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CASHLESS POLICY AND THE NIGERIAN ECONOMY: A DISAGGREGATED APPROACH
Abstract: The Nigerian payment systems are largely cashed based. Though the country is left behind compared to other industrial countries, its use of electronic payment system is gradually gaining prominence. The emergence of cashless policy, the systems where transactions function and operate without the use of coins or banknotes, has increased the extent of economic activities in Nigeria. This study examined the impact of cashless policy on economic growth in Nigeria, over the period of Q12010 to Q42018. It employed quarterly time series data using ordinary least squares (OLS) technique. The data was sourced from World Bank Development indicator and Central Bank of Nigeria (CBN) Statistical Bulletin, Annual Report and Statement of Account for the year 2019. The researchers subjected the data to Unit Root, Cointegration and granger causality tests. Findings from the study revealed that Cashless Policy has been a veritable tool in influencing economic performance, especially as it relates to Automated Teller Machine (ATM) transactions and Point of Sale (POS) payment patterns. Based on the findings, the study recommended that banks should invest more in information communication technology (ICT) to enhance the efficiency of e-payment systems as this will enhance the revenue of banks in the long-run and improve economic growth in Nigeria. The Central Bank of Nigeria (CBN) should also embark on public enlightenment to educate the populace more on the nitty-gritty of the cashless system particularly in terms of web payment and cheque transactions. This is expected to raise the level of public awareness and reduce possible resistance by the banking public so that the economy will be well positioned to reap the benefits of cashless policy.
Keywords: Economic growth, Cashless policy, Cheques, Automated Teller Machine, Web Payments, Point of Sale.