Former Senator representing Kaduna Central District, Shehu Sani, addressed Nigerians regarding the implications of the cashless system, emphasizing how it has created a financial burden for the average citizen. He pointed out that under the traditional cash system, people spent their money without incurring additional charges. However, with the introduction of the cashless policy, various entities now profit from every transaction.
He highlighted that by using the cashless system, individuals contribute to the wealth of numerous sectors, including POS companies, credit card firms, telecommunications, electricity providers, software and hardware companies, satellite services, and especially banks. He underscored that all these entities have become richer at the expense of ordinary Nigerians, who are effectively paying extra to spend their own money. In his view, the cashless system is primarily about profiting from the public’s finances.
He said in a recent post on his X handle, “When you were using cash, nobody is charging you and nobody is making a lot money with your money. When they introduced the cashless system, they started to charge you for spending your money. By spending your money in their cashless system, you made the POS companies richer, you made the credit card companies richer, you made the telecommunications companies richer, you made the electricity companies richer, you made the software companies richer, you made the hardware companies richer, you made the satellite companies richer, you made the banks richer. They are richer because of your money which they convinced you to spend it cashless. Its all about your money.”