Expert Highlights Benefits of Cashless Transactions for Economy, Tax Base Expansion
TECHDIGEST – Yvonne-Faith Elaigwu, Head of Operations and Governance at OnePipe, emphasized the potential of cashless transactions to formalize the economy and broaden the tax base.
By integrating more financial activities into the banking system through cashless transactions, Elaigwu believes the government could witness increased revenue, improved fiscal policies, and overall economic advancement.
Elaigwu also noted that embracing cashless transactions would provide businesses with valuable consumer data insights, enabling them to tailor offerings, make data-driven decisions, and foster customer loyalty, thereby promoting growth.
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Moreover, Elaigwu underscored that transitioning to a cashless society necessitates collaborative efforts from various stakeholders, including the government, financial institutions, businesses, and individuals.
This transformation requires investments in digital infrastructure, consumer education, and robust regulatory frameworks to ensure a secure and inclusive transition.
The move towards cashlessness, Elaigwu affirmed, has the potential to democratize access to financial services, granting businesses access to credit and opportunities for saving and investing.
In her vision for Nigeria’s future, Elaigwu championed a cashless economy where transactions are seamless, businesses thrive on data, and all Nigerians, regardless of their location or occupation, can participate in and reap the benefits of a vibrant and inclusive economic landscape.
This ambitious vision, she believes, can be realized through collective dedication from all stakeholders.
