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Cashless banking in Nigeria and its implications

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  • Olajide, Victor C.
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    Abstract

    Electronic money has ushered in the cashless banking framework across different countries of the world and this is made possible by the advances in information technology and invention that began in Japan and later the West. However this new introduction into the various economies of the world is not without reaction both favorable and unfavorable. This paper seeks to point out the implications, in a developing economy like Nigeria, of a cashless banking which still permits some cash in the economy that is home to both the formal and informal sector. Theoretical findings supports the view of some economists concerning the need for regulatory agencies to be very wary the possibly retarding effect of the introduction of such a sophisticated payment system, particularly in developing economies like Nigeria, with the coexistence of the formal and informal sectors, that may not be able to muster the wherewithal to bear the burden of electronic payments and hence the cashless banking paradigm.

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    File URL: http://mpra.ub.uni-muenchen.de/38096/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38096.

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    Date of creation: 13 Apr 2012
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    Handle: RePEc:pra:mprapa:38096

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    Related research

    Keywords: Electronic money; Cashless Banking; demand and time deposits;

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    1. Nuno Crespo & Maria Paula Fontoura & Isabel Proença, 2009. "FDI spillovers at regional level: Evidence from Portugal," Papers in Regional Science, Wiley Blackwell, vol. 88(3), pages 591-607, 08.
    2. repec:isc:wpaper:ercwp0508 is not listed on IDEAS
    3. Laura Alfaro & Sebnem Kalemli-Ozcan & Selin Sayek, 2009. "FDI, Productivity and Financial Development," The World Economy, Wiley Blackwell, vol. 32(1), pages 111-135, 01.
    4. Boianovsky, Mauro & Trautwein, Hans-Michael, 2006. "Wicksell after Woodford," Journal of the History of Economic Thought, Cambridge University Press, vol. 28(02), pages 171-185, June.
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    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Cashless banking in informal economies
      by Economic Logician in Economic Logic on 2012-06-06 14:08:00

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