Evaluating Nigeria Cashless Policy Implementation
DOI:
https://doi.org/10.18533/ijbsr.v6i5.941Keywords:
Bankable, cashless policy, cybercrime, macroeconomic, transparency.Abstract
The Central Bank of Nigeria introduced cashless policy initiative to accomplish two main macro-socio-economic policy objectives of increased convenience and greater financial inclusion in Nigeria. This study evaluates Nigeria cashless policy implementation using a four point Likert scale questionnaire administered to six hundred respondents. The results of the study show that the twin policy objectives investigated were partially achieved. Also the study reveals that social infrastructures in power and telecommunications need improvement and expansion and the need to create more awareness to encourage the unbanked to embrace banking culture. This study recommends vigorous investments on cyber security, strengthening of internet protocol and controls in the banks and enactment of relevant legislative laws to curb cybercrimes.
References
Adewoye, J. O. (2013). Impact of mobile banking on service delivery in the Nigerian commercial banks. Int. Rev. Manage. Bus. Res. 2(2): 333-344.
Ajayi, L. B. (2014). Effect of cashless monetary policy on Nigerian banking industry: Issues, prospects and challenges, International Journal of Finance and Business Management Research, 2, 29-41.
Ajayi, S. I. and Ojo, O. O. (2006). Money and banking: Analysis and policy in the Nigerian context. Ibadan Daily Graphics
Akhalumeh, A. A. and Ohioka, F. (2012). Nigeria’s cashless economy: the imperatives, International Journal of Management and Business Studies, 2(2), 31-36
Claudia, C. and Grauwe, P. (2001). Monetary policy in a cashless society, Brussel CEPR Discussion Study.
CBN (2015). The cashless Nigerian project, Retrieved from: http//www/cenbank.org/cashless/ on August 30, 2015.
EFInA (2012) Access to Financial Services in Nigeria 2012 survey, key findings available via www.EFInA.org.ng
EFInA, (2013) What does the CBN’s Cash-less policy mean for financial inclusion in Nigeria?, Enhancing Financial Innovation and Access, Bankable Frontier Associate (BFA).
Emecheta GN. (2012). The cashless policy of the Central Bank of Nigeria: Its implications in the management of higher education in Nigeria. A paper delivered at the Committee of Bursars Meeting, Cross River University of Technology, Calabar, Nigeria
Global FINDEX 2011, World Bank
Humphrey, D. B. (2004). Replacement of cards by cashless in U.S consumer payments, Journal of Economics and Business. 56: 211- 225.
Humphrey, D. B.and Berger, A. N. (1990). Market Failure and Resource Use: Economic Incentives to Use Different Payment Instruments, New York. Monograph Series in Finance and Economics.
Humphrey, D. B, Pulley, L. B. and Vesala, J. M. (1996). Cash, study and electronic payments: A cross-country analysis. Journal of Money, Credit and Banking, 28: 914-939.
James, A. O. (2012). The acceptance of e-banking by customers in Nigeria. World Rev. Bus. Res. 2(2):6-8.
James, A. O. (2013). Going cashless: Adoption of mobile banking in Nigeria. Arab. J. Bus. Manage. Rev. (Nigerian Chapter). 1(2):9-17.
Jatau, V. S. and Dung, K. L. (2014). The Central Bank of Nigeria’s cashless policy: A major panacea for eliminating corruption and enhancing sustainable development in Nigeria, African Research Review, 8(4), S/N. 35, 198-205.
Lim, E. C, Alum, J. (1995). Construction Productivity issues encountered by contractors in Singapore, International Journal of Project Management, 13(1); 51-8
Marco, A. and Bandiera, L. (2004). Monetary policy, monetary areas and financial development with electronic money, IMF Working Study, IMF
Moser, C. A and Kalton, G. (1971). Survey methods in social investigation. UK; Heineman Educational.
Morufu, O and Taibat, A. (2012) Banker’s perceptions of electronic banking in Nigeria: A review of post consolidation experience. Research Journal of Finance and Account. 3(2):5-6.
News Letter (2013, March). Enhancing financial innovation and access, EFLnA).
Okoye, P. V. C. and Ezejiofor, R. (2013). An appraisal of cashless economy policy in development of Nigerian economy, Research Journal of Finance and Accounting, 4(7), 237-252.
Olajide, V. C. (2012). Cashless banking in Nigeria and its implications, Munich Personal RePEc Archive (MPRA), 38096, 1- 20. Retrieved online on 23/06/2013. Available online at: http:mpra.ub.uni-muenchen.de/38096/
Osazevbara, H. O. and Yomere, G. O. (2015). Benefits and challenges of Nigeria’s cashless policy, Kuwait Chapter of Arabian Journal of Business and Management Review, 4 (9), 1-10.
The Nation (2013). CBN’s cashless policy begins in six states today, The Nation Newspaper.
Woodford, M. (2003). Interest and prices: Foundations of a Theory of Monetary Policy, Princeton University Press.
Yaqub, J. O; Bello, H. T.; Adenuga, I. A. and Ogundeji, M. O. (2013). The cashless policy in Nigeria: prospects and challenges, International Journal of Humanities and Social Science, 3(3), 200-212
Downloads
Published
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
