By RARZACK OLAEGBE
They called you the king. Everywhere you go, they bow at your feet. The last time you went on AWOL, the country was on steroids. Your opponent, what is its name again? E-payment. Yes, she could not withstand the frenzy. She was overwhelmed. Overpowered. There was commotion everywhere. Everywhere. Madam Cash, when you finally emerged from your hiatus, there was a sigh of relief.
In the open market, everybody loves you. You are the messiah. You are the preferred One. At the open market, you are the one. In the banking hall, the tellers hold you in high esteem. The shoppers who hugged you like a second skin received prompt service. The bus drivers are thrilled to see you. At the gas station, you run the gas pump.
At the nightclub, you are the heartbeat. At the border towns, ah, you are the alpha and omega. You rule their world. In the commercial bus, without you, there is no commute. At the mom-and-pop stores, you are the solution provider. At the owambe party, you are the soul of the party. At the PoS merchant point, you are a god!
On the one hand
Be careful, Madam Cash. Your existence is under threat. There is a gang out to cut you to size. Reduce your territory. Take over your command. Water your influence. They are out to make you a persona non grata. They want to keep you at bay. They want to make you irrelevant. For instance, when was the last time anyone made a cash payment at the gas station? Did you notice it, Madam Cash?
On the other hand
Writing in Brookings.edu, Eswar Prasad, Senior Fellow, Global Economy and Development, explained that some people still prefer to use cash. That is because they like the tactile nature of physical currency. Because it provides confidentiality in transactions. But e-payment, made with the swipe of a card or a few taps on a smartphone, has become a threat. Madam Cash, a university lecturer, has written about your influence. That is not the end of the story. Here is another story that threatens your existence.
In the long term
Media reports have shown that many central banks are experimenting with digital versions of their currencies. This is to make their currencies relevant. These currencies are virtual. Like Bitcoin. However, unlike Bitcoin, which is a private enterprise, they are issued by the state and function much like traditional currencies. Do you remember e-Naira by the Central Bank of Nigeria (CBN), Madam Cash?
The central banks have introduced these digital currencies for limited circulation. The currencies exist alongside cash as another monetary option. This idea is to help the banks broaden their circulation over time. Gain popularity. Push cash away. Madam, did you read that sentence? Push cash away. The threat of electronic payment is real, Madam. How would you handle it?
Research has shown that China, Japan, and Sweden have launched digital currencies. Ditto the Bank of England. European Central Bank. The Bahamas has already rolled out the world’s first official digital currency. Madam, do you think the end of cash is on the horizon? There will be threats. Yes, you will overcome, Madam.
Do you know why? Some countries will not roll out digital currency. I eavesdropped on a fellow saying cash is vulnerable to loss and theft. That digital currency is relatively secure. I told the fellow about electronic hacking. When another electronic-payment influencer shouted that digital currency benefits the poor and the unbanked. I promptly told her that millions of the unbanked love cash.
Another proponent of digital payment said digital currency would slow illegal activities of money laundering and terrorism financing. I shouted at him that cash would find a way where there is no way. After all, it is a matter of cash.
In the short term
My friend, the end of cash is on the horizon. One drunken fellow punched the air. How can I quiet this drunk? I will send him a Ghana-must-go bag full of cash. Cash, the king will reign forever.
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