Feature/OPED
Are There Really Cashless Economies?

By Yvonne-Faith Elaigwu
‘Cashless’ has probably become one of the most popular words in Nigeria in the last few months. While it can be defined in different ways, it has one universal meaning and is characterised by the exchange of funds for goods and services by methods other than the use of cash.
This little or no dependence on cash is not forced by an inability to queue for hours at an ATM or an unwillingness to pay an exorbitant fee to a PoS or mobile money agent. No, this little dependence on cash is because of the ability to meet financial obligations without necessarily needing to handle cash.
You are probably thinking about the western world and the level of development that makes this their reality, but some very solid examples of cashless economies also exist in Africa.
One of the easiest ways to identify a Nigerian in Kenya, for example (excluding the Naija-ness), is by how they transact. As a Nigerian visitor, you are very likely to pay in cash when you buy food, shop at a neighbourhood market, buy things from the roadside or visit a tourist centre. This alone – paying in cash everywhere – is more likely to scream “foreigner” than if you had worn a green-white-green Ankara at that time.
When the M-Pesa platform marked its 15th-anniversary last year, it had grown to more than 51 million customers, 465,000 businesses, 600,000 agents, and 42,000 developers across Kenya, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Egypt, as reported by Business Insider.
Ghana, our neighbour, digitised their economy with Mobile Money. The Bank of Ghana, in its payment systems annual report for 2021, reported that its volume of Mobile Money transactions increased to 4.25 billion in 2021, representing a 47.1 per cent growth compared to 2020. Similarly, the total value of transactions increased to GH¢ 978.32 billion in 2021 from GH¢ 571.80 billion in 2020.
In dollar terms, the value of transactions in 2021 was $75 billion (based on current exchange rates). For perspective, Ghana’s GDP was $77.59 billion that same year. This essentially shows us mobile money transactions could cover the entire economic activities in Ghana (when currency devaluation over the past year is factored in).
The Carnegie endowment for international peace, also referencing a BOG report, said in recent years, Ghana has been identified as one of the biggest mobile money markets and the fastest-growing one in Africa, with 40.9 million accounts as of February 2021. Again, for context, the population of Ghana is 32.8 million.
A Business Day report in 2019 noted that in Ghana, the utilisation of Mobile Money has become so ubiquitous that it no longer has a wow effect and is just a part of everyday life. The average Ghanaian can go about their day and be productive without ever needing to transact with cash, just like their peers in Kenya and other countries where cash is increasingly less important.
Somalia’s journey to a cashless economy is perhaps the most inspiring. It is recorded that between 1990 and 2013, Somalia received no foreign direct investment, and the monetary system broke down with the collapse of the Somali Central Bank.
The Somali government installed its first ATM in 2014, but the progress of its wider digital economy has been astonishing. The Somali Central Bank introduced a central payments system in August 2021, which connects the nation’s 13 lenders, and formalises digital payments, making payments easier for people across the country.
According to a report by the World Bank published in 2018, almost three-quarters of the Somali population aged 16 and older use Mobile Money. Somalia’s Gross Domestic Product grew by an estimated 2.9 per cent in 2019 and by 3.2 per cent and 3.5 per cent in 2020 and 2021, respectively. Eight years after the installation of its first ATM, Somalia is now recognized globally as a cashless economy.
Today, in its urban centres, Mobile Money penetration is over 80 per cent. Even in rural areas, it has become the currency of choice, with a penetration rate of 55 per cent.
Need we add examples of the western world? Maybe just a few.
In 2022, Merchant Machine ranked Norway on the list of 10 countries closest to a completely cashless society, with cash accounting for only 2 per cent of all payments in Norway, 100 per cent of its population owning a bank account, and 71 per cent also owning a credit card.
It was followed by Finland with the same small percentage of cash-based payments (2 per cent) and none of its citizens going without a bank account; then New Zealand also had two per cent cash-based payments but a very slightly higher unbanked population of one per cent.
The UK ranks lower at number eight due to a slightly smaller percentage of credit card users (65 per cent) and a higher percentage of the unbanked population (3 per cent). However, it seems less cash-based payments overall, with just 1 per cent of all payments being made with notes and coins.
Now imagine a scenario where you navigate the city of Lagos without worrying about “change” or whether the cash in your hand is not counterfeit or too worn out. Imagine not worrying about making any payments, not because you are a Dangote or because Otedola is your daddy, but because you have various payment options in your pocket or at your disposal; cards, phone, apps, USSD codes etc.
More importantly, imagine that your transactions are happening within the banking ecosystem; your bank, therefore, has visibility into your spending patterns and is able to profile you to access credit adequately. Despite the promising future a cashless economy offers, the experiment in India has offered the rest of the world some lessons on how not to go about it.
The Economic Times of India, for instance, noted that after invalidating 86 per cent of the currency in circulation (the 500 and 100 notes), the government started scrambling to promote digital payments, yet, only about half of Indian adults had bank accounts, and only about a quarter had internet access. Mobile payments were rare, and even if everyone had wanted to go digital, they couldn’t have.
The lesson? Before going cashless, alternatives should not only be in place but reliable too. India’s move towards going cashless has not been a complete failure, but it came at a huge human and economic loss.
An article on The Balance Money describes a cashless society where all transactions are electronic, using debit or credit cards or payment services like PayPal, Zelle, Venmo, and Apple Pay. In Nigeria, we have companies like OnePipe, offering technologies that digitise and simplify payment processing to downplay the dependence on cash.
Although not a lot of societies are truly cashless, many economists believe that consumer preferences, competitive pressures on businesses, profit-seeking by banks, and government policies designed to facilitate cashless transactions will soon lead to more cashless societies, which eventually lead to economic growth.
Yvonne-Faith Elaigwu is the Head of Operations and Governance at OnePipe
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Feature/OPED
Democracy, Poverty: When Will Africa Develop?

By Nneka Okumazie
There is no exam anywhere in the world that Africans can’t ace. There is no profession in the world or office position that Africans won’t excel at. There is no pass mark required for any certification that Africans cannot surpass. These directly discredit the notion that Africans are not as intelligent or smart.
It was assumed that intelligence is developedment, but education has gone around the world, yet development is not everywhere.
What exactly is development, and why is Africa not developed? There are often government projects, international efforts, private enterprises, etc., yet no development.
Development is more about attitudes and values than about information because the power of information is propelled by attitudes and values. A new housing project, school, bridge or hospital will be defined by the attitude of the people, in just a few months.
In the second half of the twentieth century, several nations used the opportunity to develop. There were places where lands were offered to the public for farming and no issues yet about deforestation or climate. There were forms of credit available, the population was lower, and the opportunity to grow was there, even with an average attitude. Africa, with much fresh off independence, could not take much of that opportunity, in part because of low attitude.
In recent times, with climate, state debts, and then conspiracy theories, it is more difficult to develop, even where there is a great attitude. Everything is now subject to conspiracy theories, with several contrasting pieces of information making it more difficult to get people to agree towards working on progress.
Development is not democracy, it is not human rights, it is not religion: local or foreign, it is not education, it is not healthcare, it is not the government, it is not business, it is not employment.
There are pockets of changes in different countries in Africa, but the attitudes in general, from the top and across, do not indicate anything resembling what can germinate development.
Government is not the problem of Africa. Corruption is a byproduct of a lack of selflessness as an attitude. The question the people of Africa should keep asking themselves is this, where did these attitudes come from? Lack of courage, no selflessness, easy satisfaction, trouble with sincerity, rejection of fairness, intense hypocrisy, treating trust casually, money first and forever, façade of being a good person, weak curiosity, passion over nonsense, disregard for the future, etc.?
Education is useless because the change it should inspire and the advancement it should seed do not happen if money is all. Africa needs an attitude project for their people everywhere, but it is uncertain if anything will happen because conspiracy theories await efforts. Without a new attitude, there will be no development; without development, Africa will remain backward.
[Matthew 13:7, And some fell among thorns, and the thorns sprung up, and choked them: ]
Feature/OPED
Mobilizing Youth for Effective Civic Participation

By Mayowa Olajide Akinleye
Nigeria is a signatory to the United Nations Convention on the Rights of the Child. Article 12 of that document establishes that young people must be heard. They must be listened to and taken seriously. It is their right. This idea presupposes that there is a speaking, an expression that is present but ignorable. Articles 2 and 13 recognize this seeming powerlessness and, in seeking to protect the right to be heard, establish that young people have a right to not be discriminated against and can freely express themselves without fear.
Yet, 95% of its youth population does not feel heard; at least three out of four young people believe the country is headed in the wrong direction and that they are powerless to stop it. Nobody, they believe, is listening. This is a breach of a basic human right. Reacting to the Lekki shooting, one protester said “we spoke up thinking our voices would matter, only to cruelly find out that even our lives didn’t.”
Proving that rights, when not empowered by a commitment to duty, are useless. My right to life is worth something because I have a duty to not kill myself, and others have a duty to not kill me. Once the commitment to that duty becomes optional, my right to life is mere window dressing.
In the longest run of our democracy, the best we have had is a tokenistic commitment to listening and accounting for the dreams, needs, and concerns of our youth population—mere window dressing. As a result, there are unequal opportunities for political participation and civic engagement, our educational systems are struggling, high youth unemployment and migration, heightened helplessness, and a lack of voice in making decisions that positively affect their lives and create social change.
Nigeria and Nigerians have a duty to hear its young people and mobilise them to develop into active, responsive, and equal participants in the social, economic, and political fabric of her society. It is the onus of the state and its agents to enforce this duty and ensure an abiding commitment to its veracity.
Why must the state do this, and how can it do it successfully? These are the questions to which this article will offer answers.
The government’s overarching responsibility is to protect. The foundation of a state’s efficacy is steeped in how well it fares in its role as a protector. This burden of ensuring security is the primal justification for the social contract that is the cornerstone of state formation. Simply put, a government that fails to effectively secure its people is a blatant failure.
Listening to and responding to its youth population is critical for any state seeking to secure its citizens. This approach impacts security on three fronts: physical security, economic security, and political security.
Physical security is simply the protection of assets from physical disruption and events that could cause serious loss or damage for the owner. The rise of kidnapping, militancy, and oil bunkering in the south-south; insurgency in the northeast have deep-seated foundations in problems created by the feeling of powerlessness and neglect young people experience.
The fallout from the shooting at the Lekki Tollgate saw massive destruction of property in the city as well as all around the country. 205 critical national security assets, corporate facilities, and private property were attacked, burned, or vandalised. An estimated 71 public warehouses and 248 private stores were looted across 13 states. The multi-billion-naira Bus Rapid Transit (BRT) infrastructure was crippled. Police stations and offices of political parties in Ondo, Okitipupa, and Ibadan were looted and burned. Private homes and businesses of public officials were looted, and a traditional ruler’s palace was desecrated. The Yoruba have a saying: “A child that you refuse to build will eventually sell off or destroy the other things you built instead.”
When the youth population is heard, the result is increased trust in government institutions and systems, leading to better cooperation between them and the government. This increased cooperation can result in more effective law enforcement, crime prevention, and safety awareness; an increased sense of ownership and personal responsibility that enables community policing and reporting; and a lower predilection to violence because of strong mediation and negotiation frameworks.
The International Committee of the Red Cross defines economic security as the ability of individuals, households, or communities to cover their essential needs sustainably and with dignity. Food, shelter, transportation, clothing, healthcare, education, and means of production are examples of such needs. Economically secure countries globally—the UK, Australia, Singapore, Germany, Japan, etc.—typically have institutions and systems that ensure at least any two of political, educational, and economic empowerment for their youth populations.
This is evidenced by the quality of education and skill-building institutions, open government processes, open media, open markets, adherence to the rule of law, and inclusive political mechanisms. Nurtured by the push and pull effects of this reality, more young people become active, productive, and skilled and gain more economic and anthropological power in that society. They become smarter, wealthier, gain influence, start new industries, and contribute excellently to existing ones, ultimately increasing the quantity and quality of production, which in turn expands economic prosperity for everyone.
Political security refers to how resilient, fair, and efficient the governance framework is in upholding the rule of law and representing the interests of its constituency. It usually sets the stage for physical and economic security. The 1994 Human Development Report defined it as the prevention of government repression, systematic violations of human rights, and threats from militarization. These values are enshrined through the sustained development of political systems oriented towards human rights, democracy, and good governance.
Cogent youth engagement will improve the skills of and opportunities for young people to interact with and navigate the political system, encourage informed civic participation that will hold officeholders accountable, and hence deepen our democracy. The ability of a political party to consistently identify, attract, and project credible and promising young talents within its ranks will, in time, strengthen the party’s influence, ensure the identity, values, and ideologies of the party stay relevant within the mainstream of national conversations, and will have trained and empowered new generations to carry the baton. This type of inclusive handover is crucial for political sustainability.
Civic participation among young people is usually more of a response than a duty, as they have more pressing priorities and don’t understand the burden enough to care. Therefore, they must be catalysed. When the government is committed to their growth, they respond with patriotism and pride; when a society is hostile to them, they respond with anger and distrust, as is the case with Nigerian youth.
There are three preconditions that are indicative of this. First, Inspiration: Do young people feel inspired? What are their sources of inspiration? Secondly, motivation: What are the barriers to their participation? How strong are they? Are they willing to cross them? Why? And lastly, empowerment: What are their competencies? Can they afford the financial, physical, and intellectual costs of crossing them? Honest responses to these questions provide a detailed synopsis of the level of civic engagement we can expect from our young people.
Government and stakeholders must begin to prioritise activities that positively contribute to the identified indicators. These activities are grouped into five categories:
Activities that promote legislation, policies, and budget allocations for youth empowerment and engagement: Despite some progress in this regard with the formulation of a national youth policy, the signing of the “Not Too Young to Run” law, the establishment of youth parliaments and councils, and the 75 billion naira Nigeria Youth Investment Fund. Implementation is still a sore spot.
The Ekiti State Youth Parliament, for example, has been unable to access its budget provision for over three years, summarily stunting the efficacy of its operations. More work needs to be done to sidestep bad faith actors and earth legislation, policies, and financing so that they reflect and respond to niggling peculiarities.
Secondly, activities that support, create and sustain structures for young people’s participation and civic engagement. The private sector, civil society, trade unions, advisory councils, student councils and unions, youth parliaments, clubs, political parties, community development or peer group associations, trade unions, and advisory councils are major nests of engagement where young people can get involved and develop the skills and network they need for more extensive involvement in community development, politics, and governance.
The perverse stranglehold that cronyism, cultism, and thuggery have on these spaces limits young people’s interest and participation and is also to blame for the adversarial stance of stakeholders. It is, therefore, necessary to mobilise a network of interventions that strengthen the operation and independence of these structures and weaken the politically empowered grip of the identified ills.
Thirdly, activities that institute and deepen citizenship education across all levels of the curriculum. Young people must learn about the country’s values and history, all of it, in the most comprehensive way possible through history, civic education, and cultural and community exchanges.
The stronger sense of identity that young people develop when they have this knowledge is important for fueling patriotism and pride and, in some ways, incites a responsibility to uphold the values of their heroes or to do better by avoiding or correcting identified misdeeds.
Furthermore, activities that invest in young people’s capacities, networks, and partnerships. Education, industry, political empowerment, fellowships, scholarship, and sports are key pillars that automatically enable this. It is critical to provide funding and governance that will strengthen and continuously expand the capacities of these sectors.
Finally, activities that maximise the value of volunteerism and community service. Setting quality examples of public service and rewarding these values help create heroes. Our leaders must be prime examples of community-driven service and work to instil that consciousness in every Nigerian. We must encourage a community-first approach to development.
This is how to mobilise. For this mobilisation to be effective, the 2013 resolution of the United Nations General Assembly provides a thorough guideline: “… in consultation with youth-led organisations, to explore avenues to promote full, precise, structured, and sustainable participation of young people and youth-led organisations in decision-making processes.”
Four markers must be met. The design and execution of these activities must be full and not merely consultative, as is currently the case; they must be precise and specific to the challenges and context; they must be measurable, time-bound, process-led, and have identified actors and anchors; and finally, they must have the ability to generate support and momentum to continuously replicate.
When these are achieved, young people will gain more influence in society. This influence will give them more space to thrive. More space will strengthen their voice. A stronger voice will deepen their influence, and the cycle keeps reinforcing itself.
Echoing the words of the chairman of the Conference of State Youth Speakers in Nigeria, Toba Fatunla, “If you have not built us, you have no right to blame us.”
The burden of building falls first on the government; every other form of mobilisation can only be effective when built on this foundation. This is particularly important in light of the socio-political shifts happening nationally. If you are the head of a government at any level, a lawmaker, or a public servant, and desire to create a Nigeria we want—one that ensures security for every citizen—prioritising the above activities is a good place to start.
Mayowa Olajide Akinleye is the Impacts and Communications Assistant at PROMAD
This article is an excerpt from the fourth in a six-part series of public conversations on youth civic participation under “Accelerating Youth Civic Participation in the FCT.” A PROMAD Foundation project supported by LEAP Africa and funded by the Ford and MacArthur Foundations.
Feature/OPED
Remedies For Breach Of Contract

By Benita Ayo
The complexity of day-to-day business transactions has made the requirement of having a contract drafted a necessity and not merely a need. More often than not, disputes as to the exact terms of a business relationship which is contractual in nature may arise, and it is the terms so stated in the contract document that a Court of Law will always look at in settling the dispute.
When the need for a Contract arises
The need for a contract arises where two or more persons agree to transact any form of business together. It caters for situations that may give rise to conflict in the course of the business relationship.
What are the remedies for breach of Contract?
First off, a remedy is defined as a reparation for a wrong done to an innocent party. The law has always been and will always be in favour of an innocent party to a contract whose rights were infringed or abused.
Thus, the remedies for a breach of contract include the following;
- Damages
- Specific Performance and
- Injunction
Damages
In law, damages refer to the legal remedy which a party prays the court to award in order to restitute the injury suffered by the party. It constitutes the monetary compensation given to or awarded to the injured party.
An award for damages is given where the court finds that a party breached a duty under the express terms of the contract.
Specific Performance
This is an equitable remedy in contract law where a court compels a party in breach of contract to perform a specific act in order to complete the performance of the contract.
Elements of Specific Performance
Specific Performance becomes available where the following exists;
- A valid and binding contract
- Mutual obligation and remedy
- Freedom from fraud and overreaching
- Express Terms
- Lack of remedy at law
In a nutshell, specific performance becomes necessary where it can be established that monetary compensation is not enough to atone or compensate for the injury suffered by the innocent party.
Injunction
This refers to an Order of Court directing a party to perform an act to remedy of a breach of duty in a contract. It may also be an Order refraining a party from doing an act which injures an innocent party to a contract.
Conditions for the grant of an Order of Injunction
Before the court can be moved to grant an Order of Injunction, the following conditions must exist;
- Existence of a legal right
- Substantial issue to be tried
- Balance of convenience (which must tilt in favour of the party seeking the Injunction)
- Irreparable damage done to the party praying the court for the Order of Injunction and
- Undertaking as to damages
Summation
In sum, it should be understood that contracts come with obligations and duties which are highly sacred. While the courts will not alter or vary the terms of a valid and subsisting contract, they will however not hesitate to enforce the terms of the contract where it is established that a party has breached the terms.
For further consultations, you may reach me at;
WhatsApp: +2348063775768
Email: jaybella120@gmail.com
Benita Ayo is a Seasoned Corporate Commercial Counsel with over 9 years post-call experience. She has handled myriads of briefs in Corporate/Commercial, Employment Law as well as Property Transactional Practice.
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