Abstract
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
author/Tari, V.A., Hyacinth, E.S. & Akwanga, R.M.
journal/FUJPAM Vol. 3, No. 1
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