An appraisal of cashless economy policy in development of nigerian economyAlexander Decker
This document discusses the cashless economy policy introduced in Nigeria and its potential impacts. It provides background on the policy and outlines its goals of reducing cash transactions and encouraging electronic payments. The study examines whether the policy will significantly benefit Nigerians and enhance financial stability in the country. It reviews perspectives both supporting and skeptical of the policy, citing concerns about infrastructure, cybercrime, and job losses. The study aims to gauge Nigerian acceptance of the policy and determine if it can serve as a viable alternative payment method.
Empirical analysis of people awareness, attitudes and implications of cashles...Yekini Nureni
- The document analyzes people's awareness, attitudes, and implications of Nigeria's cashless society policy based on surveys of 250 people.
- It finds that most Nigerians are aware of the policy but disagree with it due to concerns over cyber fraud and illiteracy hampering implementation.
- The policy aims to reduce cash transactions and corruption, but many argue Nigeria lacks infrastructure and banking access for a fully cashless system.
Analysis of expected risks inherent in cashless economyanglo99
The document analyzes the risks inherent in transitioning to a cashless economy in Nigeria. Some key risks discussed include infrastructure challenges like poor electricity, technological limitations, and security issues. The government is aiming to reduce cash usage and encourage electronic payments, but this poses new risks that must be managed. Effective risk management strategies like insurance policies and maintaining backup cash are recommended to mitigate risks for banks and customers in Nigeria's developing cashless economy.
An empirical analysis of the benefits of cashless economy on nigeria’s econom...Alexander Decker
The document analyzes the benefits of a cashless economy for Nigeria's economic development. It discusses how a cashless economy, promoted by the Central Bank of Nigeria's cashless policy, can reduce corruption, increase transparency and accountability, and curb cash-related crimes and fraud. The study uses a survey of 468 educated Nigerians and statistical analysis to test two hypotheses. The results of a chi-square test show a significant relationship between cashless economy and reduced corruption, fraud, and increased transparency. An ANOVA test also finds the cashless economy has a positive impact on economic development in Nigeria. The document concludes the cashless policy could benefit Nigeria but infrastructure and security issues must be addressed for smooth implementation.
The Central Bank of Nigeria (CBN) has been active in the inauguration of policies and schemes to foster the
implementation of the cashless policy in Nigeria. However the current transition to cashless economy raises a lot
of concerns with no substantial evidence yet to justify its implementation. This study was carried out in order to
appraise the implementation of the cashless policy since its introduction into the Nigerian financial system in
2012 and also to examine the persistent challenges facing its implementation. In view of the above stated
objective, primary data were collected with the aid of the questionnaire, which was randomly administered to 120
respondents ranging from First Bank, Zenith Bank and United Bank for Africa. The banks were selected based on
their total assets and the information collected covered the activities of the CBN and that of these banks towards
implementation of the cashless policy from 2012 till date.The data collected were presented and analyzed with the
aid of the Statistical Package for Social Sciences (SPSS) using descriptive statistics and one-sample t-test. The
results led to the conclusion that despite the need to operate cashless transactions dominating the modern
Nigerian economy, the cashless policy will have the desired impact only if a lot is done to ensure the
implementation of an effective cashless system.
The document discusses the potential for a cashless society in Nigeria and examines its drivers and challenges. It notes that Nigeria proposed adopting a cashless economy starting in Lagos in 2012 but was unable to realize this goal due to infrastructure deficits. The study found that most Nigerians are aware of the cashless policy and believe it could help reduce corruption, money laundering, and crime. However, major challenges include cyber fraud, limited payment options, and financial illiteracy among the population. The document recommends educating citizens, especially non-literate Nigerians, about the cashless economy and establishing laws around cybercrime.
India is working towards becoming a cashless economy through initiatives like demonetization and promotion of digital payment methods. A cashless economy provides benefits like curbing black money, reducing printing costs, and enabling direct benefit transfers. However, challenges remain in fully transitioning India to cashlessness due to factors like limited digital infrastructure in rural areas and the technical unfamiliarity of many citizens. The Reserve Bank of India has outlined a vision for 2018 involving expanding access and convenience of electronic payments while ensuring security and customer protection as India progresses down the path of a less-cash society.
A causality analysis of financial deepening and performance ofAlexander Decker
This study examines the causal relationship between financial deepening and economic performance in Nigeria from 1990-2013. Secondary data on gross domestic product (GDP), broad money supply (M2), market capitalization (MAC), and credit to the private sector (CPS) was collected from the Central Bank of Nigeria and National Bureau of Statistics. Unit root tests confirmed the variables were integrated of order one, or stationary after first differencing. The study aims to test for a long-run relationship between financial deepening and economic performance in Nigeria and investigate the direction of causality between the variables. The results will help inform government policies around manipulating the money supply and improving access to credit to facilitate economic growth and development.
An appraisal of cashless economy policy in development of nigerian economyAlexander Decker
This document discusses the cashless economy policy introduced in Nigeria and its potential impacts. It provides background on the policy and outlines its goals of reducing cash transactions and encouraging electronic payments. The study examines whether the policy will significantly benefit Nigerians and enhance financial stability in the country. It reviews perspectives both supporting and skeptical of the policy, citing concerns about infrastructure, cybercrime, and job losses. The study aims to gauge Nigerian acceptance of the policy and determine if it can serve as a viable alternative payment method.
Empirical analysis of people awareness, attitudes and implications of cashles...Yekini Nureni
- The document analyzes people's awareness, attitudes, and implications of Nigeria's cashless society policy based on surveys of 250 people.
- It finds that most Nigerians are aware of the policy but disagree with it due to concerns over cyber fraud and illiteracy hampering implementation.
- The policy aims to reduce cash transactions and corruption, but many argue Nigeria lacks infrastructure and banking access for a fully cashless system.
Analysis of expected risks inherent in cashless economyanglo99
The document analyzes the risks inherent in transitioning to a cashless economy in Nigeria. Some key risks discussed include infrastructure challenges like poor electricity, technological limitations, and security issues. The government is aiming to reduce cash usage and encourage electronic payments, but this poses new risks that must be managed. Effective risk management strategies like insurance policies and maintaining backup cash are recommended to mitigate risks for banks and customers in Nigeria's developing cashless economy.
An empirical analysis of the benefits of cashless economy on nigeria’s econom...Alexander Decker
The document analyzes the benefits of a cashless economy for Nigeria's economic development. It discusses how a cashless economy, promoted by the Central Bank of Nigeria's cashless policy, can reduce corruption, increase transparency and accountability, and curb cash-related crimes and fraud. The study uses a survey of 468 educated Nigerians and statistical analysis to test two hypotheses. The results of a chi-square test show a significant relationship between cashless economy and reduced corruption, fraud, and increased transparency. An ANOVA test also finds the cashless economy has a positive impact on economic development in Nigeria. The document concludes the cashless policy could benefit Nigeria but infrastructure and security issues must be addressed for smooth implementation.
The Central Bank of Nigeria (CBN) has been active in the inauguration of policies and schemes to foster the
implementation of the cashless policy in Nigeria. However the current transition to cashless economy raises a lot
of concerns with no substantial evidence yet to justify its implementation. This study was carried out in order to
appraise the implementation of the cashless policy since its introduction into the Nigerian financial system in
2012 and also to examine the persistent challenges facing its implementation. In view of the above stated
objective, primary data were collected with the aid of the questionnaire, which was randomly administered to 120
respondents ranging from First Bank, Zenith Bank and United Bank for Africa. The banks were selected based on
their total assets and the information collected covered the activities of the CBN and that of these banks towards
implementation of the cashless policy from 2012 till date.The data collected were presented and analyzed with the
aid of the Statistical Package for Social Sciences (SPSS) using descriptive statistics and one-sample t-test. The
results led to the conclusion that despite the need to operate cashless transactions dominating the modern
Nigerian economy, the cashless policy will have the desired impact only if a lot is done to ensure the
implementation of an effective cashless system.
The document discusses the potential for a cashless society in Nigeria and examines its drivers and challenges. It notes that Nigeria proposed adopting a cashless economy starting in Lagos in 2012 but was unable to realize this goal due to infrastructure deficits. The study found that most Nigerians are aware of the cashless policy and believe it could help reduce corruption, money laundering, and crime. However, major challenges include cyber fraud, limited payment options, and financial illiteracy among the population. The document recommends educating citizens, especially non-literate Nigerians, about the cashless economy and establishing laws around cybercrime.
India is working towards becoming a cashless economy through initiatives like demonetization and promotion of digital payment methods. A cashless economy provides benefits like curbing black money, reducing printing costs, and enabling direct benefit transfers. However, challenges remain in fully transitioning India to cashlessness due to factors like limited digital infrastructure in rural areas and the technical unfamiliarity of many citizens. The Reserve Bank of India has outlined a vision for 2018 involving expanding access and convenience of electronic payments while ensuring security and customer protection as India progresses down the path of a less-cash society.
A causality analysis of financial deepening and performance ofAlexander Decker
This study examines the causal relationship between financial deepening and economic performance in Nigeria from 1990-2013. Secondary data on gross domestic product (GDP), broad money supply (M2), market capitalization (MAC), and credit to the private sector (CPS) was collected from the Central Bank of Nigeria and National Bureau of Statistics. Unit root tests confirmed the variables were integrated of order one, or stationary after first differencing. The study aims to test for a long-run relationship between financial deepening and economic performance in Nigeria and investigate the direction of causality between the variables. The results will help inform government policies around manipulating the money supply and improving access to credit to facilitate economic growth and development.
This document discusses cashless transactions in India. It begins by defining a cashless economy as one where transactions are made through electronic means like debit cards, credit cards, e-wallets, and direct bank transfers, rather than cash. The document then outlines various methods of cashless transactions available in India, including digital wallets, UPI apps, debit/credit cards, online bank transfers, and Aadhaar-enabled payments. It also discusses the objectives, benefits and limitations of promoting a cashless economy in India, such as increased transparency, reduced corruption, and challenges like digital illiteracy and lack of infrastructure in rural areas.
Going cashless ? Bad for taxes cheats, privacy, poorCashlessSociety
The document discusses the debate around moving to a cashless society. It notes that while cash accounts for a small percentage of economic activity, its use is still important for many transactions, especially small purchases and among low-income individuals. Moving to a fully digital payment system could provide benefits like reduced costs, increased tax collection and financial transparency, but also risks like loss of privacy and greater control by governments and banks over individuals' finances. India's recent attempt to remove most cash from circulation highlighted challenges, as it severely disrupted the economy and informal sectors and negatively impacted many citizens in the short-term. Overall the transition away from cash is likely to be gradual and uneven rather than an abrupt change to a completely cashless system.
INDIA LEGAL: Stories that count Edition: 30 January 2017ENC
India Legal, ENC’s flagship product is a credible news magazine with a pan-India presence. Packed with in-depth reports, analyses, breaking stories, thought-inspiring features, views and insights on politico-legal issues. For More visit us at: http://www.indialegallive.com/
The document discusses the demonetization that was introduced in India in November 2016. It provides background on what demonetization means, details of India removing Rs. 500 and Rs. 1000 notes from circulation, the effects this has had, and both advantages and challenges of demonetization. It notes that demonetization aims to counter terrorism, reduce black money, and increase tax revenue but faces challenges like economic consequences seen in other countries and a need for tax system simplification.
This document summarizes the benefits of shifting to a cashless economy in India. It discusses how digital payments provide convenience compared to cash transactions. It also outlines various discounts and incentives offered by the government to promote cashless transactions, such as discounts on fuel purchases, railway tickets, insurance premiums, and highway tolls. Additionally, the document states that digital payments allow for easier tracking of expenditures compared to cash transactions.
The document analyzes India's currency reform in 2016 that removed high denomination banknotes from circulation. It discusses various potential objectives of the reform and assesses what was done, what could be expected, and what measures should have been taken for each objective. The objectives discussed include combating counterfeit currency, countering terrorist funding, punishing holders of unaccounted money, promoting a cashless economy and banking culture, replacing old currency notes, and recapitalizing the banking system.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
4.[30 39]long run relationship between private investment and monetary policy...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
Cashless Economy and its Impact on Modern Society.Raghav kulkarni
The following Paper Illustrates the effects of Cashless Economy and how this payment methodology influenced modern day Society and How has Cashless economy influences a countries Growth.
Cashless Policy and Financial Performance of Deposit Money Banks in Nigeriaijtsrd
The study investigated the effect of Central Bank of Nigeria Cash less Policy and the Financial Performance of Deposit Money Banks in Nigeria. A panel data were collected from a sample of 14 banks covering 6 years spanning from 2012 when the policy was introduced in Nigeria to 2017. The study used return on Asset as proxy for bank performance while the value transactions done through the ATM, POS, Internet Banking, NIP and NEFT platforms E banking Products were used to proxy cash less policy. In other to ensure the validity and the reliability of our data, we therefore subjected our data to a diagnostic test using Descriptive Statistic Analysis, Multicolinearity test, Correlation testing, and Herteroskadaticity testing. Findings from the study revealed that that ATMV has a positive and significant effect on return on assets ROA of banks in Nigeria while , POSV, WEBV, NIPV and NEFV were found to have a positive but insignificant effect on ROA of quoted banks in Nigeria. The study concluded that E banking products as a proxy for cash less policy has positive effect on the financial performance of Deposit Money Banks in Nigeria. It was thus recommended among others that bank management should pay more attention on the activities that will improve the ATM services if they wish to increase the ROA. Muotolu, Peace Chikwemma | Nwadialor, E. O ""Cashless Policy and Financial Performance of Deposit Money Banks in Nigeria"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23835.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/23835/cashless-policy-and-financial-performance-of-deposit-money-banks-in-nigeria/muotolu-peace-chikwemma
Importance of cash transactions in the indian economySayali Saoji
Cash transactions play an important role in the Indian economy for several reasons. A majority of Indians live in rural areas and have low levels of literacy, making cash a more accessible form of payment than alternatives like banking. The agricultural sector, which employs most of the population, also relies heavily on cash-based exchanges given the low-value and rural nature of most transactions. However, widespread cash use also enables a large black market economy, as many cash transactions go unreported to avoid taxes. Moving forward, reducing income taxes and promoting alternatives to cash like debit/credit cards may help formalize more economic activity while still accommodating India's cash-dependent populations and sectors.
The study examined the determinant of mobile banking adoption among bank customers in Ghana,
with specific emphasis on Access Bank. In line with literature, the study applies theoretical frameworks
which have been developed from existing literatures on innovation and adoption to collect
responses from one hundred and fifty (150) sampled customers of Access Bank in order to investigate
the determinants of mobile banking adoption in the Ghanaian banking industry. The results
from the study revealed that, each factor measured had some level of significant effect on consumer
intention to adopt and use mobile banking services provided by Access Bank. Additionally,
the study unveiled that, perceived credibility and perceived financial cost were the major setback
with regards to customers adoption of mobile banking services provided by Access Bank, and as a
result of this, Ghanaians have formed a negative behavioural pattern towards mobile banking. In
addition, the findings showed that, perceived credibility and perceived financial cost have a
stronger effect on consumer intention to adopt and use mobile banking service than perceived usefulness
and perceived ease of use. It was, therefore, recommended that banks in Ghana should
create more awareness through personal interaction with customers, develop quality initiatives in
order to build customer’s confidence. Equally, banks should also review the cost of their mobile
banking service.
Journal Publication on ROLE OF MOBILE BANKING IN ENHANCING FINANCIAL PERFORMA...Muiruri Kariri
This document summarizes a study on the role of mobile banking in enhancing the financial performance of micro and small enterprises (MSEs) in Nakuru town, Kenya. The study found that there is a strong, significant, and positive correlation between the timeliness and reliability of mobile banking and the financial performance of MSEs. Adopting mobile banking was found to likely improve MSEs' financial performance due to mobile banking's timeliness and reliability. The study recommends that MSEs fully adopt mobile banking services.
1) Bank Indonesia plays an important role in promoting financial inclusion in Indonesia in order to support its monetary, payment system, and macroprudential functions. Financial inclusion helps reduce liquidity and credit risks for banks.
2) Bank Indonesia's strategies for promoting financial inclusion include educating the public to use electronic money accounts rather than cash and reducing consumptive tendencies. Digital Financial Services (DFS) expand access to financial services through non-branch channels like mobile phones and agents.
3) Electronic money in Indonesia comes in registered and unregistered forms, with registered e-money allowing maximum balances of Rp 5 million and enabling transfers and cash withdrawals. DFS and electronic money can be used through Islamic boarding schools
As more and more transactions go digital, or plastic so to say, we look towards the future with a model that does away with currency notes and coins altogether and yet keeps alive the essential principle that money serves, without attaching any tangibility to it.
As ordinary Indians, what can we contribute to make our country more cash efficient? We need to understand the cashless ecosystem first. Here is an attempt to understand the cashless options and how to go cashless.
Cashless Society (Cashless Economy, Online Transactions, is india moving towa...Jeet Amrutiya
Pros and cons of cashless society.........
India's current Position on cashless
Is india moving towards this or not.......
How demonetization affected ........
A cashless society refers to a system where all transactions are electronic and there is no physical paper money or coins in circulation. Electronic payment systems like electronic funds transfer and smart cards using microchips, fingerprints, or retinal scans would be used for all purchases. Transitioning to a fully cashless system could impact education, economic implications, and universal acceptance. While it increases security by creating electronic records of transactions and reducing human errors, it also poses security risks from potential technology misuse and new forms of cybercrime. Some controversies exist around reduced privacy, increased spending and debt, and difficulties for those reliant on cash. Overall, a cashless system could provide benefits once people adapt, though it also has risks that may disadvantage certain
This document discusses cashless transactions in India. It begins by defining a cashless economy as one where transactions are made through electronic means like debit cards, credit cards, e-wallets, and direct bank transfers, rather than cash. The document then outlines various methods of cashless transactions available in India, including digital wallets, UPI apps, debit/credit cards, online bank transfers, and Aadhaar-enabled payments. It also discusses the objectives, benefits and limitations of promoting a cashless economy in India, such as increased transparency, reduced corruption, and challenges like digital illiteracy and lack of infrastructure in rural areas.
Going cashless ? Bad for taxes cheats, privacy, poorCashlessSociety
The document discusses the debate around moving to a cashless society. It notes that while cash accounts for a small percentage of economic activity, its use is still important for many transactions, especially small purchases and among low-income individuals. Moving to a fully digital payment system could provide benefits like reduced costs, increased tax collection and financial transparency, but also risks like loss of privacy and greater control by governments and banks over individuals' finances. India's recent attempt to remove most cash from circulation highlighted challenges, as it severely disrupted the economy and informal sectors and negatively impacted many citizens in the short-term. Overall the transition away from cash is likely to be gradual and uneven rather than an abrupt change to a completely cashless system.
INDIA LEGAL: Stories that count Edition: 30 January 2017ENC
India Legal, ENC’s flagship product is a credible news magazine with a pan-India presence. Packed with in-depth reports, analyses, breaking stories, thought-inspiring features, views and insights on politico-legal issues. For More visit us at: http://www.indialegallive.com/
The document discusses the demonetization that was introduced in India in November 2016. It provides background on what demonetization means, details of India removing Rs. 500 and Rs. 1000 notes from circulation, the effects this has had, and both advantages and challenges of demonetization. It notes that demonetization aims to counter terrorism, reduce black money, and increase tax revenue but faces challenges like economic consequences seen in other countries and a need for tax system simplification.
This document summarizes the benefits of shifting to a cashless economy in India. It discusses how digital payments provide convenience compared to cash transactions. It also outlines various discounts and incentives offered by the government to promote cashless transactions, such as discounts on fuel purchases, railway tickets, insurance premiums, and highway tolls. Additionally, the document states that digital payments allow for easier tracking of expenditures compared to cash transactions.
The document analyzes India's currency reform in 2016 that removed high denomination banknotes from circulation. It discusses various potential objectives of the reform and assesses what was done, what could be expected, and what measures should have been taken for each objective. The objectives discussed include combating counterfeit currency, countering terrorist funding, punishing holders of unaccounted money, promoting a cashless economy and banking culture, replacing old currency notes, and recapitalizing the banking system.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
4.[30 39]long run relationship between private investment and monetary policy...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
Cashless Economy and its Impact on Modern Society.Raghav kulkarni
The following Paper Illustrates the effects of Cashless Economy and how this payment methodology influenced modern day Society and How has Cashless economy influences a countries Growth.
Cashless Policy and Financial Performance of Deposit Money Banks in Nigeriaijtsrd
The study investigated the effect of Central Bank of Nigeria Cash less Policy and the Financial Performance of Deposit Money Banks in Nigeria. A panel data were collected from a sample of 14 banks covering 6 years spanning from 2012 when the policy was introduced in Nigeria to 2017. The study used return on Asset as proxy for bank performance while the value transactions done through the ATM, POS, Internet Banking, NIP and NEFT platforms E banking Products were used to proxy cash less policy. In other to ensure the validity and the reliability of our data, we therefore subjected our data to a diagnostic test using Descriptive Statistic Analysis, Multicolinearity test, Correlation testing, and Herteroskadaticity testing. Findings from the study revealed that that ATMV has a positive and significant effect on return on assets ROA of banks in Nigeria while , POSV, WEBV, NIPV and NEFV were found to have a positive but insignificant effect on ROA of quoted banks in Nigeria. The study concluded that E banking products as a proxy for cash less policy has positive effect on the financial performance of Deposit Money Banks in Nigeria. It was thus recommended among others that bank management should pay more attention on the activities that will improve the ATM services if they wish to increase the ROA. Muotolu, Peace Chikwemma | Nwadialor, E. O ""Cashless Policy and Financial Performance of Deposit Money Banks in Nigeria"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23835.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/23835/cashless-policy-and-financial-performance-of-deposit-money-banks-in-nigeria/muotolu-peace-chikwemma
Importance of cash transactions in the indian economySayali Saoji
Cash transactions play an important role in the Indian economy for several reasons. A majority of Indians live in rural areas and have low levels of literacy, making cash a more accessible form of payment than alternatives like banking. The agricultural sector, which employs most of the population, also relies heavily on cash-based exchanges given the low-value and rural nature of most transactions. However, widespread cash use also enables a large black market economy, as many cash transactions go unreported to avoid taxes. Moving forward, reducing income taxes and promoting alternatives to cash like debit/credit cards may help formalize more economic activity while still accommodating India's cash-dependent populations and sectors.
The study examined the determinant of mobile banking adoption among bank customers in Ghana,
with specific emphasis on Access Bank. In line with literature, the study applies theoretical frameworks
which have been developed from existing literatures on innovation and adoption to collect
responses from one hundred and fifty (150) sampled customers of Access Bank in order to investigate
the determinants of mobile banking adoption in the Ghanaian banking industry. The results
from the study revealed that, each factor measured had some level of significant effect on consumer
intention to adopt and use mobile banking services provided by Access Bank. Additionally,
the study unveiled that, perceived credibility and perceived financial cost were the major setback
with regards to customers adoption of mobile banking services provided by Access Bank, and as a
result of this, Ghanaians have formed a negative behavioural pattern towards mobile banking. In
addition, the findings showed that, perceived credibility and perceived financial cost have a
stronger effect on consumer intention to adopt and use mobile banking service than perceived usefulness
and perceived ease of use. It was, therefore, recommended that banks in Ghana should
create more awareness through personal interaction with customers, develop quality initiatives in
order to build customer’s confidence. Equally, banks should also review the cost of their mobile
banking service.
Journal Publication on ROLE OF MOBILE BANKING IN ENHANCING FINANCIAL PERFORMA...Muiruri Kariri
This document summarizes a study on the role of mobile banking in enhancing the financial performance of micro and small enterprises (MSEs) in Nakuru town, Kenya. The study found that there is a strong, significant, and positive correlation between the timeliness and reliability of mobile banking and the financial performance of MSEs. Adopting mobile banking was found to likely improve MSEs' financial performance due to mobile banking's timeliness and reliability. The study recommends that MSEs fully adopt mobile banking services.
1) Bank Indonesia plays an important role in promoting financial inclusion in Indonesia in order to support its monetary, payment system, and macroprudential functions. Financial inclusion helps reduce liquidity and credit risks for banks.
2) Bank Indonesia's strategies for promoting financial inclusion include educating the public to use electronic money accounts rather than cash and reducing consumptive tendencies. Digital Financial Services (DFS) expand access to financial services through non-branch channels like mobile phones and agents.
3) Electronic money in Indonesia comes in registered and unregistered forms, with registered e-money allowing maximum balances of Rp 5 million and enabling transfers and cash withdrawals. DFS and electronic money can be used through Islamic boarding schools
As more and more transactions go digital, or plastic so to say, we look towards the future with a model that does away with currency notes and coins altogether and yet keeps alive the essential principle that money serves, without attaching any tangibility to it.
As ordinary Indians, what can we contribute to make our country more cash efficient? We need to understand the cashless ecosystem first. Here is an attempt to understand the cashless options and how to go cashless.
Cashless Society (Cashless Economy, Online Transactions, is india moving towa...Jeet Amrutiya
Pros and cons of cashless society.........
India's current Position on cashless
Is india moving towards this or not.......
How demonetization affected ........
A cashless society refers to a system where all transactions are electronic and there is no physical paper money or coins in circulation. Electronic payment systems like electronic funds transfer and smart cards using microchips, fingerprints, or retinal scans would be used for all purchases. Transitioning to a fully cashless system could impact education, economic implications, and universal acceptance. While it increases security by creating electronic records of transactions and reducing human errors, it also poses security risks from potential technology misuse and new forms of cybercrime. Some controversies exist around reduced privacy, increased spending and debt, and difficulties for those reliant on cash. Overall, a cashless system could provide benefits once people adapt, though it also has risks that may disadvantage certain
The document discusses conceptual frameworks and how they are formulated for research studies. It provides guidelines for writing qualitative and quantitative research questions and hypotheses. It also discusses how to incorporate theories and place them within research studies. Mixed methods approaches are also covered, including different ways to write research questions and hypotheses for mixed methods designs.
The document discusses marketing in the banking sector. It covers key aspects like the marketing mix of product, price, place and promotion. It also discusses other Ps like process, physical evidence and people. Banks need to understand customer needs and develop strategies accordingly. Marketing helps banks attract more customers, increase sales and maintain competitiveness in today's environment. Effective marketing is essential for banks to survive and grow.
E Naira Digital Currency and Financial Performance of Listed Deposit Money Ba...ijtsrd
Background A digital currency is a means of payment or money that exists in a purely electronic form, issued and regulated by the nation’s monetary authority, or central bank, and backed by the government. Nigeria’s E Naira digital currency was launched as at 1st October, 2021 and will be in the digital form of Naira and be used just like cash.Aim This study was carried out to examine the relationship between E Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria. Materials and Methods The study employed survey design in the analysis. A hypothesis was formulated to guide the investigation and the statistical test of parameter estimates was conducted using Kendall’s Coefficient of Concordance. Primary data was used in the study and was obtained through questionnaire survey administered to the staff of those banks with international authorization and commercial banking license i.e Zenith Bank Plc, Access Bank Plc, UBA Plc, Union Bank Plc, Gtbank Plc, Fidelity Bank Plc, FCMB Plc and First Bank Plc within Awka Metropolis. Results Using Kendall’s Coefficient of Concordance, the findings of the study generally indicated that E Naira Digital Currency has positive and significant relationship with financial performance in the bank of industry at 1 significant level. Conclusion The study concludes that the adoption of Central Bank Digital Currency CBDC has significant relationship with financial performance of listed deposit money banks in Nigeria. Recommendation Hence, the study suggests that monetary authorities and deposit money banks should enlighten their customers on the benefits and importance of using E Naira Digital Currency as it reduces the cost of processing cash, improves the availability and usability of Central Bank money and also increases the revenue generation of the nation. The study contributed to knowledge by introducing a new variable E Naira Digital Currency and also updated literature on the subject. Obiora Fabian. | Omaliko Emeka | Okeke Chinenye, J "E-Naira Digital Currency and Financial Performance of Listed Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-2 , February 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49206.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/49206/enaira-digital-currency-and-financial-performance-of-listed-deposit-money-banks-in-nigeria/obiora-fabian
The document provides a summary of the current state of cryptocurrency research and identifies open challenges. It conducted a systematic literature review of 25 research articles on cryptocurrency adoption from 2014 to 2017. The results showed that cryptocurrency adoption research has grown significantly in this period but there is still a lack of research on the key factors that influence acceptance of cryptocurrencies. Future studies need to focus on identifying these influential factors to help advance understanding and development of cryptocurrencies.
Impact of injection and withdrawal of money stock on economic growth in nigeriaAlexander Decker
This document summarizes a study that examines the impact of injecting and withdrawing money stock on economic growth in Nigeria from 1970 to 2008. It uses regression analysis to study the relationship between money supply (M2) and interest rates as indicators of money stock changes, and gross domestic product (GDP) as a measure of economic growth. The study finds that injecting money stock by increasing the money supply tends to reduce interest rates and increase investment, thereby stimulating economic growth. However, excessive money stock increases that are not matched by growth in real output can lead to inflation instead of higher growth.
Mixed Methods on the Commercialization of Cash Waqf in Nigeria: An Analysis o...iosrjce
This paper applied mixed methods approach on the commercialization of cash waqf in Nigeria and
its implementation in solving social issues and challenges confronting Nigerians at large and Nigerian Muslims
in particular. The value and importance of waqf endowment cannot be overlooked. The study analysed the
questionnaire conducted on commercialization of cash waqf in Nigeria and its implementation. The sample was
selected from Hausa, Yoruba, and Igbo tribes to discover the breadth and extent of poverty among Nigerian
Muslims in particular and Nigerians at large. This survey or data was sampled as an empirical evidence and
proof that many Nigerian Muslims are suffering terribly and their unfortunate condition calls for urgent
delivery from financial incapability. Similarly, intellectuals were also interviewed and their responses were
critically analysed in the discussion. The study discovered the effectiveness of the waqf establishment across the
nation as a semi-formal institution that will cater for the needs of Nigerian Muslims based on the available
resources. The problems and obstacles that may face the waqf institution were also examined. In the opinion of
the researcher, the number of respondents selected and interviewed is sufficient as they are Nigerians and know
what their Muslim counterparts are facing in the country regardless of their tribe and gender. Qualitative and
quantitative methods are used throghout the discussion. There are many lucrative and profitable businesses and
transaction that waqf management can transact with cash waqf endowment. It is recommended that waqf
endowment in Nigeria can transform many lives positively if competent, pious, qualified, and experienced
persons are in charge of waqf institution across the nation
The Crypto Craze: A Beginner's Guide to Understanding and Investing in Crypto...HafsaZahid23
"The Crypto Craze" is the ultimate guide for anyone looking to get started with cryptocurrency. This ebook provides a clear and concise introduction to the world of digital currencies, including Bitcoin, Ethereum, and other altcoins.
With easy-to-understand explanations and practical tips, readers will learn the basics of how cryptocurrency works, how to buy and sell it, and how to store it securely. The ebook also covers popular crypto trading strategies and provides insights on the latest trends and developments in the crypto market.
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This document summarizes a paper about implementing a "transient economy" during periods of demonetization. It proposes five elements of a transient economy:
1. TEN (Transient Economy Bank Note) - A proposed new type of bank note with features like a short circulation period and regional restrictions to help transition to digital payments.
2. TEW (Transient Economy Wealth) - Monitoring all property transactions to help assess taxes.
3. TEM (Transient Economy Precious Materials) - Controlling precious materials to increase government income.
4. TEEA (Transient Economy Expense Account) - Monitoring individual and government expenses to prevent crimes.
5. TEA (Transient Economy Social
This study examined the impact of financial innovation on money demand in Nigeria, using quarterly time series for the period 2009-2019. The dependent variable was money demand, represented by broad money, while the independent variable was financial innovation represented by modern payment channels such as volume of Automated Teller Machines (ATMs) transactions, volume of Point of Sales (POS) transactions, volume of Internet banking transactions, and volume of Mobile banking transactions. The study employed the ordinary least squares (OLS) regression technique as the estimation method within the cointegration, granger causality, and error correction modeling. The result obtained showed that financial innovation has mixed impact on money demand in Nigeria during the period of analysis. For instance, financial innovation has positive impact on money demand through volume of ATM transactions in the current period, two periods lagged of volume of mobile banking transactions, current period and one period lagged of volume of internet banking transactions, and current period’s volume of Point of Sales (POS) transactions in Nigeria. On the other hand, financial innovation has negative impact on money demand through one period lagged of volume of point of sales in Nigeria. On the stability of the demand for money function, the result of the stability tests based on the CUSUM test and CUSUM of squares test showed that the demand for money function was stable during the evaluation period. The study recommended that monetary policy strategy of the central bank of Nigeria (CBN) should be fine-tuned to ensure it is well suited to deal with the challenges posed by financial innovation by way of proliferation of sophisticated payment channels.
This document summarizes a study that examined the demand for money in Nigeria over 26 years using measures of narrow and broad money, income, interest rates, exchange rates, and stock market data. The study found that Nigeria's money demand function was stable over the period examined and that income was the most significant determinant of money demand. It also found that incorporating stock market variables improved the performance of the money demand function, as stock markets have become more important for household wealth. The study recommends policies to improve stock market activities and the use of monetary targeting to control inflation.
11.impact of injection and withdrawal of money stock on economic growth in ni...Alexander Decker
This document discusses a research study on the impact of money stock injection and withdrawal on economic growth in Nigeria from 1970 to 2008. The study uses regression analysis to examine the relationship between money stock and GDP. It finds that injecting money stock into the economy tends to reduce interest rates and increase investment, thereby boosting economic growth. However, it also notes that withdrawing money stock reduces the money available in the economy. The document provides background on monetary policy and debates between Keynesian and monetarist views. It also reviews previous related literature and discusses how the Central Bank of Nigeria can inject and withdraw money from the economy through tools like reserve requirements and interest rates.
6.[60 67]impact of injection and withdrawal of money stock on economic growth...Alexander Decker
This document discusses a research study on the impact of money stock injection and withdrawal on economic growth in Nigeria from 1970 to 2008. The study uses regression analysis to examine the relationship between money stock and GDP. It finds that injecting money stock into the economy tends to reduce interest rates and increase investment, thereby boosting economic growth. However, it also notes that withdrawing money stock reduces the money available in the economy. The document provides background on monetary policy and debates between Keynesian and monetarist views. It also reviews previous related literature and discusses how the Central Bank of Nigeria can inject and withdraw money from the economy through tools like reserve requirements and interest rates.
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The document discusses the transition to a cashless economy in India. It provides context on the growing adoption of electronic payments and need to reduce dependence on cash. The objectives are to understand the meaning of cashless transactions, analyze their impact on people in a particular area, and future trends. Research will use questionnaires and interviews of 50 randomly selected people in Basanti colony over two weeks. Key impacts discussed are more transparency in business, easier auditing, and increased e-payment usage for businesses. In education, donations and capitation fees accepting cash may decrease due to demonetization.
Foreign capital flows depends on the prevailing monetary forces as supported by capital flows
theory and the mechanism linking these two variables is that contraction of net domestic assets through an
open market sale of bonds will place upward pressure on domestic interest rates. Higher interest rates attract
foreign funds, generating a capital inflow which relieves the pressure on domestic interest rates. Has this
actually happened? It is against this backdrop that the present study investigated the impact of monetary policy
on international capital inflows in Nigeria for a period of 22 years (1994-2015) using time series data. The
autoregressive distributed lag technique revealed that the short-run and long-run significant determinants of
foreign capital inflows are largely from broad money supply, nominal exchange rate, inflation rate and interest
rates spread except inflation rate that is insignificant in the long-run. This outcome upholds theoretical
prediction. Long-run equilibrium relationship was found between the dependent variable and the regressors.
Further examination of the short run dynamics of the model showed that the speed of adjustment coefficients
ECM (-1) to restore equilibrium have a negative sign and statistically significant at 1% level, ensuring that
long-run equilibrium can be attained and about 89% of the short-run deviation from the equilibrium (long-run)
position is corrected annually to maintain the equilibrium. Since the empirical evidence revealed that monetary
aggregates such as broad money supply, nominal exchange rate, inflation rate and interest rates spread
influence foreign capital inflows, it is therefore recommended that government should continue to pursue
expansionary monetary policy and foreign exchange policies that would ensure competitiveness of the
economy in order to attract the much needed foreign capital inflows that would engender economic growth.
This study focused on the Perception of negotiable instruments in the Nigeria Financial System. It seeks to provide insight into the perceived perception on the use of negotiable instruments. A total of 210 bank customers participated in this study. The descriptive survey research method was adopted. Simple percentage was used to analyze the questionnaire responses while t-test statistical technique was used to test the formulated null hypotheses. Findings revealed that literacy affected the use of negotiable instruments, though; negotiable instruments are widely used, but the acceptance level is however very low. It was also revealed from the findings that there is peace and security in the use of negotiable instruments. Findings also revealed that there is risk reduction on the use of negotiable instrument on businesses when compared to cash payment system. Significant difference existed between the use of cash and promissory notes in the Nigeria financial system. The lack of trust and acceptance of negotiable instruments, made the use of cash as basis for settling payments most acceptable because it creates liquidity though at very high risk. Finally, the researcher recommended among others that the government should discourage the use of cash as source of settling payments in the Nigeria financial system while effort should be made to promote the cashless policy in lieu of cash payments.
Informality and bank performance in nigeria a panel data analysisAlexander Decker
This document analyzes the impact of informality on the performance of banks in Nigeria. It begins with an abstract that summarizes the study's objectives and main findings. The introduction provides background on the important role of banks in an economy and issues with Nigeria's banking sector. It states that the study aims to empirically examine how the large informal sector in Nigeria impacts bank performance.
The document then reviews four main theories on informality (modernization, dependency, structuralism, and neoliberalism) and discusses the characteristics of Nigeria's large informal economy. It finds that informality negatively impacts bank profitability and returns on assets. The conclusion recommends that banks work to better capture economic activity in the informal sector and that government
The document summarizes how bank deposits and the money supply expand or contract in response to actions taken by central banks like the Federal Reserve. It explains that when the Federal Reserve purchases securities in the open market, it adds to bank reserves and initiates an expansion of the money supply. Specifically, when the Fed purchases $10,000 in securities from a dealer, it credits the dealer's bank with $10,000, increasing the bank's reserves and allowing it to issue more loans and deposits. This expansion process can continue as long as banks have sufficient reserves to meet legal reserve requirements.
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...my Pandit
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
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The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
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Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
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Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
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The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
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Challenges and benefits of the cash less policy implementation in
1. European Journal of Business and Management www.iiste.org
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.6, No.26, 2014
Challenges and Benefits of the Cash-less policy Implementation in
the Nigerian Economy
Ndifon Ejoh* Inah Okpa*
Department of Accountancy, Cross River University of Technology, Calabar, Cross River State, Nigeria
*E-mail of corresponding author: Email: ndifon.ejoh@yahoo.com and ndifonejoh@gmail.com
*E-mail of co-author: inahokpa@yahoo.co.uk and inahokpa@gmail.com
Abstract
Recently in Nigeria, issues on the CBN cash-less policy have constituted the themes and subject matters of many
workshops, conferences and symposia. They have also made headlines on pages of the national dailies and
periodicals and have become subjects of discussions in learned circles. The considerations range from the
constitutionality of the policy to its economic advantage/disadvantage and criticisms. The robust interest which
the policy has generated is hardly surprising considering the enormous implications its applicability will have on
the lives of ordinary Nigerians and the business environment. Against this background, this study examines the
adoption of cash-less banking, with a view to x-raying the possible challenges and benefits it poses to the
Nigerian economy whilst employing an integrated approach. Analytically, this study employed descriptive
statistics with experimental research design where questionnaires were administered to a sample size of 120
randomly selected respondents. The data collected were tabulated, analyzed using simple percentages and tested
using chi-square. From the findings it was revealed that there are significant benefits in the implementation of
cash-less policy in Nigeria despite the plethora of challenges daunting its take-off in the Nigerian economy. From
the findings it was recommended that the Federal Government of Nigeria and the CBN should synchronize their
efforts in ensuring cyber-safety which is a major threat of the e-payment system in order to fully harness the
smiles of cash-less policy in the Nigerian nation.
Keywords: cash-less policy, cyber-safety, e-payment, POS Terminals.
1. Introduction
The recent evolution in technology for financial transactions poses interesting questions for policy makers and
financial institutions regarding the suitability of current institutional arrangements and availability of instruments
to guarantee financial stability, efficiency and effectiveness of monetary policy. Over the course of history,
different forms of payment systems have been in existence as framework for exchange. Hildebrand (1986) took a
critical look at the stages of economic development. He asserted that the key to understanding the stages of
economic growth was to be found in the conditions of exchange; thus, he posited three economic stages based on
barter, money and credit. Initially, ‘trade by barter’ was common. This depicts natural economy where goods
were exchanged directly for goods and services. However, the problems of barter such as the double coincidence
of wants necessitated the introduction of various forms of money.
The money exchange system meant that goods and services were exchanged in coinage, which was then the
principal form of money at the time. This was done using the two precious metals – gold and silver (hence the
gold and silver standards of the late 19th and early 20th centuries) (Nweke, 2012). The ultimate transition to the
credit economy meant the use of paper money and paper transfer such that wages earners at the time could
access credit for property purchases on account of promissory paper notes.
According to Mishkin (2004); ‘payment systems refer to the methods of conducting transactions in the
economy’. These systems evolved alongside different forms of money (anything that is generally acceptable in
payment for goods or services or in repayment of debts). Money is different from ‘currency’ which is commonly
misconstrued as money but is only a type of money. The introduction of money addressed critical challenges
inherent in barter economy as money:
· Became a medium of exchange (used to pay for goods and services)
· Served as a unit of account (used as value measure for goods and services)
· Served as a store value (used as a repository for purchasing power over time).
The major form of money which was prevalent was commodity money exemplified in the precious metals of
‘Gold and Silver’ and cowries. These were prevalent until the early 20thcentury. The heavy weights of these
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commodities and difficulty of transporting some over long distances especially when the volume of transaction is
large, pose a serious limitation. This major limitation led to the introduction of paper currency which could as
well be converted into coins or definite quantities of precious metals. Between 1944 to 1971, U.S. dollar could
convert to gold at US$35 to one troy ounce of gold (FRD, 1993). This conversion collapsed in 1971. Fiat money
was introduced. Fiat money was a form of paper money backed up by government decree or act. In other words,
paper money or currency without any g old conversion was legal and had to be accepted as a medium of
exchange and in payment of debts. However, it was bulky and therefore difficult to transfer large volume of
paper hence the introduction of cheques.
Cheque is essentially an instruction from an individual (who owns an account in a bank) to the bank to transfer
money from his/her account to another when the cheque is deposited. Though cheques brought about innovation
and efficiency of the payment system, it has its draw backs such as delay in processing/clearing and payment.
This gave rise to Electronic Payment (e-payment) and subsequently e – money. E – Money is a form of e –
payments, whereby e – payment do not only substitute for cheques but also for cash. The use of debit card, credit
card, stored value-card, e – cash, fund transfer, etc are among several modes of e – money. This culminated in
the current “cashless policy drive” across the globe. As Masashi (2012) predicted,
“The evolution of payment system will never stop. Payment systems are
social infrastructure that support all economic activities, and the financial
market will require more sophisticated payment systems with greater
safetyand efficiency”.
In Nigeria, the post-independence era had witnessed different governments, constitutional reforms, change in
economic policies and banking welfare and achieving developmental goals. However, there had been no
substantial positive change in Nigeria’s Human Development Indicators. This antecedent calls to question the
effectiveness and desirability of the “cash-less economy” policy by the Central Bank of Nigeria.
Several scholars have attempted to analyzed the cash-less system or e – banking. However, it is crystal clear that,
a comprehensive evaluation of the prospects and challenges of the “Cash-less economy” is yet to be done. Most
studies ignore its economic benefits while others incompletely examine its negative implications. This research
is therefore tailored to comprehensively address the issue of the benefits and challenges of the Cash-less policy
in Nigeria”. It would objectively x – ray and analyze the prospects and challenges of the cash-less economy in
Nigeria with a critical appraisal of Cross River State which is a microcosm of the Larger Nigeria State.
1.1 Objectives of the Study
This study was undertaken to achieve the following aims and objectives:
i) To identify and x-ray the problems and challenges of a cashless economy and to proffer solution.
ii) To make objectives recommendation for the timing of kick-off of cash-less policy in Nigeria.
iii) To identify and recommend basic infrastructural needs, resources and basic legislations that must be put
in place before a successful kick-off of cashless policy.
1.2 Research Hypotheses
It is expedient to formulate hypothesis to guide any study in which objectivity and valid generalization is sought.
This work would therefore not take exception. Thus, as a guide to this work, the following hypotheses were
formulated:
1. Ho1: There are no significant challenges in the implementation of cashless economy in Nigeria.
H1: There are significant challenges in the implementation of cashless economy in Nigeria.
2. Ho: There are no significant benefits in the implementation of cash-less policy in Nigeria.
H1: There are significant benefits in the implementation of cash-less policy in Nigeria.
2. Literature review and theoretical framework
25
2.1 Theoretical Framework
In recent times, there has been a consensus that Central banks (Federal Reserve banks or Government Banks as it
is identified in different countries) have the capacity to control the price level. One of the approaches is through
controlling money supply advocated by monetarists and has led many central banks to implement money-supply-
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targeting procedures (Claudia, 2001). Okereke and Sanni (2005) defined money supply as “the total sum money
in circulation that facilitates the exchange process in an economy at any given time”. They added that money
supply would be viewed from either a narrow perspective or from a broader horizon. The two theories that
underpin this paper are advanced below:
1. The Theory of the monetary stages of development
According to Sen.(1983), the process of economic development necessarily entails economic growth in addition
to the qualitative and quantitative changes in multiple areas of the economy such as human capital, critical
infrastructure, health, literacy, to mention a few. Although the concept of economic development was
popularized in the 20th century, the term actually predates this era. Economics of this era advocated a common
historical based methodology to their economic analysis, as era as well as the belief that the Chief task of
economics was to discover the laws governing the stages of economic growth and development. Scallet (n.d)
reported that, Georg Friedrich (1789-1846), who is regarded as the forefather of the German historical school of
economics, stated that economies of the temperate zone will go through four stages of economic development
namely: Pastoral life Agriculture Agriculture and Manufacturing Agriculture and Commerce.
Another German economist, Bruno Hildebrand (1812-1878), took a variant yet historical approach to the study
of the stages of economic growth was to found in the conditions of exchange; thus, he posited three economic
stages based on barter, money and credit. This assertion is known as the theory of the monetary stages of
development and this forms a major theoretical standpoint in this work. Hildebrand’s vision was that a society
would advance from barter (a state of natural economy where goods were exchanged directly for goods) through
monetary exchange before reaching its highest synthesis in a credit economy.
Although Hildebrand eventually failed to develop a coherent system of economics his vision of a barter-money-credit
advancement model of economic development provides theoretical evidence of the existing relationship or
correlation between the medium of exchange and economic development.
2. The theory of payment system efficiency and Central Bank monopoly
The proponents of this theory Claudia and Grauwe (2001) and Marco and Bandiera (2004) argued that, the
central banks gradually lose their monopoly position in the provision of liquidity combined with its subsequent
small size which makes it hard to control the term interest rates. They further argue that increased usage of
cashless banking instruments strengthens monetary policy effectiveness and that the current level of e-money
usage does not pose a threat to the stability of the financial system.
Thus, to maintain the central bank cardinal role of currency issue, regulation and control of cash volume in the
economy, its monopolistic position must be enhance and strengthen. The gaps which the cash based system
create buttressed the need for a paradigm shift in monetary policy and payment system, hence the need for a
cashless policy in the Nigerian economy.
2.2 Review of Current Literature
This section exhumes and analyses current literature on cashless policy. Discussion shall center on evolution of
cash-less economy (e-banking) in Nigeria, requirements for a smooth cashless policy, amongst others.
2.2.1 The evolution of cash-less banking in Nigeria
Umoren (2006) reported that, e-banking started in the 1980s but was truncated by the then military Junta.
Though banks and other businesses showed enthusiasm by introducing credit card, debit card, charge card, etc,
into the payment platform, e-banking ebbed owing to political and economic crisis of the period. However, e-banking
rejuvenated in the late 1990s though tentatively. Efforts to institutionalize e-banking during this era was
26
largely challenged by:
· Lack of necessary support infrastructure, notably electricity and telecommunication
· The yet to be fully settled distress in the banking system
· Widespread functional illiteracy
· Inadequate institutional capacities among regulatory authorities and private financial
intermediaries, as the CBN severally acknowledged.
· Finance industry manpower inadequacies
· Cultural practices which mandate physical cash exchange
· Public distrust of the banking system and
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· Unclear legal recognition of e-transaction and overall e-commerce.
With these challenges couple with the military insensitivity to critical aspects of Nigeria development agenda, e-banking
did not receive the needed support required to ensure global conformity. The CBN did not relent
27
notwithstanding these drawbacks.
Babalola (2008), Adeyemi (2006) and Adegbaju & Olokoyo (2008) posited that, the CBN’s effort aimed at
making Nigerian financial system formidable and enhancing the overall economic performance of Nigeria in line
with global trend, evoked public concern. Some of its reformation was greeted with mixed feelings. There was
the capitalization (to the tune of minimum N25billion) agenda. There was also the aborted move at
redenomination of the naira. Recently the CBN came with two purportedly laudable agenda – the Islamic
banking (non-interest banking) and the cash-less economy (e-payment system).
Some of the initial policies came with tremendous success despite the initial skepticisms of Nigerians. For
instance, when the CBN in July 2004, set December 31, 2005 deadline for N25billion minimum capitalization, it
was greeted with considerable cry and criticism, when the programme was completed the banking landscape was
transformed out of a system dominated mainly by “fringe banks” to one made up of largely “Mega banks”. The
product of the exercise was to ensure a diversified, strong and reliable banking industry where there is safety of
depositors’ money, and reposition the banks to play active development roles in the Nigeria economy.
(Akhalumeh, & Ohiokha, 2012). This remark sums up the assessment of analysis about the outcome of the
reform agenda.
However, some of the policy agenda did not enjoy as much acceptance as did the recapitalization agenda; for
instance, the redenomination proposal was snub and judged to be counter-productive. In the same vein, the non-interest,
Islamic banking concept has been greeted with a lot of skepticism, and the initiators are accused of
masking under some hidden agenda.
The same may be said of the proposal on the introduction of “cash-less economy”. The formal introduction of
cash-less policy was via CBN circular Ref. no COD/DIR/GEN/CIT/05/031 dated 20th April, 2011. (CBN, 2011).
The reaction of one Gibson sums up the skepticism in certain quarters about the “cash-less economy”, he
remarks that, “I am foreseeing the ANTI-CHRIST stepping in and the fulfillment of Biblical prophecy that a
time for cash-less society will come and nobody will buy or sell except you have a number, be wise (Akhahumeh
& Ohiokha, 2012). This may mean that, not enough had been done to address the genuine concerns of the
citizenry about the cash-less economy.
So much may have been said about the anticipated gains attendant to the adoption of e-payment and cash-less
economy (or cash-less banking), but in concrete terms people have not been convince that the agenda is for the
good of all. While we may point to such economies as the Japanese or U.S, we must be ready to accept the fact
that these are economies with functional institutional basis which cannot also be said about Nigeria with much
conviction. Apart from the institutions, one fear that has been expressed is the state of Nigeria infrastructural
decay.
2.2.2 Requirements for a smooth cash-less policy
The requirements for a successful implementation of a cashless economy are quite encompassing and varies.
Any effort to implement e-banking, e-payment or cashless economy must necessarily address such basic needs if
such efforts are not doomed to fail. These requirements include:
Payment infrastructure
It is expedient that, robust, functional and durable infrastructure is provided Automated Teller Machine (ATM),
Point of Sale (POS) Terminals, Cards reader devices, etc must be provided. In addition, this device must be in
the right quantity and good working condition for a 24 hour service or 7days per week.
Power and functional telecommunication
Infrastructure is a pre-condition for the success of any cash-less policy. In fact it is a condition sin-qua-non for
cash-less policy. The functionality and workability of the banks, non-banks, and payment infrastructure largely
depend on uninterrupted power supply and telecom facility. The ATM, POS Terminals, etc need to be power on
a 24hour/7days. The interconnectivity and linkages between Banking Services Providers (BSPs) and other
operators of the cashless banking (such as the value-card issuers etc) depend on an efficient telecommunication
industry. This must be guaranteed in both quantity and quality.
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Information and Communication Technology (ICT)
Education is a necessary panacea to a successful implementation of cash-less banking. Every citizen must learn
basic ICT tips to enhance the functional use and operation of payment devices if they must not live at the mercy
of others. Where this is not ensured, the illiterates may require a literate person to assist in the transaction
thereby exposing their personal identification number (PIN) to the latter. The consequence is better imagined
than experience.
Legislation: Legal and regulatory framework:
There must be clear policy and legislative provisions covering modern forms of financial activities which will be
transacted via electronic media. These legislations must cover global standards and enforcement procedures must
be enshrined. The legislation must cover in addition to the above, cyberspace security and e-fraud. Unless this is
done, e-banking would add rather than remove sorrow and uncertainty to the business community whose safety
lies at the mercy of hackers. The internet scam export industry must be addressed internally with a systematic
and equally advanced technological approach matching those of the internet scammers.
Bank majority
For an effective take-off of e-cash or cashless-banking, every person or at least 95% of the country population
must own a bank account. This is necessary for an all-inclusive policy where every citizen is a participant and all
the monies in private hands/houses are mobbed into the e-platform.
Availability of real data
The information on every account holder must be captured. The: name, sex, photo, location/address, employment
status, and other biometric information must be obtained and made available when needed. This is needed to
enable tracking and determination of the source and destination of transactions.
The list is by no mean exhaustive but suffices it to mean that, the above enumerated requirements are
fundamental to the success of e-banking or cashless-banking and therefore be provided or put in place prior to
take-off date.
The Cashless Lagos Policy was introduced by CBN via circular Ref. no COD/DIR/GEN/CIT/05/031 dated 20th
April, 2011. This was however revised on March 19, 2012 when certain drawbacks began to raise their ugly
heads.
2.2.3 Challenges of Cash-less policy in the Nigerian Society
1. Illiteracy/computerization: As noted in any developing country, the literacy rate is still very low in
Nigeria especially in the Northern part of the country. The business men here prefer to keep their
money in their own vault while there are banks scattered all over the country. Also computer usage,
skills and knowledge of Nigerians even among the educated is poor.
2. Low level of Law enforcement: In most cases, people get away despite how grave their offence against
the state is. Worse still, the law enforcement agents in most cases get involved in these businesses.
3. Lack of Trust and the Bounced-Cheque Syndrome: Trust is lacking in Nigeria’s business
environment. As a result, business operatives believe in cash and carry. Bounced cheque issue is a very
common thing in Nigeria. People place less trust on the use of Cheques too.
4. Negative public perception and apathy. This stems from a lack of understanding of cash policy
28
amongst both the banked and the unbanked.
5. High e-banking charges. As long as e-payment products remain expensive to own, acquire or use, the
success of the policy will be greatly undermined.
6. Payment infrastructure gap. This reflects the continued infrastructure deficit in power and telecoms
sector, which are two critical support sectors for the success of the cash-less policy.
7. Unbanked majority. This class of the society accounted for about 70% of Nigeria’s population in
2010, and still remains a relatively large proportion of Nigerians that have either ‘never banked’ or were
‘previously banked’. This is a pressing challenge to the success of the cash-less policy.
2.2.4 Benefits of the Cashless Economy
Experts have pointed out specific areas in which the cashless economy will enhance the quality of life. These
include: Faster transactions – reducing queues at points of sales Improving hygiene on site – eliminating the
bacterial spread through handling notes and coins. Increased sales Cash collection made simple – time spent on
collecting, counting and sorting cash eliminated, managing staff entitlements. It is also noted that: It reduces
transfer/processing fees, increases processing/ transaction time, offers multiple payment options and gives
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immediate notification on all transactions on customers’ account. It is also beneficial to the banks and merchants;
(there) are large customer coverage, international products and services, promotion and branding, increase in
customer satisfaction and personalized relationship with customers, and easier documentation and transaction
tracking .
As a policy instrument, CBN has heaped a lot of praises on the cashless system. CBN has hinged economic
development on the cashless system; it sees it as a tool for tackling corruption and money laundering. It has been
pointed out that: “Among the reasons glibly advanced by the CBN for this policy include reducing the cost of
cash management, making the Nigerian economy cashless, checking money laundering and the insecurity of
cash in transit”. Statistics show that cash management in 2009 cost N114.5 billion and this is projected to stand
at N200 billion in 2020. In the same vein, the cashless system provides the opportunity of being able to “follow
the money” and thus check money laundering across boarders. Added to this is the perceived impact on the
Naira. The system will reduce the pressure on the Naira. This can only happen if there is effective and standard
cross-boarder electronic transmittal’s reporting system. Following from the above therefore, it is anticipated that
the cashless system will bring with it transparency in business transactions. In the same token, the cashless
economy will bring with it a leaning towards banking culture. It is seen that the effort is directed at “… ensuring
‘cashless economy’ and nurturing the culture of saving in the unbanked majority in the country”. Most of
Nigerians are still unbanked, and so we have large proportion of the citizenry not subject to such monetary
policy instruments as are used in the banking system. This development will make CBN’s policy tools more
effective for achieving economic development and stability goals.
3. Research Methodology
This study adopts the experimental research design. Given the resources constraint (time, funds and materials,
etc) required to undertake a census, vis-à-vis the implication of analyzing data obtained from the entire
population if census were to be carried out, it became expedient to adopt survey design. This method allowed the
researcher to obtained data from a representative sample (typical of the entire population strata) for an objective
analysis and valid inference. The survey design also has the advantage of wider area coverage. Thus, data
relevant to this study was obtained from sampled respondents.
3.1 Sample Size and Sampling Technique
The difficulty of conducting a census makes it imperative to choose from the accessible population certain
subjects for inclusion in this research. A sample is a part systematically selected from the population for
examination or study. The sample size for this work is 120 respondents drawn from among the bankers, bank
customers and unbanked public.
The sample included in this study was drawn disproportionately from three categories of subjects – the bankers,
bank customers/bank account owners and the unbanked public. The research employed random sampling
technique using “lucky dip” method for inclusion of subjects as sample. Forty subjects/respondents each where
drawn from each of the senatorial district of Cross River State. Twenty respondents were selected from each of
the six Local Government Areas.
29
3.2 Data Treatment Technique
The data obtained from the research instrument were analyzed using Chi-Square Test. The researcher
choice of Chi-Square (x2) technique was informed by the nature of data obtained. Besides, the suitability and
ease of manipulation of data using the Chi-Square, buttressed the use of this test. The formula for Chi-Square
(x2) is given by:
X2 = Σ(O – E)
E
Where:
Σ = summation
O = frequency observed
E = frequency expected
X2 = chi-square
Decision Rule
The null hypothesis would be accepted if the calculated value of the Chi-square is less than the critical or
tabulated value (i.e accept Ho if x2-cal x2-crit). Otherwise reject.
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4. Analysis and Findings
4.1 Data analysis
Table 1: Increase in the awareness of cash-less policy in Nigeria
Responses Frequency (observed) Percentage (%)
SA 50 42
A 56 47
D 10 8
SD 4 3
120 100
30
Source: Researcher field work 2014
Table 2: Cash-less policy would ensure effective control and regulation of public cash level in Nigeria
Responses Frequency (observed) Percentage (%)
SA 68 57
A 34 28
D 13 11
SD 5 4
120 100
Source: Researcher field work 2014
Table 3: Cash-less policy implementation in Nigeria is daunted by negative public perception and apathy.
Responses Frequency (observed) Percentage (%)
SA 42 35
A 50 42
D 21 18
SD 7 5
120 100
Source: Researcher field work 2014
As can be seen from table 1, 42% strongly agreed, 47% agreed, 8% disagreed and 3% strongly disagreed that
there is an increase in the awareness of cash-less policy in Nigeria.
In table 2, 57% strongly agreed, 28% agreed, 11% disagreed and 4% strongly disagreed that Cash-less policy
would ensure effective control and regulation of public cash level in Nigeria
In table 3, 35% strongly agreed, 42% agreed, 18% disagreed and 5% strongly disagreed that cash-less policy
implementation in Nigeria is daunted by negative public perception and apathy.
4.2 Test of hypotheses
Hypothesis I
Ho: There are no significant challenges in the implementation of cash-less economy in Nigeria.
H1: There are significant challenges in the implementation of cash-less economy in Nigeria.
Table 4: Challenges of cash-less policy
Responses Frequency (observed) Frequency (Expected)
SA 32 30
A 48 30
D 28 30
SD 12 30
120 120
Source: Researcher field work 2014
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Table 5: calculated chi- squared value of the challenges of cash-less policy
Responses O E O-E (O-E)² (O-E)²/E
SA 32 30 2 4 0.13
A 48 30 18 324 10.80
D 28 30 -2 4 0.13
SD 12 30 -18 324 10.80
31
X² = 21.86
Researcher’s computation from table 4
Tabulated / critical chi- squared value = (n-1) df @ 0.05 level of significance. X² = (4-1) @ 0.05 = 7.81473
Decision/Inference
Since the value of x2
-cal x2
-critat 0.05 level of significance and 3 df, the null hypothesis (Ho1) that: “there are no
significant challenges in the implementation to cash-less economy in Nigeria” is hereby rejected and the
alternative hypothesis (Ha1) upheld that is the result of data analysis show that there are significant challenges in
the implementation of cash-less economy in Nigeria.
Hypothesis II
Ho: There are no significant benefits in the implementation of cash-less policy in Nigeria.
H1: There are significant benefits in the implementation of cash-less policy in Nigeria.
Table 6: Analysis of the benefits of cashless policy
Responses Frequency (observed) Frequency (Expected)
SA 28 30
A 36 30
D 46 30
SD 10 30
120 120
Source: Researcher field work 2014
Table 7: calculated chi- squared value of the challenges of cash-less policy
Responses O E O-E (O-E)² (O-E)²/E
SA 28 30 -2 4 0.13
A 36 30 6 36 1.20
D 46 30 16 256 8.53
SD 10 30 -20 400 13.33
X² = 23.19
Researcher’s computation from table 6
Critical chi- squared value of 3 df @ 0.05 level of significance = 7.81473
Decision/Inference
The result of data analysis presented in table 7 reveals that the null hypothesis (Ho3) is rejected and the
alternative upheld because the calculated X² is greater than the critical X². That is, the result of data analysis
showed that there are significant benefits in the implementation of cash-less policy in Nigeria.
5. Conclusion and Recommendation
The findings of this paper are summarized below:
· A major challenge in the implementation of the policy is lack of adequate power and telecommunication
infrastructure. The epileptic nature of power supply with the frequent break down in telecom facility
required for a smooth functioning of the payment infrastructures would impede smooth implementation.
· The frequent break down in payment infrastructure coupe with the problem of functionality of the
telecom facility posed a serious challenge to the implementation of the cash-less policy.
· Reluctance of Nigerians to accept global dynamics is another challenge. There is incontrovertible
evidence that the excessive liquidity in the system measured by broad money (m2), narrow money (m1)
and currency in circulation is partly attributable to the high cash transaction for economic activities,
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which has continued to undermine the efforts to achieve price stability. Yet the cash-less policy has
faced significant resistance despite its prospect for economic growth and development and global trend
in the intensity of usage of e-payment.
· Another key challenge is the quality of manpower: real strategic change can only take place with
competent and committed workforce that is constantly exposed to training and development. The
competitive financial sector environment requires a highly skilled workforce that would effectively
contribute to value creation within financial institutions. Hitherto, employer recruitment was merely to
comply with regulatory requirements, while training was views as a non-revenue function that was
costly and unnecessary.
· Also, there is gross lack of basic literacy and I.C.T skills among 60% of rural dwellers. In Lagos where
the scheme was pilot tested, more than 40% of the inhabitants lack ICT skills required for the policy.
Having critically analyzed the findings of this work, the following recommendations are made:
· The Federal Government of Nigeria and the CBN should synchronize their efforts in ensuring cyber-safety
which is a major threat of the e-payment system.
· That the CBN should direct banks to open more branches in rural areas to address the problem of
32
financial exclusion among rural dwellers.
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Okereke, E. J Sanni, T. a (2nded.) (2005). Money and the Nigerian financial sytem.OwerriJeso Publishers
Sanusi, J. (1993). 100 years of Banking in Nigeria: A critical assessment. National Information and
Documentation Centre. Lagos: National Library of Nigeria.
Sanusi, S. L. (2011) Banking Reforms and its impact on the Nigerian Economy.CBN Journal of Applied
Statistics. Abuja: CBN Vol 2 (2) PP 115 – 122
Umoren, R. (2006). The Nigerian Banking Services User’s Handbook. Lagos: Global Money Publications.
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