EFFECT OF CASHLESS POLICY AND ELECTRONIC BANKING IN NIGERIA

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EFFECT OF CASHLESS POLICY AND ELECTRONIC BANKING IN NIGERIA.pdf (776.81 KB)

Date

2017-02-11

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Department of Business Administration, Nasarawa State University, Keffi.

Abstract

The introduction of electronic banking, online transaction and mobile banking in Nigeria has paved way for a new dawn of development where the use of cash and it demand is gradually declining. These recent evolution of technology in the Nigeria financial institutions creates interesting questions for financial institutions, economist, business analyst and the government regarding the current economical status, logistics, and availability of instruments to guarantee economic growth and stability, efficiency and effectiveness of the cashless policy. Since the creation of man, diverse payment methods have been used to purchase goods and services, with starting with the trade by barter. The trade by barter system of transaction has been the bedrock for the introduction of money to solve problem of double coincidence of wants and divisibility faced by barter. The use of money/coins was introduced after the use of trade by barter system, and has solved so many challenges associated with trade and barter, but the use of money as an exchange medium has its own challenges and disadvantages and can still be replaced with a better payment system called the cashless policy or banking. Various advantages enjoyed by more developed nations such as the US has prompted the Central Bank of Nigeria (CBN) to adopt the cashless policy.

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Abubakar, M., Gatawa, N. M. &Birnin-Kebbi, H. S. (2013). Impact of Information and Communication Technology on Banks Performance: A Study of Selected Commercial banks in Nigeria (2001-2011). European Scientific Journal, 9(7):213-238. Ackorlie, C (2009). Business and Financial times.Banking Survey. 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 M. (2006). Banking Sector Reforms and Banking Consolidation: Conceptual Framework, Bullion, 29 (2). Ajayi, S.I. &Ojo, O.O. (2006).Money and Banking: Analysis and Policy in the Nigerian Context, Ibadan, Daily Graphics. Akhalumeh, P.B., and Ohiokha, F. (2011): Nigeria‘s Cashless Economy; The Imperatives. International Journal ofManagement & Business Studies.vol.2 pp. 12 – 17. Alexander, A., & Fred, A. (2006).Electronic Retail Payment Systems: User Acceptability and Payment Problems in Ghana. Amedu, U. M. (2015).Domestic electronic payment in Nigeria: The Challenges. Central Bank of Nigeria, Bullion, 29, (1)

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https://keffi.nsuk.edu.ng/handle/20.500.14448/1433

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