This document summarizes a research paper on the impacts of information technology in a cashless economy in Nigeria. It presents findings from a study that examined people's use of different direct debit devices like ATMs, POS, mobile banking, and online banking. The study found that ATMs were used the most while POS was used the least. Usage varied by gender, occupation, and age group, but overall people were embracing cashless payment options. The document recommends continued awareness campaigns, adequate infrastructure, affordable fees, economic growth, and fair competition to sustain Nigeria's cashless banking policy.
The document discusses the successes and challenges of the mobile payment industry in Indonesia and outlines Telkomsel's strategy to create an integrated mobile payment ecosystem. It notes that while Indonesia has high mobile penetration, current e-money offerings remain fragmented, and it analyzes how Telkomsel aims to leverage partnerships with banks to modernize payments and help Indonesia transition to a cashless society through a single mobile money platform.
Technological developments in the banking sector include e-banking, core banking, mobile banking, and automated teller machines (ATMs). E-banking allows customers to bank electronically using internet and mobile devices. Core banking integrates banking services across branches on a single platform. Mobile banking provides banking services via mobile phones while ATMs allow customers to access basic banking services without human assistance. These technologies have improved customer convenience but also introduce some risks regarding system failures and cybercrime.
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.
Mobile payments via SMS and digital wallets have the potential to revolutionize commerce and banking globally. SMS payments can provide banking access to the billions of "unbanked" individuals in developing regions by allowing basic money transfers via text. Digital wallets integrate payment options and purchase history tracking to enable personalized shopping experiences through targeted discounts and recommendations. While technologies like NFC and BLE enable mobile payments at retailers, digital wallets provide the means to capture complete consumer profiles across multiple retailers, generating valuable data and opportunities for smarter payments.
The document discusses financial sector reforms and e-banking in India. It outlines the development of payment systems and their importance to modern financial systems. E-banking enables strategic benefits like enhancing knowledge, improving customer service, strengthening governance, and ensuring efficiency. Information technology plays a key role in the banking sector by providing information and infrastructure. Key aspects of IT in banking include balancing costs, control, and customer service. Emerging payment systems in India range from basic checks and drafts to sophisticated electronic funds transfers in real-time. Popular e-banking products discussed are NEFT, RTGS, ATMs, mobile banking, and electronic clearing services. Adoption of e-banking brings overall benefits but India still has progress
Mobile payment has grown rapidly in West Africa in recent years, enabled by increasing mobile phone adoption. However, several challenges remain:
1. Territorial coverage of mobile networks and agent networks remains inadequate, especially in rural areas.
2. Agent networks provide an important mode of distribution but remain limited in scale and sustainability.
3. Lack of interoperability between mobile operators limits the scope of mobile payment services.
4. The cost of implementing innovative solutions like online bill payment and government services is prohibitive for many West African governments.
5. Regulation of mobile financial services remains imprecise, which could limit further growth and innovation in the sector. Overcoming these challenges will be important to realize
Mobile banking has great potential to promote financial inclusion in Africa. By reducing geographic and cost barriers, mobile banking allows commercial banks to expand into new areas at low cost. Kenya and South Africa have been leaders in mobile banking, with services like M-Pesa in Kenya growing exponentially and bringing millions of unbanked individuals into the formal financial system. Partnerships between mobile operators, banks, and microfinance institutions can further expand access to affordable financial services across Africa through mobile phones.
This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
The document discusses the successes and challenges of the mobile payment industry in Indonesia and outlines Telkomsel's strategy to create an integrated mobile payment ecosystem. It notes that while Indonesia has high mobile penetration, current e-money offerings remain fragmented, and it analyzes how Telkomsel aims to leverage partnerships with banks to modernize payments and help Indonesia transition to a cashless society through a single mobile money platform.
Technological developments in the banking sector include e-banking, core banking, mobile banking, and automated teller machines (ATMs). E-banking allows customers to bank electronically using internet and mobile devices. Core banking integrates banking services across branches on a single platform. Mobile banking provides banking services via mobile phones while ATMs allow customers to access basic banking services without human assistance. These technologies have improved customer convenience but also introduce some risks regarding system failures and cybercrime.
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.
Mobile payments via SMS and digital wallets have the potential to revolutionize commerce and banking globally. SMS payments can provide banking access to the billions of "unbanked" individuals in developing regions by allowing basic money transfers via text. Digital wallets integrate payment options and purchase history tracking to enable personalized shopping experiences through targeted discounts and recommendations. While technologies like NFC and BLE enable mobile payments at retailers, digital wallets provide the means to capture complete consumer profiles across multiple retailers, generating valuable data and opportunities for smarter payments.
The document discusses financial sector reforms and e-banking in India. It outlines the development of payment systems and their importance to modern financial systems. E-banking enables strategic benefits like enhancing knowledge, improving customer service, strengthening governance, and ensuring efficiency. Information technology plays a key role in the banking sector by providing information and infrastructure. Key aspects of IT in banking include balancing costs, control, and customer service. Emerging payment systems in India range from basic checks and drafts to sophisticated electronic funds transfers in real-time. Popular e-banking products discussed are NEFT, RTGS, ATMs, mobile banking, and electronic clearing services. Adoption of e-banking brings overall benefits but India still has progress
Mobile payment has grown rapidly in West Africa in recent years, enabled by increasing mobile phone adoption. However, several challenges remain:
1. Territorial coverage of mobile networks and agent networks remains inadequate, especially in rural areas.
2. Agent networks provide an important mode of distribution but remain limited in scale and sustainability.
3. Lack of interoperability between mobile operators limits the scope of mobile payment services.
4. The cost of implementing innovative solutions like online bill payment and government services is prohibitive for many West African governments.
5. Regulation of mobile financial services remains imprecise, which could limit further growth and innovation in the sector. Overcoming these challenges will be important to realize
Mobile banking has great potential to promote financial inclusion in Africa. By reducing geographic and cost barriers, mobile banking allows commercial banks to expand into new areas at low cost. Kenya and South Africa have been leaders in mobile banking, with services like M-Pesa in Kenya growing exponentially and bringing millions of unbanked individuals into the formal financial system. Partnerships between mobile operators, banks, and microfinance institutions can further expand access to affordable financial services across Africa through mobile phones.
This document provides an overview of mobile money services in India. It defines mobile money and describes its key characteristics, including using agents outside bank branches to deposit and withdraw funds and initiating transactions via mobile phones. Globally, there are 411 million mobile money accounts across 93 countries. The document outlines reasons for mobile money's potential success in India, including high mobile penetration, financial inclusion needs, and government initiatives. It lists some prominent Indian mobile wallet providers and payments banks. Finally, it discusses factors important for mobile money to succeed in India, such as digital and financial inclusion, awareness/education, regulatory reforms, and customer confidence.
This document discusses India's goal of becoming a cashless society through its demonetization move. It defines a cashless economy as one where transactions are done digitally rather than with physical currency. The benefits of a cashless economy include increased tax revenue, reduced crime rates, and accelerated economic growth. However, India faces obstacles to becoming fully cashless as many citizens do not have bank accounts or reliable digital access. Potential disadvantages of a cashless system could include increased cybercrime and a wider digital divide between those who can access financial technology and those who cannot.
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.
Rwanda has made impressive progress towards financial inclusion and moving to a cashless economy. 89% of adults are financially included, with most using formal non-bank services like mobile money. Mobile money usage and agents have grown exponentially, while bank account ownership and ATM transactions have stagnated. The government is implementing initiatives to achieve 90% financial inclusion by 2020, including expanding access points, promoting digital payments through RSwitch, and providing government services digitally via the Irembo platform. Interoperability across banks, mobile money operators, SACCOs and MFIs is key to building an inclusive cashless payment system as envisioned in the national payment strategy.
The document discusses MasterCard Advisors' Cashless Journey study, which tracks nations' progress toward becoming more cashless. It analyzes 33 countries representing over 85% of global GDP. The study uses three indicators to measure cashless progress: Share (the current non-cash payment share), Trajectory (how Share has changed over time), and Readiness (a country's potential to transition away from cash). Most developed nations have high Share scores near 90%, while developing nations range from over 70% cash usage to just 7% non-cash payments. Trajectory scores show that some developing countries are rapidly increasing non-cash usage.
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.
ATM Outsourcing in India and Global Trends (Whitepaper)Thinksoft Global
The document discusses trends in the global ATM market and outsourcing of ATM management in India. It notes that while cash transactions still greatly exceed non-cash, the number of ATMs globally is growing and projected to reach over 3 million by 2017. India in particular is seen as an attractive market for ATM outsourcing due to its large unbanked population and growth in debit card usage. Several large Indian banks have outsourced management of thousands of ATMs to cut costs and improve efficiency through economies of scale.
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.
The document discusses the benefits and challenges of moving to a cashless economy in India. It notes that demonetization in India helped reduce black money held in cash form, but some black money is still kept in gold, real estate, and cash. A cashless economy would involve all electronic payments instead of cash or checks. This could help reduce illegal activities that use cash but may also raise security and privacy concerns. The document outlines various electronic payment methods like e-wallets, debit/credit cards, digital currencies, and their benefits and risks in a cashless system.
Reserve Bank of India - Payment System Vision Document 2012Dev Khare
The document discusses key focus areas to improve the efficiency of payment systems in India, including standardization, interoperability, and developing integrated infrastructure. It outlines objectives to provide speed, efficiency and interoperability while ensuring quality of service. Specific actions proposed include consolidating cheque clearing into 3-4 centralized grids, increasing NEFT settlement cycles, consolidating various ECS systems into a national ECS, and exploring options like an electronic GIRO instrument and ACH to modernize bulk payments.
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.
The document discusses India's transition to a cashless economy through various digital payment methods and initiatives by the government and Reserve Bank of India. It outlines the key benefits of a cashless economy like convenience and security. However, challenges in rural areas include low internet penetration and financial literacy. Steps are being taken to promote digital payments for farmers and provide infrastructure in villages to encourage a cashless economy across India.
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.
Modes of Cashless Transactions - Cash-less Indian EconomyRajan Chhangani
This presentations is all about the different modes of cashless transactions and a small step to promote digital India and digitization in India.
Sources:- NPCI
Axis Bank
SBI
RBI
The document provides an overview of China's financial industry and the opportunities for financial innovation. It notes that China's economy is slowing but still growing, and the government is reforming the financial industry and encouraging innovation. This confluence of factors, along with a large population that is increasingly mobile and online, is creating opportunities for new financial technologies and services to emerge in China. Non-financial companies are leveraging technology to enter the financial sector. Overall the document discusses how China's financial landscape is primed for innovation to address consumers' evolving needs and behaviors.
The document discusses India's transition to a cashless economy. It notes that a cashless economy relies on digital money transfers rather than physical currency. Some countries like Sweden and Canada are leaders in cashless economies. India is also moving in this direction since demonetization. Electronic methods of payment like debit cards, mobile wallets, and UPI payments are promoting this shift. A cashless economy can curb black money, reduce tax avoidance, and promote financial inclusion. However, challenges remain like digital illiteracy, infrastructure issues, and changing public attitudes and behaviors. The government is taking steps like promoting e-commerce, payment banks, and financial literacy to further the transition.
The document discusses India's transition to a cashless economy. It explains that demonetization in 2016 pushed India towards digital payments like mobile wallets, UPI, and banking cards. A cashless economy provides benefits like reducing black money, increasing tax collection, and reducing printing costs. The document outlines various digital payment methods and their requirements. It predicts that increased transparency, GDP, and investments through cashless transactions will make India's economy more successful.
This study investigated consumers' level of satisfaction with point of sale (POS) terminals in Nigeria. A survey of 650 bank customers found that 66.2% had adopted POS terminals. Consumers were highly satisfied with the convenience, quality, usefulness and selection of POS terminals. However, fewer consumers were satisfied with the speed of transactions, level of merchant service, awareness of POS, and security. Statistical analysis revealed that consumer satisfaction significantly affects adoption of POS terminals. The findings suggest opportunities to improve the customer experience with POS technology to further its adoption.
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes meteorological data from Port Harcourt, Nigeria from 2001-2010. Some key findings:
- Port Harcourt has a rainy season from 9-10 months per year and average annual rainfall of over 185mm.
- Maximum annual evaporation was 148mm and average annual evaporation was 102mm.
- The area has shallow aquifers from 15-30m depth that are highly rechargeable by rainfall.
- Despite available water resources, there is currently insufficient potable water supply to meet demand.
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes an operating strategy for a grid-connected hybrid power system consisting of a photovoltaic array and proton exchange membrane fuel cell. The strategy determines the control mode (unit power control or feeder flow control) and reference power values. In unit power control mode, the reference power is set such that the PV array operates at maximum power and the fuel cell operates within its high efficiency band. The reference power is increased incrementally as PV output increases beyond certain thresholds to maintain these constraints. The strategy aims to improve system performance and stability while minimizing the number of control mode changes.
This document discusses India's goal of becoming a cashless society through its demonetization move. It defines a cashless economy as one where transactions are done digitally rather than with physical currency. The benefits of a cashless economy include increased tax revenue, reduced crime rates, and accelerated economic growth. However, India faces obstacles to becoming fully cashless as many citizens do not have bank accounts or reliable digital access. Potential disadvantages of a cashless system could include increased cybercrime and a wider digital divide between those who can access financial technology and those who cannot.
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.
Rwanda has made impressive progress towards financial inclusion and moving to a cashless economy. 89% of adults are financially included, with most using formal non-bank services like mobile money. Mobile money usage and agents have grown exponentially, while bank account ownership and ATM transactions have stagnated. The government is implementing initiatives to achieve 90% financial inclusion by 2020, including expanding access points, promoting digital payments through RSwitch, and providing government services digitally via the Irembo platform. Interoperability across banks, mobile money operators, SACCOs and MFIs is key to building an inclusive cashless payment system as envisioned in the national payment strategy.
The document discusses MasterCard Advisors' Cashless Journey study, which tracks nations' progress toward becoming more cashless. It analyzes 33 countries representing over 85% of global GDP. The study uses three indicators to measure cashless progress: Share (the current non-cash payment share), Trajectory (how Share has changed over time), and Readiness (a country's potential to transition away from cash). Most developed nations have high Share scores near 90%, while developing nations range from over 70% cash usage to just 7% non-cash payments. Trajectory scores show that some developing countries are rapidly increasing non-cash usage.
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.
ATM Outsourcing in India and Global Trends (Whitepaper)Thinksoft Global
The document discusses trends in the global ATM market and outsourcing of ATM management in India. It notes that while cash transactions still greatly exceed non-cash, the number of ATMs globally is growing and projected to reach over 3 million by 2017. India in particular is seen as an attractive market for ATM outsourcing due to its large unbanked population and growth in debit card usage. Several large Indian banks have outsourced management of thousands of ATMs to cut costs and improve efficiency through economies of scale.
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.
The document discusses the benefits and challenges of moving to a cashless economy in India. It notes that demonetization in India helped reduce black money held in cash form, but some black money is still kept in gold, real estate, and cash. A cashless economy would involve all electronic payments instead of cash or checks. This could help reduce illegal activities that use cash but may also raise security and privacy concerns. The document outlines various electronic payment methods like e-wallets, debit/credit cards, digital currencies, and their benefits and risks in a cashless system.
Reserve Bank of India - Payment System Vision Document 2012Dev Khare
The document discusses key focus areas to improve the efficiency of payment systems in India, including standardization, interoperability, and developing integrated infrastructure. It outlines objectives to provide speed, efficiency and interoperability while ensuring quality of service. Specific actions proposed include consolidating cheque clearing into 3-4 centralized grids, increasing NEFT settlement cycles, consolidating various ECS systems into a national ECS, and exploring options like an electronic GIRO instrument and ACH to modernize bulk payments.
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.
The document discusses India's transition to a cashless economy through various digital payment methods and initiatives by the government and Reserve Bank of India. It outlines the key benefits of a cashless economy like convenience and security. However, challenges in rural areas include low internet penetration and financial literacy. Steps are being taken to promote digital payments for farmers and provide infrastructure in villages to encourage a cashless economy across India.
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.
Modes of Cashless Transactions - Cash-less Indian EconomyRajan Chhangani
This presentations is all about the different modes of cashless transactions and a small step to promote digital India and digitization in India.
Sources:- NPCI
Axis Bank
SBI
RBI
The document provides an overview of China's financial industry and the opportunities for financial innovation. It notes that China's economy is slowing but still growing, and the government is reforming the financial industry and encouraging innovation. This confluence of factors, along with a large population that is increasingly mobile and online, is creating opportunities for new financial technologies and services to emerge in China. Non-financial companies are leveraging technology to enter the financial sector. Overall the document discusses how China's financial landscape is primed for innovation to address consumers' evolving needs and behaviors.
The document discusses India's transition to a cashless economy. It notes that a cashless economy relies on digital money transfers rather than physical currency. Some countries like Sweden and Canada are leaders in cashless economies. India is also moving in this direction since demonetization. Electronic methods of payment like debit cards, mobile wallets, and UPI payments are promoting this shift. A cashless economy can curb black money, reduce tax avoidance, and promote financial inclusion. However, challenges remain like digital illiteracy, infrastructure issues, and changing public attitudes and behaviors. The government is taking steps like promoting e-commerce, payment banks, and financial literacy to further the transition.
The document discusses India's transition to a cashless economy. It explains that demonetization in 2016 pushed India towards digital payments like mobile wallets, UPI, and banking cards. A cashless economy provides benefits like reducing black money, increasing tax collection, and reducing printing costs. The document outlines various digital payment methods and their requirements. It predicts that increased transparency, GDP, and investments through cashless transactions will make India's economy more successful.
This study investigated consumers' level of satisfaction with point of sale (POS) terminals in Nigeria. A survey of 650 bank customers found that 66.2% had adopted POS terminals. Consumers were highly satisfied with the convenience, quality, usefulness and selection of POS terminals. However, fewer consumers were satisfied with the speed of transactions, level of merchant service, awareness of POS, and security. Statistical analysis revealed that consumer satisfaction significantly affects adoption of POS terminals. The findings suggest opportunities to improve the customer experience with POS technology to further its adoption.
Demonetization effect on digital payments solutions in india by Balaji Prince Bala
The aim of the research is to identify the impact of demonetization in india on the digital payment platform.
This research helps to MBA students for their better understanding about the final year project format...i hope my research will help you.. thank you..
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes meteorological data from Port Harcourt, Nigeria from 2001-2010. Some key findings:
- Port Harcourt has a rainy season from 9-10 months per year and average annual rainfall of over 185mm.
- Maximum annual evaporation was 148mm and average annual evaporation was 102mm.
- The area has shallow aquifers from 15-30m depth that are highly rechargeable by rainfall.
- Despite available water resources, there is currently insufficient potable water supply to meet demand.
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes an operating strategy for a grid-connected hybrid power system consisting of a photovoltaic array and proton exchange membrane fuel cell. The strategy determines the control mode (unit power control or feeder flow control) and reference power values. In unit power control mode, the reference power is set such that the PV array operates at maximum power and the fuel cell operates within its high efficiency band. The reference power is increased incrementally as PV output increases beyond certain thresholds to maintain these constraints. The strategy aims to improve system performance and stability while minimizing the number of control mode changes.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes a research paper that reviews techniques for optimal design and placement of pilot symbols for channel estimation in OFDM systems operating under rapidly time-varying channels. It discusses how particle swarm optimization, the Cramér–Rao Bound, and Bayesian Cramér–Rao Bound techniques are commonly used to optimize pilot sequence design to improve channel estimation performance and reduce intercarrier interference. Grouping pilot tones into clusters rather than evenly spacing each pilot tone can provide better channel estimation against doubly selective channels. The optimal clustered pilot sequence is derived using maximum likelihood estimation and is independent of signal-to-noise ratio or Doppler rate.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes a research study on the effects of blanching water temperature and soaking time on the quality attributes of yam flour. Fresh yam tubers were blanched at temperatures of 40, 50, and 60°C and soaked for 12, 24, and 48 hours. The yam flour was then analyzed for physical and proximate qualities. Results showed that blanching temperature and soaking time significantly affected moisture content, protein, carbohydrates, bulk density, swelling capacity, foaming capacity, and water absorption capacity. The best combination for quality was 40°C blanching temperature and 12 hours soaking time.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability
The International Journal of Engineering and Science (The IJES)theijes
This document summarizes a study that used leaf epidermal analysis to identify 10 sterile species of the genus Strychnos collected from the Oban Forest in Nigeria. The researchers examined 36 morphological and anatomical characters of the leaf epidermis. Principal component analysis revealed that epidermal cell number, length, width, trichome number, stomata number and indices were the major distinguishing features. Cluster analysis grouped the species into 3 clusters corresponding to sections within the Strychnos genus. Leaf epidermal analysis proved useful for identifying these sterile species and delimiting populations, which has implications for their use in herbal medicine and conservation efforts.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
This document discusses the influence of welding conditions on the mechanical properties of welded joints of 9% nickel steel used for liquefied natural gas (LNG) tanks. Specifically, it examines the effect of heat input between 1.4-2 Kj/mm and controlling interpass temperature below 80°C on the tensile strength and toughness of the welded joints. The study found that these welding parameters improved the strength and reduced the probability of brittle fracture in the welded joints of thin 9% nickel steel specimens. Controlling heat input and temperature during welding is important for maintaining the desired microstructure and mechanical properties of the welded joints.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
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challenges of adopting information technology can be justified by performance. Accordingly, this study sought
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regulatory framework to bring about optimal deployment of these services to customers
IRJET- A Study on the Perception of the Impact of Payment TechnologyIRJET Journal
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There is no doubt about the favourable and manifold impact of technology on e-banking as pictured in this review paper, almost all banks are with the least and most access e-banking Technological equipments like ATMs and Cards. On the other Hand cheap and readily available technology has opened a favourable competition in ebanking services business with a lot of wide range competitors competing with Commercial Banks in Cameroon in providing digital financial services.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
The study was designed to identify basic factors required to deepen adoption of
internet banking in the delivery of banking services to a rapidly growing market
characterized by complexities in service requirements. Analysis of data collected from
selected customers of 5 DMBs in Lagos, Ogun and Ebonyi States of Nigeria showed
that alternative service channels offered by technology-based applications enhanced
the delivery of banking services to bank customers. Specifically, the result showed
significant impact of ease of access, cost, reliability, and security/integrity of
technology-driven service delivery channels on the adoption of engineering
technology-based applications in Nigeria's banking industry.
The document discusses the successes and challenges of the mobile payment industry in Indonesia, noting high mobile penetration but low bank penetration, creating potential for mobile payments. It analyzes Indonesia's goals of becoming a cashless society and the benefits this could provide, as well as the current fragmented state of electronic money offerings. Finally, it outlines Telkomsel's strategy to create an integrated mobile payment ecosystem in Indonesia through partnerships between banks and telecom companies.
This document summarizes a research paper that investigates the problems and opportunities of electronic banking in Sudan. The paper begins with an introduction that defines electronic banking and outlines its benefits. It then reviews previous literature on the topic, particularly as it relates to developing countries and the Arab world. The paper discusses the current state of information and communication technology infrastructure in Sudan and identifies deficiencies in areas like skilled human resources, security, and infrastructure that constrain electronic banking. It concludes that while Sudan has made some progress with laws and regulations, many challenges remain that limit the applicability of electronic banking.
CASHLESS SOCIETY: DRIVE’S AND CHALLENGES IN NIGERIAijistjournal
This document discusses moving towards a cashless society in Nigeria. It examines the benefits of a cashless economy such as reduced costs, increased efficiency and reduced crime. However, it also notes challenges including potential cyber fraud, limited payment infrastructure, and financial illiteracy among some Nigerians. The study found that most Nigerians support the idea of a cashless economy but recognize challenges in implementation. It recommends strategies for educating non-literate Nigerians and establishing laws against cybercrime to address these issues.
Technical Report of ITU-T Focus Group on Digital Financial Services : Payment System Oversight and Interoperability
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retail payment systems. Building on existing international standards for financial market
infrastructures, the report elaborates policy principles for public authorities, payment system
operators, and payment service providers to ensure that the risks associated with interoperability are
managed effectively. Important in this context is the cooperation between relevant authorities, both
domestically and internationally, and their effort to cooperate effectively not just in normal
circumstances, but, especially, during crisis situations.
MOBILE SIMPLE PAYMENT SYSTEM DEVELOPMENT FOR ONLINE DONATION INVIGORATIONIAEME Publication
The simple payment service is becoming generalized as a payment and settlement means, covering consumers' online shopping, banking/financing, payment, remittance, and transfer, due to IT development and the FinTech industry's expansion. Due to changes in the payment means environment, donation or diverse donation activities started to become digitalized by adopting simple payment platforms. This study presents the mobile simple payment system construction strategy formed by the Korean Red Cross (KRC) and its execution method and results. This study aims to specifically present how online donation invigoration needs to be led and how the simple payment system can be used by non-governmental organizations (NGOs) and the relevant institutions that need to encourage contributions and donation activities according to change of the temporal environment. As a result of the case study, the mobile notice authentication and simple payment use rates of the elderly were very low. If an online system had been used for donation like other digital services, this study found that an increase in education for e-literacy in smartphones and services concerning the elderly is essential. Also, it was found that there is a need to consider IT companies' diverse technology types and open collaboration types on the access modes.
After the emergence of globalization and the tremendous
growth in money markets as well as the spreading of
bank centers in many world countries, all that has the
flexible role in the transportation of capitals amongst
those countries. However, this process led to increase the
money laundry crime (M.L. is an economic crime aims
at giving legal legitimacy to illegally gained money in
order to own, use, manage, keep, exchange, deposit,
invest, transport, or manipulate it). Moreover, this crime
is considered as one of the biggest challenges facing the
financial institutions. Consequently, what makes this
crime more dangerous is that the more efforts being done
to fight money laundry processes, the more fight back
and resistance will face these efforts. Money laundry
processes witnessed the entering of new groups of
professionals from high cultural levels for different
specializations such as accountants, legists, information
organizers, managers, and other specializations being
employed by money laundry criminals to help them in
this crime making these processes an integrated industry.
With the recently increased globalization, a
technological revolution broke out in communications,
information, sets, and equipment which are started to be
used largely in all state institutions, especially financial
and banking directorates.
This paper casts light on the phenomenon of
money laundry and what is the technology which can be
used in banks or even to use to discover money laundry
and the role of banks in monitoring as well as to prevent
this phenomenon which began to determine the financial
and the state institutions.
The appearance of data innovation to each part of human life and business has been obvious to
the point that it doesn't should be complemented more. Data innovation has been of extraordinary
substance in managing an account framework. This examination expects to explore the impact of
data innovation in the saving money arrangement of Bank. The information are acquired both
through the clients and the workers. The information were then broke down utilizing the correct
rate and the 5-point Liker scale to decide the effect of Information innovation in the saving money
framework undertakings. The discoveries at that point demonstrated that Information innovation
adds to the saving money framework in three diverse routes as tails: IT spares the season of the
clients and the representatives obviously, IT chops down the costs and IT encourages the system
exchanges.
Innovation in bank payment systems and related services among selected commer...Alexander Decker
This document discusses innovations in bank payment systems among commercial banks in Ghana. It finds that innovations like automated teller machines, telephone banking, internet banking, mobile banking, debit/credit cards, and e-zwich have contributed positively to banking services and growth. However, problems still exist like security issues with new payment methods and losing of customer trust. The document aims to evaluate customer perceptions of these innovative payment systems and their impact on banking behavior and identifies constraints faced by customers.
Mobile in Banking and Finance - What Make Sense and What Notr4b
In recent years, the banking & financial services industry has been undergoing rapid changes, reflecting a number of underlying developments. Internet, wireless technology, and global straight-through processing have created a paradigm shift - from brick-and-mortar banks to banking virtually across time zones, geographical locations, access points and delivery channels. Today Mobile revolution has disrupted banking industry and this presentation provides a detailed discussion about issues of Mobile Banking.
The payments landscape has changed significantly and bankers must adapt or be disintermediated by those changes. Check volume will continue to diminish, remote
deposit capture will continue to proliferate, and coin and currency are here to stay.
Online and mobile banking, coupled with increased ATM functionality, will drive consumer banking while non-bank payments and digital wallet services such as Apple Pay are becoming more widely accepted among both consumers and their financial institutions.
New regulations and increased regulatory scrutiny will continue to drive up banks’ costs, while new risks will necessitate improved governance, risk management,
automation, and compliance systems. Banks must re-engineer their commercial deposit products, operations, risk management and cost structures in order to remain competitive and profitable. All of this affects the way that businesses interface with their banks and the costs they bear as customers.
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.
1. Information technology has positively impacted the financial sector by reducing operational costs for banks and facilitating transactions between customers.
2. Several IT systems have been implemented in India's banking and financial sectors, including online banking platforms, centralized databases, and structured messaging systems to improve efficiency.
3. The stock market has also benefited from increased transparency, automation of settlements and payments, and online access which has expanded the investor base.
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The International Journal of Engineering and Science (The IJES)
1. The International Journal Of Engineering And Science (IJES)
||Volume|| 2 ||Issue|| 10 ||Pages|| 80-86 ||2013||
ISSN (e): 2319 – 1813 ISSN (p): 2319 – 1805
The Impacts of Information Technology in a Cashless Economy in
Nigeria
1
Salihu Shakirat.A, 1Mustapha Kassim, 1Ajayi Ireti. H and2Binitie Amaka. P
1
2
Department of Computer Science Federal Polytechnic, Mubi Adamawa State
Department of Computer Science Education Federal College of Education (Technical), Asaba Delta State
--------------------------------------------------------ABSTRACT-------------------------------------------------This paper presents the current trend in the impacts of Information Technology (IT) in the cashless economy in
Nigeria and gives an insight into how quality banking has been enhanced through Information Technology (IT).
The paper further reveals that the deployment of Information Technology (IT) facilities in the Nigerian banking
industry has brought about fundamental changes in the content and quality of banking business in the country.
This analysis and clarification of how Nigerian Banks have used Information Technology (IT) to reengineer
their operations is detailed through research and observation. Three categories of variables that relate to the
use and implementation of information technology devices were considered in this paper. These include the
nature and degree of adoption of innovative technologies; degree of utilization of the identified technologies;
and the impact of the adoption of Information Technologydevices on the cashless economy in the banking
sector.
Keywords: Cashless Economy, Central Bank of Nigeria and Information Technology.
--------------------------------------------------------------------------------------------------------------------------------------Date of Submission: 23, September, 2013
Date of Acceptance: 30, October, 2013
---------------------------------------------------------------------------------------------------------------------------------------
I.
INTRODUCTION
A cashless economy or an e-payment system is a situation where there is little or very low cash flow in
a given society, thus every other purchases and transactions will be made by electronic channels, examples of
which are direct debit, electronic funds transfer, mobile payments, multi-functional ATMs, internet banking and
a significant increase in point of sale (POS) penetration and usage. In other words, it simply refers to the
widespread application of information technology in the financial system. Payments under this new system will
range from a list of options such as cheques, wire transfers, debit and credit cards, online transactions, and
mobile banking. The advantages of a cashless society are enormous; from regulating, controlling, and securing
the financial system of any economy.
However, there has been drift towards electronic money, which is quite difficult to define because it
blends technological and economic characteristics [1]. According to [2], electronic money is broadly defined as
an electronic store of monetary value on a technical device that may be widely used for making payments to
undertakings other than the issuer without necessarily involving bank accounts in the transactions, but acting as
a prepaid bearer instrument.
Analogous to this definition is that of cashless economy wherein there exist no notes and coins issued
by central banks but by private financial institutions [3].
Also, [4] present one of the earliest attempts to comprehensively estimate the private and social costs for nine
separate payment instruments- cash, cheques, credit cards, money orders, point of sale (POS), Automated
Clearing House Transfers (ACH), ATM bill payments, travellers’‘ cheques and wire transfers. They find that
from a social cost perspective, cash is the cheapest payment instrument, followed by ACH, POS and ATM bill
payment. From a private perspective, cheques emerge as the cheapest payment method followed by cash, ACH
and POS bill payments. However, the influence of government intervention was prematurely considered as there
was no calculation of net benefits of such payments instruments [5]. In recent times, there is a consensus that
central banks 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-targeting
procedures [6].
In examining the cost implications of cashless banking instruments, [7] studied how much it costs
Norwegian banks to process various payment instruments. It finds that payment cards used for cash withdrawals
at ATMs cost considerably more since the transactions involve cash replenishment, maintenance and security
costs. In addition, the cost of using cheques for cash withdrawals was found to be three times more expensive
than cash withdrawals at ATMs.
www.theijes.com
The IJES
Page 80
2. The Impacts of Information Technology in a Cashless Economy in Nigeria
From a social perspective, it was concluded that a card-based system is considerably more efficient
than a cash-based system for two reasons. First, diseconomies of scale in cash supply rises as cards displace
cash, while economies of scale improve for cards. Secondly, the displacement relegates cash to smaller
transactions because smaller transactions must cover the fixed costs of the cash system [7].
Information and Communication Technology (ICT) is the automation of processes, controls, and
informationproduction using computers, telecommunications, software’s and othergadget that ensure smooth
and efficientrunning of activities. It is a term that largely covers the coupling of electronic technology for the
informationneeds of a business at all levels. ICT has surpassed the role of support services or only electronic
dataprocessing; its fields of applications are slightly global and unlimited. Its devices especially the Internet
andmodern computer email facilities have further strengthened early modernizations like the telephone and
fax.Other ICT devices include data recognition equipment, factory automation hardware and services,
telecommutingand teleconferences using real time and online system [8].
[9] Opined that ICT adoption will improves three critical domains which areefficiency, quality, and
transparency in any organisation. [10]Discussed the dimensions inwhich automation in the banking industry
manifest in Nigeria. They include: Bankers Automated ClearingServices: Automated Payment Systems,
Automated Delivery Channels.
1.1
Analysis of Cash System
Nigeria can be regarded as a cash-based economy because majority of retail and commercial payments
are made in cash. According to a recent CBN survey, cash-related transactions account for 99 percent of
customer activity in Nigerian banks today. In addition, it discovered that cash transactions above N150, 000 was
largest in terms of value (N1469billion) and second smallest in terms of number or volume (10 percent).
Withdrawal/Lodgement
0-N100,000
N100,001-N150,000
Above N150,000
TOTAL
Figure 1: Cash Transactions
Source:[11]
Volume of Transaction (%)
86
4
10
100
Value of Transaction(Billions)
491
115
1469
2076
10% of the numbers of cash transactions are above N150, 000 but account for 71% in the value of cash
transactions.
Fig 1 above show that only 10 per cent of banks' cash transactions are above N150, 000, but they make up 71
per cent of the value of cash transactions. About 90 per cent of Nigerians carry out transactions below N150,
000. If there is reduced cash in the system, banks would be able to compete favourably. There are so many
alternative payment systems in Nigeria which are even more convenient and safe, but people are not using them.
With the improvement in communication in the country, there have been a lot of improvements in the payment
system.
However, the above cash withdrawal/lodgement limit has been reviewed upwards (as noted in Fig 1).
Thus, it can be deduced that new limit of N500,000 for individual customers would possibly account for the
largest in terms of value and smallest in terms of transaction volume.
Another major finding of the survey can be simply illustrated in the table below:
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3. The Impacts of Information Technology in a Cashless Economy in Nigeria
Payment channel
ATM Withdrawal
Over the Counter Withdrawal
Cheque
POS
Web
Total
Figure
2:
Cash
Related
Source:[11]
Transaction Volume (N)
109,592,646
72,499,812
29,159,960
1,059,069
2,703,516
215,015,003
Percentage of Transaction (%)
50.97
33.70
13.56
0.49
1.26
100
Nigeria is cash based economy with retail and commercial payments primarily made in cash. Cash
related transactions represent over 99% of customer activity in Nigerian Banks today. A cursory look at Fig 2
and Fig 1 indicates that, withdrawals through ATM channels accounts for the largest percentage, followed by
OTC cash withdrawals. This implies that cashless banking instruments, particularly ATMs, are attracting high
level of patronage and acceptability among Nigerians [11]
RATIONAL FOR CASHLESS BANKING IN NIGERIA
Cash-less banking may be defined as that banking system which aims at reducing, not eliminating the amount of
physical cash (study notes and coins) circulating in the economy, whilst encouraging more electronic based
transactions (payment for goods, services, transfers etc.). In other words, it is a combination of two e-banking
and cash-based systems. In mostdeveloping countries, it represents a middle phase in the development of
payment system as illustrated below;
The new cash-less’ policy was introduced in April 2011 by the Central Bank of Nigeria. The
justifications for this policy are briefly explained below;
i.
To drive the development and modernization of the payment system in line withNigeria‘s vision 2020
goal of being amongst the top 20 economies by the year 2020. An efficient and modern payment system is
positively correlated with economic development and is a key enabler of economic growth.
ii.
To reduces the cost of banking services (including cost of credit) and drive financial inclusion by
providing more efficient transaction options and greater reach.
iii.
To improves the effectiveness of monetary policy in managing inflation and driving economic growth.
iv.
To curb the negative consequences associated with high cash usage, with has resulted to a number of
challenges across the system. Example of challenges resulting from high-cash usage (not exhaustive) includes:
corruption, robberies and cash-related crime, high cost of processing borne by every entity across the value
chain (i.e. from CBN, to banks, to the operating entities as well (e.g. staff required to process cash transactions,
manual operating systems, etc)), revenue leakage arising from significant handling of cash, inefficient treasury
management due to nature of cash processing, limitations of monetary policy due to highvolumes of cash
outside the formal economy and encourages money-laundering, terrorist funding, etc [12].
In addition, below are some detailed context and pertinent clarifications on the policy:The limits apply
to the account so far as it involves cash, irrespective of the channel (e.g. over the counter (OTC), ATMs, 3rd
party cheques en-cashed OTC etc) in which cash is withdrawn or deposited.
The service charge for daily cumulative deposits above the limits into an account shall be borne by the
account holder. However, during the pilot run in Lagos with the intention of spread it across the nation,
individuals paying money in Lagos into an account outside Lagos shall bear the charges for any single
transaction above the limit. The limit also applies to cash brought through Cash-In-Transit (CIT) companies, as
they are licensed to provide cash-pick up services as summary below.
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4. The Impacts of Information Technology in a Cashless Economy in Nigeria
Policy Elements
Daily
cumulative
cash
withdrawals/lodgements
(without fees)
Processing
fee
for
withdrawals above limits
Processing
fee
for
lodgements above limits
Exemptions
Initial policy (April 20,2011)
*N150,000 by individuals
*N1 million by corporate
customers
*10% by individual customers
*20% for corporate customers
*10% by individual customers
*20% for corporate customers
*None
Kick off dates
*January 1,2012 for partial
implementation
(Pilot
run
without charges) in Lagos State
*June 1,2012
across Nigeria
for
Revised Policy (March19,2012)
*N500,000 by individuals
*N3 million by corporate customers
*3% by individual customers
*5% for corporate customers
*2% by individual customers
*3% for corporate customers
*MDAs of the federal and state government on
lodgements for account operated by them, for revenue
collection purpose only
*January 1,2012 for partial implementation in Lagos
State
*April 1,2012 for full execution in Lagos State(Charges
collection to take effect from that day
*June 1,2012 for execution across Nigeria
execution
‘Figure 3: Central Bank Policy on Cashless Economy
Exclusion of Microfinance banks (MFBs) and Primary Mortgage Institutions (PMIs) from the policy for
corporate bodies (direct withdrawal/deposit) to enable them meet the legitimate demands of their numerous
customers, but such limits are applicable to the customers of MFBs and PMIs.Exemption of all embassies,
diplomatic missions, and multilateral and aid donor agencies in Nigeria from such charges and penalties as it is
against the international practice for sovereign states to impose penalties on other sovereign states.
RESEARCH QUESTIONS
What are the impacts of Information Technology on Cashless Economy in Nigeria?
Hypothesis
Ho: People will not embrace Cashless policy
H1: People will embrace Cashless policy
3.1
Study Population and Sampling Technique:
There are six (6) states in the North-eastern region of Nigeria of which only three (3) states were
selected and questionnaires distributed. The three states are Adamawa, Yobe and Gombe. The questionnaires
were given majorly to Account Holders (Bank Customers) in five different banks in each state. The banks are
GTbank, Zenith bank, First bank, UBA and Unity bank.
Three hundred and sixty respondents were used as sample for this study based on [13] recommendation
that three hundred and fifty (350) and above is accepted for large population and that five percent (5%) of the
selected population is alright. Also Questionnaire was used to gather information from respondents within the
banking hall for the research. The questionnaire titled “What are the impacts of Information Technology on
Cashless Economy in Nigeria”.Respondents were asked to specify their Sex, Gender, Age group and
Occupation. A total number of Three hundred and sixty questionnaires were distributed in the course of the
research for over a month while, total of three hundred and sixty questionnaires were returned.
Instrument for data collection
The instrument that was used for data collection for this study was:
a. Questionnaire titled “What are the impacts of Information Technology on Cashless Economy in Nigeria”
was administered to respondents to evaluate personal preventive measures adopted regarding the research
question.
3.2
Validation and Reliability of the Instrument
The face-validity and content-validity of the instrument were verified, first by the researchers by
ensuring that good simple and straight forward questions are formulated thenby experts in the subject area.
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5. The Impacts of Information Technology in a Cashless Economy in Nigeria
3.3
Data Presentation and Analysis
Table 1 show that Male uses Information Technologies direct debit devices: ATM, POS, GSM banking and Online
banking has 94.20%, 65.67%, 84.51% respectively while Female are 97.92%, 57.14%, 75.51% and 96.00%. Based on this
study, people patronise ATM machine more and POS machine as the least among the devices. The Research also get
responses based on occupation, Table 2 shows the various occupation and the percentage of the people using each of the
debit devices. For student that uses ATM, POS, GSM Banking and Online Banking has 95.65%, 47.82%, 69.57% and
63.04% respectively while Civil servant percentage for ATM, POS, GSM Banking and Online Banking has 97.44, 66.67,
87.18 and 92.31 respectively. Business has 96%, 72%, 84% and 88% for ATM, POS, GSM banking and Online Banking
respectively whereas other occupation for each of the debit devices has 90%, 70%, 90% and 100% respectively.
Table 3 further explains the use of this debit devices based on the age group. 15-24, 25-34, 35-44 and 45 above has
92.31%, 93.55%, 100% and 100% of using ATM respectively while 76.92%, 50%, 62.5% and 62.5% represents those using
POS. The GSM Banking based on the age group has 88.46%, 70.97%, 91.67% and 100% respectively while online banking
has 80.77%, 77.42%, 95.83% and 100% respectively.
RECOMMENDATIONS
From the findings of the study, the following recommendations are proffered to sustained cashless banking policy
in Nigeria at large:
1.
2.
3.
4.
5.
6.
7.
Comprehensive awareness campaign to enlighten both existing and potential customers of its benefits
Adequate and well-functioning infrastructural facilities must be in place like ATM, POS machine and so on.
To ensure the beneficiary of cashless banking policy enjoys affordable charges and security.
It must be channel or targeting economic growth and development of the society
Fair competition should be maintained in order to prevent monopoly like behaviour by the licensed point of sales
terminal machine manufacturers
Proper monitory and effective evaluation of cashless banking operations should be observed.
Harmonization of monetary and fiscal policy between the Federal Government and CBN should be maintained.
CONCLUSION
This study shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction.
It is expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking
services as well as reduction in high security and safety risks. This should also include curbing banking related corruption
and fostering transparency.
It is also assumed that the introduction of cashless policy in Nigeria will help to reduce the amount of bills and
notes circulating in the economy. This should therefore reduce handling operation cost incurred on conventional money, as
well as reduction in cash related crimes. It should also help to provide easy access to banking services for Nigeria.
However there may be little interruptions at times due to network failures, which may make customers unable to
carry out transactions at a particular point in time. This little shortcoming is not in any way comparable to the days when
banking halls were characterized by long queues mainly as a result of delays in the traditional banking operations.
REFERENCE
[1]
[2]
[3]
[4]
[5]
[6]
[7]
[8]
[9]
[10]
[11]
[12]
[13]
Basel Committee, (1998), Risk Management for Electronic Banking and Electronic Money Activities, Basel Committee
Publications, No. 35
European Central Bank, (1998), Report on Electronic Money, Frankfurt, August.
Claudia, C. and P. De Grauwe (2001): Monetary Policy in a Cashless Society, Brussels,CEPR Discussion Study
Humphrey, D. B. and A. N. Berger (1990): Market Failure and Resource Use: Economic `Incentives to Use Different Payment
Instruments, New York, Monograph Series inFinance and Economics.
Humphrey, D. B. (2004): Replacement of cash by cards in U.S. Consumer Payments, Journal of Economics and Business, 56,
211–225.
Claudia, C. and P. De Grauwe (2001): Monetary Policy in a Cashless Society, Brussels,CEPR Discussion Study
Gresvik, O. and G. Owre (2002): Banks’ Costs and Income in the Payment System in 2001,Norges Bank Economic Bulletin.
Adeoti, J.O (2005) “Information Technology Investment in Nigerian Manufacturing Industry: TheProgress So Far”, Selected
Papers for the 2004 Annual Conference, Ibadan: Nigerian EconomicSociety, 213-244.
Brücher, H., L. Scherngell, (2003). "Change management in e-government." Fachzeits chrift desCC e-Gov der Berner FH: 11-1.
Agboola, A.A (2002): Information Technology, Bank Automation, and Attitude of Workers inNigerian Banks‟ in Journal of
Social Sciences, Kamla-Raj Enterprises, Gali Bari Paharwali, India.
Central Bank of Nigeria (2011), Money Market Indicators & Money and Credit Statistics, CBN Statistical Bulletin, CBN
Publications.
Central Bank of Nigeria Website (2011), New Cash Policy, Presentation for the Interactive Engagement Session with
Stakeholders on Cash-Less Lagos, Stakeholder Session –Supermarket Operators
Krejcie, R.K and Morgan D.W (1970). Determining Sample Size for Research Activities, Education and psychological
measurement. New York Academic Press PP.608-609.
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Page 84
6. The Impacts of Information Technology in a Cashless Economy in Nigeria
Appendix Table 1: Respondent on Sex
Mode/Sex
Male
Female
Percentage of Male
(%) using
Percentage of Female
(%) using
ATM
195
141
94.20
POS
132
84
65.67
GSM Banking
180
111
84.51
Online Banking
177
114
84.29
97.92
57.14
75.51
96.00
Table 2: Respondent on Occupation
Mode / Occupation
Student
Civil servant
Business
Others
Percentage of
Student
Percentage of Civil
servant
Percentage of
Business
Percentage of
Others
ATM
132
114
27
72
95.65
POS
66
78
21
54
47.82
GSM Banking
96
102
27
63
69.57
Online Banking
87
108
30
66
63.04
97.44
66.67
87.18
92.31
96.00
72.00
84.00
88.00
90.00
70.00
90.00
100
Mode/Age group
15-24
25-34
35-44
45-Above
Percentage of 15-24
using
Percentage of 25-34
Percentage of 35-44
Percentage of 45Above
ATM
72
174
72
24
92.31
POS
60
93
45
15
76.92
GSM Banking
69
132
66
24
88.46
Online Banking
63
144
69
21
80.77
93.55
100
100
50
62.5
62.5
70.97
91.67
100
77.42
95.83
100
Table 3: Respondent on Age group
Source: Field Survey2013
Table 4: Summary on related Cashless policy overview
Responses
1
2
3
4
5
6
7
Total
Yes
321
342
291
297
216
315
350
2132
No
36
18
69
63
144
45
8
383
Total
357
360
360
360
360
360
358
2515
Source: Field Survey 2013
Table 5: Chi-square computational table
Observed (O)
321
342
291
297
216
315
350
36
18
69
63
144
45
8
Summation
Expected (E)
302.60
305.20
305.20
305.20
305.20
305.20
303.50
54.00
54.80
54.80
54.80
54.80
54.80
54.50
(O-E)2
338.60
1354.00
201.64
67.24
7956.64
96.04
2162.25
324.00
1354.24
201.64
67.24
7956.64
96.04
2162.25
O-E
18.40
36.80
-14.20
-8.20
-89.2
9.80
46.50
-18.00
-36.80
14.20
8.20
89.20
-9.80
-46.50
(O-E)2 /E= x2
1.12
4.44
0.66
0.22
26.1
0.31
7.12
6.00
24.70
3.70
1.22
145.19
1.75
39.67
262.2
Source: Field Survey 2013
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7. The Impacts of Information Technology in a Cashless Economy in Nigeria
X2= chi-square DF=Degree of Freedom
X2tab =(R-1) (C-1), DF=(7-1)(2-1)=6, 5%=12.592;
Equation 1: X2cal= (Oij-Eij)2 X2cal=262.2
Eij
Decision Rule: x2 cal 262.2>x2tabl that is, Ho>H1 we reject Ho and accept H1
We reject the null hypothesis and accept the alternative hypothesis. Hence conclude that people are willing to
embrace cashless policy in the North eastern region.
Salihu Shakirat Aderonke holds a Masters and Bachelor degree from University of Ilorin,
Computer Science department.
After the completion of my NYSC, worked with Timenet Cyberspace, Ilorin between
March 2008-May 2009, later got employment with University College Hospital, Ibadan
from June, 2009- February, 2010 and presently a Lecturer at the department of Computer
Science, The Federal polytechnic, Mubi, Adamawa State. My area of Interest is on
Software Development
Mustapha Kassim obtained a Bachelor degree in Computer science (B.sc Computer
Science, 2005) from Usmanu Danfodio University Sokoto, Nigeria.
After graduation, worked with Fidelity Bank Plc, Nigeria (2007-2010) and presently with
Federal Polytechnic Mubi, Adamawa State as academic staff with interest in theoretical
computer.
Ajayi Ireti Hopeobtained a Bachelor degree in Computer science from University of
Ilorin, Kwara State in 2009.
Presently working with Federal Polytechnic Mubi, Adamawa state with research interest
in networking and Information Technology.
Binitie Patience Amaka graduated from Nnmadi Azikiwe University, Awka, Anambra
State with Bachelor degree in Computer science.
Worked with the department of computer science in Federal Polytechnic, Mubi,
Adamawa State from 2010-2013 and presently working at Federal College of Education
(T), Asaba, Delta State as a lecturer in Computer Science education department.
Currently undergoing Masters degree in Computer science at Adamawa State
University, Mubi.
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