Empirical Review of the Challenges of the Cashless Policy Implementation in Nigeria: A Cross-Sectional Research
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Since the implementation of the cashless policy on January 1st, 2012
in Lagos state which is aimed at reducing the high cost of cash production,
circulation and distribution in Nigerian economy, the set-out goals have not
been fully achieved due to several on-going challenges. This survey research
was conducted to review challenges of the cashless policy implementation in
Nigeria and to identify factors that influence the adoption of electronic
payment for exchange of value. The Unified Theory of Acceptance and Usage
of Technology (UTAUT) was employed to identify various challenges from
data gathered through questionnaires distributed to different stakeholders in the
economy. A total of 410 questionnaires were collected and the research work
adopted used Partial Least Square (PLS) method and used SmartPLS software
during the data analysis. The attendant findings were pivotal to understanding
the challenges encountered in implementing cashless policy in Nigeria. Using
UTAUT we measured the significance and impact of Social Influence,
Facilitating Condition, Effort Expectancy, Performance Expectancy and
Behavioural Intent to Use on Actual User Adoption. From the result,
facilitating conditions has no direct effect on actual system use and trust has no
positive effect on behavioural intention to adopt the system. This study shows
that despite the implementation of this policy, a lot of users are still being faced
with various challenges and more efforts are still being required to achieve an
effective cashless society.
Keywords
AC Collections. Series. Collected works, H Social Sciences (General), QA76 Computer software