Cashless Policy Implementation in Nigeria: Consequences, Challenges and Prospects


    This is the second attempt to cashless policy implementation in Nigeria. Indeed, in the globalized 21st Century, cashless economy provides opportunities in the ease ways of doing business. Aside that, a cashless society to a large extent, manages corruption, fraud, insecurity, cut cost of printing and handling currency notes, and fast tract transactions far better than a cash-based economy or society. However, It is also worthy of note to established that, cashless society is embedded and engrained in adequate infrastructures such as high internet connectivity, stable electricity supply, high literacy rate, physical and cyber security amongst other prerequisites for a successful achievement of cashless economy. It is established that, the Nigeria version of achieving a cashless society came at a huge cost to the masses especially, the Micro Scale Business Enterprenuerers and the rural communities among other severely affected population. This was due to the fact that, the policy was grossly lacking in conceptual skills, advocacy, active engagements and collaboration. Suffice to say that, the policy implementation was ill-timed and deficient in formulation and implementation strategies. It is on this basis that, this paper examined the consequences, challenges encountered and prospects of cashless economy in Nigeria. The study relayed on secondary sources of data collection through relevant literature such as books, journal articles, newspapers etc. Equally, Technological Acceptance Model (TAM) was adopted as a theoretical basis for this research. Therefore, having examined the  cashless policy statements and documents of the Central Bank of Nigeria (CBN) and the methods for its implementation with its attendants effects, the study discovered that, a lot of damage has been inflicted on small scale businesses which is the engine room and driving force of  the economy which stimulates  the Gross Domestic Product (GDP) of Nigeria and further subjected Nigerians to avoidable hardship. To this end, the paper recommended that; active engagements and collaboration with relevant bodies such as the commercial banks, organied labour, Civil Society Organization (CSOs), traditional and religious leaders is critical in achieving meaningful results in a sensitive monetary policy like this, amongst other vital suggestions offered by the paper.

    Keywords: Policy, Economy, Implementation, Consequences, Challenges, Prospects 

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    author/Tari, V.A., Hyacinth, E.S. & Akwanga, R.M.

    journal/FUJPAM Vol. 3, No. 1