traditional banking and opting for cryptocurrencies like Bitcoin, Ethereum, and USDT. While crypto transactions are gaining popularity, they are still not widely accepted for everyday payments in Nigeria. (We won’t focus much on this in this write-up, but it’s an interesting alternative.)
You might be going cashless without even realizing it! Since the cash scarcity crisis of early 2023, Nigeria has seen a huge shift toward digital payments from big supermarkets to roadside traders, digital payments are now the normal. Even the local fruit seller is likely to accept transfers, I’m serious, Mai Suya now has POS.
Let’s weigh the pros and cons.
No more wasting time in long ATM queues or battling the crowd at FirstBank just to withdraw cash. With digital payments, you can pay for almost everything—from food to transport—right from your phone. If that’s not convenience, then what is?
Ever checked your pocket/purse and thought, "Wait… where did all my money go?" Yeah, we are in the same WhatsApp group! For a second, I even thought I got robbed. But nope—it was just me spending mindlessly.
The good news? Most banking apps and fintech wallets keep a detailed record of your transactions, showing exactly what you spent, when, and where—so no more guessing (or blaming imaginary thieves)!
Losing cash is painful because once it’s gone, it’s gone. But with digital payments, your money is more secure. Even if you lose your card or phone, you can freeze your account instantly.
Have you ever received a suspicious-looking note? Or been grossed out by dirty, crumpled notes? Digital transactions mean no more worrying about fake money or handling germ-filled bills.
If you want to shop online, pay for Netflix, or order food from Glovo? You’ll need a cashless option. Many businesses are going digital, and having a cashless setup means you won’t miss out.
Just like armed robbers lurk in the dark, hackers and fraudsters are always on the lookout for ways to steal money online. The difference? These don’t need a gun—just your card details, password, or email. With a few clicks on their keyboard, they can wipe out your account before you even realize what’s happening. Scary, right?
Picture this: You just finished eating at a fancy restaurant, feeling good… until it’s time to pay. Then—boom! Your phone dies or the bank’s network decides to do “village people’s work.”
Now, my brother, if you don’t have cash, you better start stretching those arms because you might just end up washing plates or pounding yam!
Cash never has “connection issues,” hope you know.
Hope you know that every digital payment leaves a footprint. Banks, businesses, and even the government (yes, Aso Rock is watching!) can track your spending habits.
Now, imagine this info falling into the wrong hands—suddenly, some random people know where you shop, what you buy, and even how much suya you eat per week. Creepy, right?
If you value your privacy, this could be a major downside of going fully cashless.
Let’s be honest—sometimes, the stress of queuing at FirstBank or Ecobank is enough to make you rethink your spending decisions. You might even convince yourself, “Do I really need this thing?”
But with cashless payments, there’s no such stress. Just a quick swipe, tap, or transfer, and boom—money gone! It’s only later you check your balance and start asking, “Who spent all this money?” (Spoiler: It was you. )
Without the physical feeling of handing over cash, it’s way too easy to overspend. A little self-control is needed, my friend!
Let’s be honest—if you have ₦1000 in cash and you use it to buy something, the seller can re-use that exact ₦1000 to pay someone else, and so on. The money keeps moving, but its value stays the same.
Now, enter digital transfers—and that’s where wahala starts! The moment you send ₦1000, the bank removes charges (maybe ₦10 or more). The next person sends it again, another charge. By the time that money circulates 100 times, what’s left? Maybe ₦10!
In short, banks are eating small-small from every transfer, and before you know it, your money is doing intermittent fasting!
Honestly, I can’t tell you whether to go fully cashless or keep some bundles ready for Dorime. But for convenience, security, and stress-free transactions, using digital payments is a solid choice.
However, if you’re worried about hackers, overspending, or bank wahala, carrying some cash for backup is smart. At the end of the day, balance is key! No need to pick sides like it’s a political debate between Batifieds and Obidients—just do what works best for you.
I use cash for budgeting – Set a weekly spending limit (transport and food) to avoid overspending.
I also keep emergency cash – Because bank networks can disappoint at the worst times, don’t worry they can’t steal it, it's in my inner pocket.
I advise you to secure your digital payments – Use strong passwords and enable two-factor authentication (2FA).
Finally, stick to trusted platforms – Apps like Opay, MoniePoint, Kuda, and RapidBills are safe and reliable. Oh, and RapidBills even gives cashback—so you’re saving while spending!
This way, you enjoy the best of both worlds—digital convenience and cash backup! Sounds fair, right?
Going cashless has a lot of benefits, but it also comes with challenges. The good news? You don’t have to go all in! A mix of cash and digital payments gives you the best of both worlds—convenience when you need it and backup when you don’t.
So, what do you think? Are you team cashless or do you still prefer good old-fashioned Notes?
A: Going cashless can be safe if you take the right precautions. Use secure apps, enable two-factor authentication (2FA), and make sure your passwords are strong. Just like anything else, stay aware and protect your info!
A: Don’t panic! That’s where your emergency cash comes in handy. You can always use cash if your phone decides to act up at the worst time, but if there is no cash on you, my brother just wash plate, pound yam.
A: Absolutely! Many mobile payment apps, like Opay, MoniePoint, and Kuda, allow you to top-up with cash at physical agents or use cash withdrawals for the days you want to go old-school.
A: Stick to apps with a strong reputation and lots of user reviews. Opay, MoniePoint, Kuda, and RapidBills are all trusted and secure platforms to make payments without worry. Plus, RapidBills even gives you cashback!
A: Yes, digital payments often provide detailed transaction histories. So, you’ll always know where your money went—no more wondering why you’re broke!
A: If you're worried about your spending being tracked, use apps that prioritize privacy and don’t share data unnecessarily. You can also regularly clear your browser and app histories. For extra privacy, consider using a VPN while making transactions.
A: First, immediately contact your bank or payment service and report the breach. Then, change all your passwords and secure your accounts with two-factor authentication. If you notice unauthorized transactions, flag them as soon as possible!
A: Lock your phone remotely if possible. Report it to your service provider to suspend your SIM and mobile banking access. For apps like Opay and Kuda, use their customer service to block access to your account. Stay on top of your bank transactions and report any suspicious activity!
A: Set a weekly spending limit for things like transport and food. And always check your balance before you tap that payment button!
| © RapidBills