Cashless Policy and Customers' Satisfaction: A Study of Commercial Banks in Ogun State, Nigeria

Abstract

The advent of cashless policy into the Nigerian banking sector has brought mixed feelings to all stakeholders in the sector.  The development has brought relief to a segment dominated by the operators (bankers), while the other segment dominated by the customers has complained about the challenges associated with the operation of the policy.  Therefore, this study seeks to investigate the customers’ satisfaction of the recently introduced cashless policy in Ogun State, Nigeria with a survey of bank customers in Abeokuta.  Data was collected with a well structural questionnaire and analyzed with descriptive statistics, while hypotheses formulated for the study were tested with correlation co-efficient.The findings of the study reveal that cashless policy contributed significantly to customers’ satisfaction in Ogun State. Also, the study revealed that cashless policy contributed significantly to customers’ satisfaction through electronic channels.Finally, the study concluded that the cashless policy is customer friendly and progressive. Hence, it was therefore recommended, among others, that infrastructures should be improved upon to ensure easy operation of the policy in Ogun state.

Keywords: Cashless policy, Customers’ satisfaction, Nigerian banking sector, Customers’ orientation and Banking performance