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Banking technology and cashless economy in selected Sub-Saharan African countries: does education matter?

Author

Listed:
  • Ese Urhie
  • Ogechi Chiagozie Amonu
  • Chiderah Mbah
  • Olabanji Olukayode Ewetan
  • Oluwatoyin Augustina Matthew
  • Oluwasogo Adediran
  • Oreoluwa Adesanya
  • Adeleke Adekeye

Abstract

Purpose - This study aims to analyze the effect of banking technology [automated teller machine (ATM) and mobile cellular devices (MOBs)] and other traditional factors on the level of currency in circulation for a sample of 21 selected sub-Saharan African (SSA) countries. It also assessed the mitigating effect of education on the relationship between banking technology and the cashless economy. Design/methodology/approach - The study used a panel data approach to design a cashless economy model with banking technology – ATM and MOBs – as well as their interaction with education as regressors. Findings - This study finds that MOB is significant for promoting a cashless economy, whereas ATM is insignificant in sample SSA countries. The level of education and the number of bank branches were also found to be significant in promoting a cashless economy. The interaction between education and ATM was insignificant but negatively signed, whereas that between education and MOB was significant but had a positive sign. Research limitations/implications - Non-availability of data restricted this work to a panel study of selected SSA countries. Subsequent studies should consider single-country case studies. Practical implications - Findings from the study imply that for banking technology to drive a cashless economy effectively, education has to be improved. Originality/value - The ratio of cash in circulation to total money supply was used as a measure of the cashless economy. The study also evaluated the moderating effect of education on banking technology.

Suggested Citation

  • Ese Urhie & Ogechi Chiagozie Amonu & Chiderah Mbah & Olabanji Olukayode Ewetan & Oluwatoyin Augustina Matthew & Oluwasogo Adediran & Oreoluwa Adesanya & Adeleke Adekeye, 2021. "Banking technology and cashless economy in selected Sub-Saharan African countries: does education matter?," Journal of Money Laundering Control, Emerald Group Publishing Limited, vol. 24(3), pages 584-595, February.
    • Handle: RePEc:eme:jmlcpp:jmlc-10-2020-0122
    DOI: 10.1108/JMLC-10-2020-0122
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    Cited by:

    1. Hway-Boon Ong & Lee-Lee Chong, 2023. "The effect of cashless payments on the internet and mobile banking," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(1), pages 178-188, March.

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