Taiwo, J.N. and Ayo, Kehinde Oluwafemi and Afieroho, Evawere O and Agwu, M.E (2016) Appraisal of Cashless Policy on the Nigerian Financial System. West African Journal of Industrial & Academic Research, 16 (1). pp. 98-118.
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Abstract
The Central Bank of Nigeria (CBN) has been active in the inauguration of policies and schemes to foster the implementation of the cashless policy in Nigeria. However the current transition to cashless economy raises a lot of concerns with no substantial evidence yet to justify its implementation. This study was carried out in order to appraise the implementation of the cashless policy since its introduction into the Nigerian financial system in 2012 and also to examine the persistent challenges facing its implementation. In view of the above stated objective, primary data were collected with the aid of the questionnaire, which was randomly administered to 120 respondents ranging from First Bank, Zenith Bank and United Bank for Africa. The banks were selected based on their total assets and the information collected covered the activities of the CBN and that of these banks towards implementation of the cashless policy from 2012 till date.The data collected were presented and analyzed with the aid of the Statistical Package for Social Sciences (SPSS) using descriptive statistics and one-sample t-test. The results led to the conclusion that despite the need to operate cashless transactions dominating the modern Nigerian economy, the cashless policy will have the desired impact only if a lot is done to ensure the implementation of an effective cashless system.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Cashless Policy, Cashless Economy, Electronic Payment System, Financial System |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Social Sciences |
| Depositing User: | Mrs Hannah Akinwumi |
| Date Deposited: | 02 Feb 2017 08:24 |
| Last Modified: | 02 Feb 2017 08:24 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/7720 |
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