Implications of Nationwide Implementation of Cash-less Policy for the Nigerian Economy: Challenges and Prospects

Abstract

Prior to the introduction of the cash-less policy in Nigeria, a lot of business transactions had been carried out on “cash and carry’’ basis thereby  culminating in high cash management cost for the  Central Bank of Nigeria. This paper discusses the implications of cash-less policy for Nigerian economy, its challenges and prospects.  The paper identifies challenges militating against the seamless implementation of the cash-less policy to include: epileptic power supply, high downtime,  high illiteracy level especially in the informal sector, inadequate and import-dependent supply of the alternative channels’ hardware, dearth of information and communications technology and e-business professionals, among others. The paper opines that the scalability of the implementation of the policy, government political will and their attendant benefits have given the system some bright prospects. Finally, the paper recommends speedy energy sector reforms, share infrastructural services, continual enlightenment of stakeholders and faster turnaround time for conflict resolution, among others, in order to enhance the public buy-in and adoption of the cash-less policy with a view to fast-tracking Nigeria’s march towards sustainable development.

Keywords: Cash-less Policy, Nigerian Economy, Implications, Challenges, Prospects.