Cashless Policy and E-payment Systems in Nigeria: A Synthesis of Literature (original) (raw)
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The growing rate of trade brings about improvement in the payment system from the trade by barter system era to the unit of weight system of payment, coins and notes to the present electronic payment system. As a result of high cost of cash management among others the government through the Central Bank of Nigeria, implement the cashless policy for the betterment of the economy, but the question remains; do we have the e-payment infrastructure for the efficiency of cashless society?The study aim to access e-payment infrastructure towards an efficient cashless policy in Nigeria. Two hundred and fifty (250) questionnaires were distributed to bank customers and two hundred and twenty nine (nine) where returned, tables and percentages where used to make analyses while chi-square statistical method was used to test the hypothesis. It was concluded that effective e-payment infrastructure is an essential tool to achieve an efficient cashless policy in Nigeria. More PoS terminals should be deployed; ATM should properly be managed while government agencies should ensure efficient telecommunication service delivery. Keywords: cashless policy, e-payment, e-payment infrastructure, Point-of-Sale terminals
The Cashless Payment System as a Panacea to the National Security Challenges in Nigeria
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The aim of this paper was to ascertain the extent to which electronic payment in all its ramifications and intensities could impact on the systemic cashless economy in Nigeria, on the one hand, and the great potential of recovery of National Security from its current state of implicit and reckless collapse, on the other hand. Before the advent of modern banking system, banking operation was manually done which led to a slowdown in settlement of transactions. This manual system involves posting transactions from one ledger to another with human hands into designated folio in appropriate accounting record book. This study examines electronic management of funds movement in both local and international payments; transfers for both legal and illegal purposes. All sorts of illegality in financial and economic activities are carried
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In Nigeria as it is in many developing countries, cash is the main mode of payment. This makes the country to be heavily cash-based economy. However, the cost of cash to Nigeria financial system is high and increasing. It is in this regard that the Central Bank of Nigeria (CBN) introduced the cashless policy with the objective of promoting the use of electronic payment channels instead of cash. This study seeks to point out the prospects and challenges of such policy, in a developing economy like Nigeria. The study presented useful recommendations for policy makers. In conclusion, the study posits that the move towards a cashless Nigeria brings with it numerous benefits but there is still the need to create more awareness to entice the numerous unbanked Nigerians into the banking system.
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