ELECTRONIC BANKING AND CASHLESS POLICY IN NIGERIA
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IAEME Publication
Abstract
Description
The cashless policy has been introduced in Nigeria, however, there are still excess of cash in the economy despite the cutting edge measures put in place by the Nigerian inter-bank settlement system (NIBSS) aimed at removing and/or reducing to the barest minimum all glitches associated with cashless and e-transactions payment channels. As a result of this, the objective of the study is to determine the impact electronic banking tools have on cashless policy in Nigeria for a ten year period which spans from 2006 to 2015. In this research work, the ordinary least square method was used
to analyze the data. The data used for this research work was collected from the Central Bank of Nigeria (CBN) annual report and the Nigerian Interbank Settlement System (NIBSS) website. The major findings of this research work showed that there is no significant impact of electronic banking tools on the currency in circulation. The study recommends that transaction charges should be further reviewed to a little (single digit) or no charge, to encourage more patronage of e-payment platforms and CBN, Deposit money banks (DMBs), and other non-banks financial institutions should provide public enlightenment and awareness programs that will create awareness and entice the unbanked individuals into the banking system especially those in the
informal sector in Nigeria.
Keywords
H Social Sciences (General), HG Finance, HJ Public Finance