effect of cashless police in nigeria
Impact of Cashless
Economy in Nigeria
By
Omotunde M.
Sunday T.
John-Dewole A.T.
Greener Journal of Internet, Information and Communication Systems
Vol. 1 (2), pp. 040-043, April 2013.
Research Article
Impact of Cashless Economy in Nigeria
*Omotunde Muyiwa1, Sunday Tunmibi,1 and John-Dewole A.T.2
1
School of Computer Science, Mathematics and Information Technology, Houdegbe North American
University, Republic of Benin.
2
Department of Computer Science with Electronics, Faculty of Information Technology and Applied Sciences
Lead City University, Ibadan. Nigeria.
*Corresponding Author’s email: folatunde2004@yahoo.com
ABSTRACT
This paper studied the impact of cashless policy in Nigeria. The policy was introduced by Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with questionnaire as data collection instrument. Responses from the respondents show that cashless policy will increase employment; reduce cash related robbery thereby reducing risk of carrying cash; cashless policy will also reduce cash related corruption and attract more foreign investors to the country. The study, therefore, shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction. It is expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risks and also curb banking related corruptions.
Keywords: Cashless economy, Cashless policy, Lagos State, Nigeria.
INTRODUCTION
Cashless economy is an economy where transaction can be done without necessarily carrying physical cash as a means of exchange of transaction but rather with the use of credit or debit card payment for goods and services. The cashless economy policy initiative of the Central Bank of Nigeria (CBN) is a move to improve the financial terrain but in the long run
Economy in Nigeria
By
Omotunde M.
Sunday T.
John-Dewole A.T.
Greener Journal of Internet, Information and Communication Systems
Vol. 1 (2), pp. 040-043, April 2013.
Research Article
Impact of Cashless Economy in Nigeria
*Omotunde Muyiwa1, Sunday Tunmibi,1 and John-Dewole A.T.2
1
School of Computer Science, Mathematics and Information Technology, Houdegbe North American
University, Republic of Benin.
2
Department of Computer Science with Electronics, Faculty of Information Technology and Applied Sciences
Lead City University, Ibadan. Nigeria.
*Corresponding Author’s email: folatunde2004@yahoo.com
ABSTRACT
This paper studied the impact of cashless policy in Nigeria. The policy was introduced by Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with questionnaire as data collection instrument. Responses from the respondents show that cashless policy will increase employment; reduce cash related robbery thereby reducing risk of carrying cash; cashless policy will also reduce cash related corruption and attract more foreign investors to the country. The study, therefore, shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction. It is expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risks and also curb banking related corruptions.
Keywords: Cashless economy, Cashless policy, Lagos State, Nigeria.
INTRODUCTION
Cashless economy is an economy where transaction can be done without necessarily carrying physical cash as a means of exchange of transaction but rather with the use of credit or debit card payment for goods and services. The cashless economy policy initiative of the Central Bank of Nigeria (CBN) is a move to improve the financial terrain but in the long run
References: Akhalumeh, P.B., and Ohiokha, F. (2011): Nigeria’s Cashless Economy; The Imperatives. International Journal of Management & Business Studies Akintaro, S. (2012): Going Cashless. IT & Telecom digest, online magazine, august,2012 CENTRAL BANK OF NIGERIA (2011): Towards a Cashless Nigeria: Tools & Strategies Echekoba, F.N., and Ezu, G.K. (2012): Electronic Retail Payment Systems: User Acceptability & Payment Problems in Nigeria Ejiro, O. (2012): What Nigerians Think of the Cashless Economy Policy. Nigerian Journal of Economy. 4(6), 97 – 102. Humphrey, D. B. (2004): ―Replacement of cash by cards in U.S. Consumer Payments, Journal of Economics and Business, 56, 211–225. Marco, A. and L. Bandiera (2004): -Monetary Policy, Monetary Areas and Financial Development with Electronic Money, IMF Working Study, IMF. Moses-Ashike, H. (2011),“Cashless Economic can Reduce Risk of Carrying Huge Cash”, [Online] Available: http://www.businessdayonline.com/…/22217. Odior, E.S., and Banuso, F.B. (2012): Cashless Banking in Nigeria: Challenges, Benefits & Policy Implications. Roth, B. L. (2010). “The Future of Money: The Cashless Economy – Part 1”. Woodford M. (2003). “Interest & Price: Foundation of a Theory of Monetary Policy”, Princeton University Press.