The saying “Cash is King” seems to be losing its validity in Nigeria.
In the wake of the recent policy implementations, entrepreneurs need to make changes to accommodate these policies and cushion the effect on their customers and businesses.
As of January 31st, 2023, the old currency notes of the N200, N500, and N1000 notes started becoming invalid before the first extension to 10 February 2023. This development is followed closely by the current limits on withdrawal policies for individuals and business owners.
This policy impacts the general populace but will also have a specific impact on businesses, and businesses must be prepared in the coming months to handle this.
Here are some actions that businesses need to take;
Digitize your processes: The CBN policy creates the perfect atmosphere for a cashless society. Business owners must be prepared to equip their businesses with the proper payment solutions and digital tools that enable a seamless payment process for their customers without cash.
There are a variety of payment solutions like card-enabled payments (POS terminals) and bank transfer features offered by Traction to power payment services. There are also free business tools and loan facilities to take advantage of when you join Traction.
Update your customers on the impact of the policy: Customers must be well-informed of the new payment policies within your business, both online and in-store (as it applies to your business).
Educate your employees on the impact of the policy: Your employees frequently interact with your customers, so empower them with the tools and skills needed to help your customers.
It is advised that there is a refresher training on handling situations where old currency surfaces, fake currency notes or when a customer is having challenges with their cash withdrawal limits.
Keep your password private: There will be an increase in digital transactions as the visits to the bank reduces for bank deposits. So keep your account details secure. Also, ensure you stay abreast of fraudulent activities and keep your business safe.
Don’t Walk Alone: Join a business-centric community; that way, you can network with other business owners and understand how they navigate the new economic terrain beyond the CBN policies.
The Growth Trybe and Money Africa are examples of some communities you can join as a business owner to know how to handle various business situations as 2023 unveils.
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