This popular saying by John Kander “money makes the world go round” expresses the importance of money in the affairs of men. Money facilitates the financial and economic structures on which every other aspect of society revolves. Before now, everyone depended on cash for various forms of transactions or economic activity, but the downsides of having too many cash in circulation doesn’t do well for any economy. In addition to encouraging robberies, money laundering and other cash-related crimes, managing inflation and encouraging economic growth become ineffective due to high cash usage.
To avoid this sort of occurrences, among other reasons, the Central Bank of Nigeria has offered a ‘no cash’ policy. Cash-less Nigeria was established in 2012 to reduce the amount of physical cash circulating in the economy and encourage more electronic-based transactions. This policy aims at reducing the high risk of using cash and advancing our payment systems to harmonize with our goal of becoming one among the top 20 economies by the year 2020. This is also to drive financial inclusion, reduce the cost of banking and create room for digital options that have greater reach and efficiency.
Fintech is the new industry that is improving activities in this regard. The use of smartphones for mobile banking, for instance, encourages digital payments, it reduces cash in circulation and makes financial services accessible to more people. NOWNOW Nigeria is at the forefront of this technological drive. We are championing an easy, convenient and faster way of sending and receiving money, paying bills, buying airtime or data, just by clicking on a few buttons on your mobile phone.
NOWNOW is Nigeria’s most trusted and fastest mobile wallet, and as the name implies, every transaction on the platform happens now…now. Users can actually perform up to three transactions in 60 seconds using NOWNOW, isn’t that awesome? It has a very simple user interface, customers can enjoy a hassle-free, fast and secure transaction procedure, including cash backs or discounts on certain transactions.
We also understand that the population of the unbanked is on the high side, especially in remote areas. To achieve financial inclusions for this lot, we have a growing network of NOWNOW agents all over the country. These agents are already gaining incredible reach, easy integration and a 100% Success rate as they perform secure transactions on behalf of customers in their neighbourhood. In addition, agents enjoy lucrative commissions for their efforts and gain financial freedom.
In the coming years, we will still be here driving financial services that are easy, convenient, fast and secure for everyone.