July 31, 2021

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Society reiterates need to harness digital money to boost economy

Nigeria Computer Society (NCS)

Nigeria Computer Society (NCS)

Nigeria Computer Society (NCS), Abuja Chapter, identifies need to harness digital Money, saying it will benefit economy.

By Olasunkanmi Onifade

The Nigeria Computer Society (NCS), Abuja Chapter, has identified the need to harness digital Money, saying it will benefit the economy.

The Chairman of the Society, Mr Olusegun Alabi, said this in Abuja at the fourth edition of Techies Hangout tagged ‘Digital Money and the future economy’, on Wednesday.

Digital money, or digital currency, refers to any means of payment that exists purely in electronic form.

Digital money is not tangible like a dollar bill or a coin. It is money exchanged using technologies such as smartphones, credit cards, and online crypto currency exchanges.

According to him, digital money, also known as digital currency, is any form of money or payment that exists only in electronic form.

“Digital money lacks a tangible form such as a bill, cheque.

“As technology becomes increasingly prominent, payments are becoming more digital resulting in less use of tangible money.

“So, the future of world economy is `Digital Money’, he said.

Dr Abimbola Akintola, a lecturer in Computer Science from University of Ilorin, said that digital Money enabled socio-economic growth in the world especially in Africa.

He said that digital money also helped developing countries by offering them easier access to capital and financial services.

Also, Dr Kenneth Okereafor, the Deputy General Manager, Application Management Division, Department of ICT National Health Insurance Scheme, said although digital money was beneficial, it was exposed to cyber threats.

He said the economic impact of cyber attacks of digital money could lead to revenue loss, service disruption, damage to business reputation and loss of trust in payment.

Okereafor, however, said the remedy to cyber security issues on digital money was having stronger legal framework, stringent legislation and more awareness on cyber security.

The Chairman, Consultancy Services, Mr Abdulhakeem Ajijola, urged African decision makers and NCS stakeholders to factor out ways to strengthen policies and implementation activities.

“This is because they are not at the “table”, yet must live, in the future, with the decisions that we make and the precedents that we set.

“The NCS should work with government and other stakeholders to constructively empower generation of Digital Africans and support the development of self-sustaining innovative indigenous solutions.

“It should research to support African legislatures and strategic decision makers in drafting appropriate inter-linked and coherent policies, legislation and regulations based on democratic values, empirical evidence” he said.

He said there was need to support and avoid negative impacts of draconian legislation, policies and regulations on society development and well being. (NAN)

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