The Central Bank has repeatedly asked us to embrace the cashless policy. They say it is safe, fast and convenient. However, the truth is that cashless transaction in Nigeria is not yet as smooth as the authorities make it appear.
Has your card ever been stuck in an ATM on a weekend in a city far from home? Have you hurried to withdraw cash for an emergency, and on getting there the machine says ‘unable to dispense cash,’ ‘financial institution unavailable’ or ‘insufficient funds?’ Has your account been debited even when cash was not dispensed?
Such hiccups are not limited to ATMs. They also occur at Points Of Sale (POS) and during online transactions and some are due to the activities of fraudsters. Is there a remedy for all these troubles? Yes, some precautions can be taken.
-As much as you can, secure your card and don’t share your PIN. Most times people who have your details are the ones who conspire to defraud you.
-Don’t put all your funds on one card.
-If you receive an alert for an unauthorised debit, contact your bank immediately.
-Have a dedicated card for online transactions and don’t leave dormant cash on it- be wary of fraudsters.
-Make withdrawals before weekends because if anything goes wrong on a Saturday, you may have to wait till Monday for your bank to rectify it and you may end up being stranded.
About the author; Charles Okoh is a writer and compere. He’s the author of a fast selling book titled Ideas are Money, and tweets via @greatcharles