Appraisal of Cashless Policy on the Nigerian Financial System
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The Central Bank of Nigeria (CBN) has been active in the inauguration of policies and schemes to foster the
implementation of the cashless policy in Nigeria. However the current transition to cashless economy raises
a lot of concerns with no substantial evidence yet to justify its implementation. This study was carried out in
order to appraise the implementation of the cashless policy since its introduction into the Nigerian financial
system in 2012 and also to examine the persistent challenges facing its implementation. In view of the above
stated objective, primary data were collected with the aid of the questionnaire, which was randomly
administered to 120 respondents ranging from First Bank, Zenith Bank and United Bank for Africa. The
banks were selected based on their total assets and the information collected covered the activities of the
CBN and that of these banks towards implementation of the cashless policy from 2012 till date.The data
collected were presented and analyzed with the aid of the Statistical Package for Social Sciences (SPSS)
using descriptive statistics and one-sample t-test. The results led to the conclusion that despite the need to
operate cashless transactions dominating the modern Nigerian economy, the cashless policy will have the
desired impact only if a lot is done to ensure the implementation of an effective cashless system.
Keywords
H Social Sciences (General), HG Finance