Omotunde et al
Greener Journal of Internet, Information and Communication Systems Vol. 1 (2), pp. 040-043, April 2013.
ISSN:2354-2373 © 2011 Greener Journals
Impact of Cashless Economy in Nigeria
*Omotunde Muyiwa1, Sunday Tunmibi,1 and
1School of Computer Science, Mathematics and Information Technology, Houdegbe North American University, Republic of Benin.
2Department of Computer Science with Electronics, Faculty of Information Technology and Applied Sciences
Lead City University, Ibadan. Nigeria.
*Corresponding Author’s email: folatunde2004 @yahoo. com
This paper studied the impact of cashless policy in Nigeria. The policy was introduced by Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with questionnaire as data collection instrument. Responses from the respondents show that cashless policy will increase employment; reduce cash related robbery thereby reducing risk of carrying cash; cashless policy will also reduce cash related corruption and attract more foreign investors to the country. The study, therefore, 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, reduction in high security and safety risks and also curb banking related corruptions.
Keywords: Cashless economy, Cashless policy, Lagos State, Nigeria.