CASHLESS POLICY AND ITS EFFECT ON THE NIGERIA ECONOMY

Abstract

This study examined the effect of cashless monetary policy on Nigerian banking industry. 150 sample sizes were selected based on Taro Yemane’s formula for sample size. The study was carried out in Ekiti State, Nigeria with 150 questionnaires distributed, 100 questionnaires (representing 95%) were returned. The data collected was analyzed using frequency table and percentages while for non-parametric statistical test, Chi-square was used to test the formulated hypothesis. The results of the study showed that there are significant reasons and benefits inherent in the implementation of cashless policy. It also showed that the policy has positively affected the development of banks; as it facilitates ease of operations and reduces queue and congestion in the banking hall, among others. It was therefore recommended that government should put in place a law preventing cyber crime and intensify public enlightenment campaign about the cashless system. Bank officials should also be properly trained about the operations of the policy in order to be efficient with the services rendered to customers. Provision of adequate technological infrastructures sufficient to cope with their teeming customers should be put in place without which the objectives of the policy would not be fully realized

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