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Cashless banking in Nigeria and its implications

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  • Olajide, Victor C.

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.

Suggested Citation

  • Olajide, Victor C., 2012. "Cashless banking in Nigeria and its implications," MPRA Paper 38096, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:38096
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    File URL: https://mpra.ub.uni-muenchen.de/38096/1/MPRA_paper_38096.pdf
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    References listed on IDEAS

    as
    1. Michael Woodford, 1998. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 173-219, January.
    2. Marvin Goodfriend & Robert G. King, 1997. "The New Neoclassical Synthesis and the Role of Monetary Policy," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 231-296, National Bureau of Economic Research, Inc.
    3. repec:isc:wpaper:ercwp0508 is not listed on IDEAS
    4. 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, August.
    5. Boianovsky, Mauro & Trautwein, Hans-Michael, 2006. "Wicksell after Woodford," Journal of the History of Economic Thought, Cambridge University Press, vol. 28(2), pages 171-185, June.
    6. Thomas I. Palley, 2001. "The E-Money Revolution: Challenges and Implications for Monetary Policy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(2), pages 217-233, December.
    7. Laura Alfaro & Sebnem Kalemli‐Ozcan & Selin Sayek, 2009. "FDI, Productivity and Financial Development," The World Economy, Wiley Blackwell, vol. 32(1), pages 111-135, January.
    8. Colin Rogers, 2004. "Doing Without Money: A Critical Assessment of Woodford's Analysis," School of Economics and Public Policy Working Papers 2004-05, University of Adelaide, School of Economics and Public Policy.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    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 19:08:00

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    Cited by:

    1. Kket E Ewa & Egu U. Inah, 2016. "Evaluating Nigeria Cashless Policy Implementation," International Journal of Business and Social Research, LAR Center Press, vol. 6(5), pages 11-27, May.
    2. Anthony Kudjo Gborgenu & Frank B. K. Twenefour & Mathias Gyamfi, 2016. "Achieving Efficiency in Gas Pipeline Connection: Evidence from Ghana," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 6(5), pages 28-42, May.
    3. Kenneth Enoch Okpala, 2015. "Cash less Policy and Economic Effects: A Review of Lagos State," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 5(4), pages 286-297.
    4. 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.

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    More about this item

    Keywords

    Electronic money; Cashless Banking; demand and time deposits;
    All these keywords.

    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

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