Cashless banking in Nigeria and its implications
AbstractElectronic 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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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 38096.
Date of creation: 13 Apr 2012
Date of revision:
Electronic money; Cashless Banking; demand and time deposits;
Find related papers by JEL classification:
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-22 (All new papers)
- NEP-IUE-2012-05-22 (Informal & Underground Economics)
- NEP-MAC-2012-05-22 (Macroeconomics)
- NEP-MFD-2012-05-22 (Microfinance)
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