The world we live in today has advanced into a cashless society. Entities like, Banks and Financial Institutions now encourage electronic banking by any means. International organizations such as the World Bank, International Monetary Fund, and United Nations have also been promoting electronic banking as a way to promote financial inclusion and reduce poverty. They have even gone to the extent of providing technical assistance to countries to help them develop electronic banking systems and policies.

Younger Generation And Electronic Transactions

The younger generation is adept at utilizing online money services such bank transfers, ewallet / instant money services as well as accessing bank statements, confirmation letters, forex exchange and other global transactions while eliminating the need to exchange hard cash. Younger people have grown up with technology, and are therefore more comfortable using electronic payment methods such as mobile payments, online banking, and digital wallets. They also tend to be more open to new technologies and innovations in the financial sector.

Older Generation And Electronic Transactions

The older generation tends to be less comfortable with electronic transactions compared to the younger generation. This can be due to a number of factors, including a lack of familiarity with technology, concerns about security, and a preference for traditional payment methods.

Many older individuals may have grown up in a time when electronic transactions were not as prevalent, and may not be as familiar with using computers, smartphones, or other digital devices to conduct financial transactions. As a result, they may be hesitant to use electronic payment methods like online banking or mobile payments.

The Cessation of Cheques

The last form of traditional money exchange is the use of cheques and it is now about to be phased out completely. Cheques, as a form of transaction, are becoming less popular as electronic payments become more prevalent. While cheques are still accepted by many businesses and financial institutions, their use has been declining steadily over the past few years. This change is partly motivated by global financial intelligence policies.

What You Should Do:

If it has not already been made abundantly clear, it means you need to position yourself by doing the following things,

1. Re – Open dormant bank accounts.
2. Open a new bank account
3. Register for online banking and familiarize yourself with how it works and start using it consistently.
4. For businesses, it means you need to acquire speed point machines (swiping machines). It is also important to teach staff how to use them and then start using them.
5. Set up a Paypal account , Skrill, Venmo, Shopify, Googlepay or any other trusted and google verified digital platforms that allow you to pay for goods or services online especially if you are going to be buying anything internationally.
6. If you do not have access to a bank account you can also make use of electronic money wallets that do not require a bank account to open. If you are in Botswana you can keep and transfer as much as 30 000BWP (3000 USD) by using wallets like Orange Money, Myzaka or Smega.
7. Once you have become conversant with the use of these platforms, you are less likely to be taken advantage of by those more knowledgeable than you. So it’s important for one to learn the basics so be able to maneuver in the society we now live in.
8. Having acquired all the knowledge, Its important to help your parents or the elderly in our society to set up these online platforms as they are used to handling hard cash. Slowly but surely the use of online transactions will sink into our culture as its benefits are extensive.
9. The older generation owns land and usually when they sell it they expect payments to be done in cash. The problem is, banks are now reluctant to accept large cash deposits because the source of funds will need to be checked thoroughly checked. It is an inconvenient process even for bankers to produce proof of the source or details of the person who paid in cash. In comparison to electronic payments that leave a clear record of the money.
10. At some point in the near future it is going to be odd to see anyone transacting in hard cash. You do not want to stick out like a sore thumb when your lack of understanding makes you look like a suspect.
11. Botswana Automated Clearing House (BACH) will cease to accept cheques for clearing as at December 31, 2023. Therefore it is important to use the next eight months of the year 2023 to set up your digital platforms and online banking. After you are done you might actually spent the rest of the year with out having to step into a bank at all.

The Cessation of Cheques and digitization of money

The trend towards the cessation of the use of cheques has been ongoing for some time now, and it is becoming increasingly rare to see cheques used for transactions. If you still rely on cheques for your financial transactions, it’s important to consider other payment options especially electronic payments that have become more widely accepted and efficient.

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