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Evaluating Nigeria Cashless Policy Implementation

Author

Listed:
  • Kket E Ewa

    (Department of Accountancy, Cross River University of Technology, Ogoja, Cross River State, Nigeria.)

  • Egu U. Inah

    (Department of Accounting, University of Calabar, Calabar, Cross River State, Nigeria.)

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.

Suggested Citation

  • Kket E Ewa & Egu U. Inah, 2016. "Evaluating Nigeria Cashless Policy Implementation," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 6(5), pages 11-27, May.
    • Handle: RePEc:mir:mirbus:v:6:y:2016:i:5:p:11-27
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    File URL: http://thejournalofbusiness.org/index.php/site/article/view/941/603
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    References listed on IDEAS

    as
    1. Mr. Marco Arnone & Mr. Luca Bandiera, 2004. "Monetary Policy, Monetary Areas, and Financial Development with Electronic Money," IMF Working Papers 2004/122, International Monetary Fund.
    2. De Grauwe, Paul & Storti, Claudia Costa, 2001. "Monetary Policy in a Cashless Society," CEPR Discussion Papers 2696, C.E.P.R. Discussion Papers.
    3. Olajide, Victor C., 2012. "Cashless banking in Nigeria and its implications," MPRA Paper 38096, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bankable; cashless policy; cybercrime; macroeconomic; transparency.;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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