The Workability of the Cash-less Policy Implementation in Nigeria

Abstract

This study examines the cashless economic system so as to assess its feasibility and practicability in the Nigerian economy vis-à-vis: timeless, preparedness and adequacy against the backdrop of our level of development both technologically and educationally. Nigeria has continued to evolve in different realms of transactions from the commodity money (trade by barter) to the cash-less realm. The economy is being reformed, institutions are being reshaped and legislations are being re-examined so as to reposition the nation to take its rightful position in the international community. In order to achieve the primary objective of the study, the study used structured questionnaire as a means of data collection on a sample size of 120 respondents randomly selected from the entire population. The collected data were presented in tables and analyzed using simple percentage procedure, and the collated data tested using chi-square technique. The results of the study revealed that majority of Nigerians are already aware of the policy through sensitization exercises and adequate payment facilities in the banking sector have been developed to enhance the take off and feasibility of the policy in Nigeria. Based on the findings it was recommended that the Federal Government of Nigeria should overhaul and re-vitalize the current reforms in the power and telecommunication industry to position it as a vehicle of change needed to drive the cash-less policy in the Nation.

Keywords: cash-less policy. E-banking, information technology, e-fraud