Assessing Gombe State Citizens’ Attitude And Perception Towards Nigeria’s Cashless Policy
DOI:
https://doi.org/10.21776/ub.jpas.2021.006.01.8Keywords:
cashless/cash-lite, channels, policy, transactionsAbstract
The Central Bank of Nigeria (CBN) introduced the cashless policy in 2011, which eventually took effect in 2012. The aim of the policy amongst others is to reduce the amount of physical cash circulating in the economy and encouraging more electronic-based transactions. The objective of this study is to review the CBN cashless policy in Gombe State and assess peoples’ behavior and attitudes towards the policy in the State since its inception. Questionnaires were administered on 300 bank customers across the 11 Local Government Areas (LGAs) of the State. The findings revealed that 65% of respondents do not know what the cashless policy is all about, 80% are happy with the introduction of cash-lite (Cashless) points such as Automated Teller Machines, Point of Sales, and Internet Banking etc. As an interim verdict, 25% of the respondents believe that the cashless policy is necessary, 24% believe that the CBN approach to its implementation is the best and 43% believe that the policy will succeed. The study recommends that more banks’ branches and cash-lite channels need to be established especially in other LGAs; there is also the need to consolidate in infrastructural development; and financial literacy for all.References
Adeoye, S. Quated in Usukumu, N & Otalor, H. (2012). “Cashless Nigeria; how would it affect Brand Activitiesâ€: Guardian Newspapers, March 10th P.47.
Adeyemi, S. (2006). “Banking Sector Consolidation: Issues and Challengesâ€, A Paper Presented by Executive Director, Union Bank of Nigeria PLCAGIS Consulting (2008). Report on the Future of Cash, 2008.
Ajayi, I. & Ojo, O. (2006). Money and Banking, Analysis and Policy in the Nigerian Context. Daily Graphics Nigeria Ltd.
Association of Food, Beverage and Tobacco Manufacturers/ Business Day (2012). “Cash-lite Lagos; Manufacturers Press CBN for Infrastructure Audit before Implementationâ€, March 12th, 2013, P.1.
Australian Retailers Association (2011). Annual Retail Survey. ARA.
Babalola, R. (2006). “E-payment: Towards a Cashless Economyâ€, A Keynote Address of the Finance Minister of State at Cardexpo Africa Conf.
Bank of International Settlements (1996). “Implications for Central Banks of the Development of Electronic Moneyâ€, Basel Committee (1998).
Barbaroux, N. (2007). “A Cashless Economy or a Moneyless Economyâ€, History of Economic Society, 2007 Annual Conference, Fairfex, Virginia.
Central Bank of Nigeria (2011). Towards a Cashless Nigeria†Tools and Strategies. A CBN Publication Garki Abuja.
Central Bank of Nigeria (2011). “The Cashless Nigeria Project Editorial. Editorial thetruthseeker.co.uk
Central Bank of Nigeria (2012). Annual Report for the Year Ended December 2011, Abuja Nigeria.
Central Bank of Nigeria (2011). “Money Market Indicators & Money and Credit Statisticsâ€.
CBN Statistical Bulletin, CBN Publications.
Chiejina, N. (2012). “Court Rules in Favour of Cashless Policy†The Nation Newspaper, 12th June 2005.
Costa, C. & Grauwe, De Paul (2011). Monetary Policy in a cashless Societyâ€, SUREF Meeting, Brussels, 25th – 27th October.
Ezeoha, E. (2006). Regulating Internet Banking in Nigeria, Problem and Challenges. Part. Journal of Internet Banking and Commerce, 11(1)1-9.
Gittins, R. (2004). “The Lure of Cashless Economyâ€; Sydney Morning Herald, 21st July 2004, P.1
Iyatse, G. (2012). “Poor E-Payment Systems Threatens Cash-lite Policy†Guardian Newspapers, March 12th 2012.
Laidler, S. (2005). “Monetary Policy and its Theoretical Fundamentalsâ€, Economic Policy Research Institute Working Paper 2005-8, April 2005.
Lee, M. (2008). The Long-term Future of Cash. ATM, Debit and Prepaid Forum, Sheraton Whitehorse Pass, Chandler AZ.
Muo, K. (2011). “Towards a Cashless Society: A Common Sense, Cash Back Strategy†BusinessDay Newspaper, August 30th, 2011. P.30.
Nzotta, M., (2004). Money, Banking and Finance, Theory and Practice, Hudson Jude Publishers Owerri.
Nzotta, M. & Okereke M., (2009). FinancialDeepening and Economic Development of Nigeria: An Empirical Investigation, African Journal of Accounting, Economics, Finance and Banking Research, 1(5)8-19.
Okoye, C. (2013). An appraisal of Cashless Economic Policy in Development of Nigerian Economy. Canadian Journal of Accounting & Finance, 1(2)119-134.
Downloads
Published
Issue
Section
License
Copyright Statement
Authors who publish with JPAS agree to the following terms:
(1). Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
(2). Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
(3). Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
Permissions and reuse
For authors
Authors may use their own articles for the following non-commercial purposes without asking our permission (and subject only to acknowledging first publication in JPAS and giving a full reference or web link, as appropriate).
(1). Posting a pdf of their own article on their own personal or institutional website, for which no charge for access is made.
(2). Making a reasonable number of copies for personal or non commercial professional use.
This includes the contributors own teaching purposes.
(1). Republishing part or all of the article in a book or other publication edited by the author (except for multiple contributions in the same book or publication, for which permission needs to be sought.
(2). Using individual figures or tables or extracts of text (up to 300 words) in other publications published by a third party.
(3). Using the article in a course pack or compilation (whether paper or electronic) in the authors institution. This does not apply if a commercial charge is made for the compilation or training programme.
For third parties
All articles published by JPAS are published by default as open access.