The Cashless Payment System as a Panacea to the National Security Challenges in Nigeria (original) (raw)

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