THE IMPACT OF CASHLESS POLICY ON THE ECONOMIC GROWTH OF NIGERIA
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THE IMPACT OF CASHLESS POLICY ON THE ECONOMIC GROWTH OF NIGERIA
THE IMPACT OF CASHLESS POLICY ON THE ECONOMIC GROWTH OF NIGERIA
CHAPTER
ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
The introduction of electronic banking,
online transactions and mobile banking in Nigeria has paved way for a new era
of development where the use and demand for physical cash is gradually
declining. These recent evolution of technology in the Nigerian financial
institutions posses interesting questions for economist, financial
institutions, business analyst and the government regarding the current
economical status, logistics, and availability of instruments to guarantee
economic growth and stability, efficiency and effectiveness of the cashless
policy.
Since the inception of humanity,
various payment methods have been used to purchase goods and services starting
with the trade by barter. The trade by barter method of transaction has been
the foundation for the introduction of money and coins to solve the problem of
double coincidence of wants and divisibility faced by trade by barter. The use
of money/coins was introduced after the use of trade by barter method, and it
has solved various challenges associated with trade by barter, but the use of
money as an exchange medium has its own challenges and dis-advantages and can
still be replaced with a better payment system-the cashless policy/banking.
Various advantages enjoyed by more
developed nations such as the US has prompted the Central Bank of Nigeria (CBN)
to adopt the cashless policy. At the end of the 1980s the use of cash for
purchasing consumption goods in the US has constantly dropped with inflation
(Humphrey, 2004). Nigeria’s aim to be among the biggest economy by 2020 has
driven her to gradually move from a pure cash economy to a cashless policy.
Since Nigeria gained her independence in1960, there have been different
constitutional reforms, change in economic and banking policies mainly aimed at
stabilizing the economy, enhancing social welfare and enhancing economic growth
and development.
In view of being one of the best and
biggest economies in 2020, the CBN has started implementing the cashless
policy/banking in some major states/cities in Nigeria such as Lagos, Kano,
Port-Harcourt and Onitsha. The CBN and Pro cashless policy activists have asserted
reduction in crime rates, minimized risk associated with carrying huge sums of
money, reduction in political corruption, reduction in banking cost,
improvement on monetary policy in management of inflation and the overall
growth and development of the economy of Nigeria as advantages associated with
the implementation of the cashless policy.
1.2
STATEMENT OF THE PROBLEM
Monetary policy as a technique of
economic management to bring about sustainable economic growth and development
through cashless policy and banking introduced by the Central bank of Nigeria
(CBN) is not fully operational due to high rate of illiteracy, in-adequate
sensitization/education of the benefits of the cashless policy, and in-adequate
logistics (such as the provision of internet connections in commercial areas,
computers and Point on Sale (POS) machines).
Apart
from the physical challenges, economic data and indicators are not fully
available and reliable. There is a great challenge in attempting to analyze the
true impact of the cashless policy on the economy of Nigeria as only few
monetary and macroeconomic indicators can be traced with relation to the
subject matter. Several scholars have attempted to analyze the cashless system
or e-banking. However, it becomes clear that few studies present a
comprehensive evaluation of cash-less banking implications in developing
countries. Most ignore its economic benefits of the equation while some do
incomplete examination of its negative implications. This is often due to
unreliable panel data for monetary and macroeconomic indicators. Although, this
study focuses on Nigeria, it is difficult to translate cashless studies from
one country to another. Even payments instruments that look similar across
countries on the surface may be different due to historical and legal
variations (Daniel et al, 2004).
THE IMPACT OF CASHLESS POLICY ON THE ECONOMIC GROWTH OF NIGERIA
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The introduction of electronic banking, online transactions and mobile banking in Nigeria has paved way for a new era of development where the use and demand for physical cash is gradually declining. These recent evolution of technology in the Nigerian financial institutions posses interesting questions for economist, financial institutions, business analyst and the government regarding the current economical status, logistics, and availability of instruments to guarantee economic growth and stability, efficiency and effectiveness of the cashless policy... accounting project topics
THE IMPACT OF CASHLESS POLICY ON THE ECONOMIC GROWTH OF NIGERIA