Recently CBN through the banks circulated emails regarding commencement of cashless policy in some states.
Nigerians reacted on Twitter about this new policy and its effect on the masses. Other bodies of the government also reacted but the truth is that we have not passed the right message.
My personal opinion, the cashless policy is good. Even before enforcing this policy, I have benefited from the opportunity offered by new way of banking /banking transactions and same for every Nigerian.

Easy access to funds
Transfer to other accounts
Purchases via POS
Online transactions
… and many more

The only issue with this policy, is that it is one sided.
Our reaction should focus on making a balanced policy that will favor both the bank and the people.

The other side of the cashless policy should state.
1) If banking transaction via any electronic means fails, and causes a debit without immediate reversal of the same amount to the payer’s account, the payer should be paid total amount of the failed transaction plus 3% of the total amount multiplied by the number of days the total amount was withheld by the transaction company. i.e. (0.03*total amount) * days taken to return the failed transaction to the payer.
2) Inter-bank ATM usage should be free, not limited to only a few transactions.
3) Banks should mandate all hers customers to setup unique account for electronic transactions, separate from their main account. Customers can only do intra-account transaction on their main accounts. This will help secure customers’ accounts in-case of fraud.

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