Going Cashless with Vadafone Cash

Incidentally, my investment banker ‘Databank’ has integrated mobile money service into their service delivery. Now I can deposit into my investment account at my convenience (with Airtel Money, Vodafone Cash, Tigo Cash or MTN Mobile Money), how delightful. All I have to do is to enter a short code and follow the prompt. I just wish all service providers can make my life this comfortable.

Why is there so much fuss about a cashless society?

Apparently, the Bank of Ghana borrows money to print money and pays interest on the money they borrowed to print our fresh bank notes. Don’t ask me how, but it makes sense to some financial gurus to run our global economy this way.

With a cashless economy, BOG would cut cost intensively, they could, literally make money with no money. This is just one of the numerous benefits. Somehow this sounds more disturbing than it is.

So that was why I was jubilating about this new service my bank decided to start. It didn’t last though, the argument that virtualization of money makes money lose its sentimental value, was one fact that spoilt the fun. It is argued that when people don’t see the physical cash, they turn to spend it unwisely. Case in point, with a little credit card that promises heaven’s luxury, people quickly dive into debt, simply because they don’t realize the worth of the money. At least not until the bills arrive.

So as I am celebrating this achievement in economic history of Ghana, I have to be “cautiously optimistic” (as they say).

Untill then let’s go cashless