Cashless Policy in Nigeria and Its Socio-Economic Impacts

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Cashless Policy in Nigeria and Its Socio-Economic Impacts

Abstract

This paper examines the cashless policy in Nigeria and its socio-economic impact on small scale businesses. In Nigeria as in many developing countries, cash is the main mode of payment thus making the economy heavily cash – based. The policy was introduced in Nigeria by the Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. The objective of the study is to determine the possible implication of a cashless economy on small scale businesses in Nigeria. It will also proffer solution to the impending challenges that small scale businesses will face in a cashless society. With a review of existing literature on the concept of cashless economy and its effect on small scale business. Recommendation on how to effectively implement the cashless policy in order to encourage small scale business owners to be part of it were highlighted. It was concluded that if necessary measure are not put in place and the necessary stakeholders to the policy carried along with consideration on how the policy may affect them, the cashless policy will adversely affect small scale business and may engineer their failure.

INTRODUCTION

Monetary policy has been a tool for economic management to bring about sustainable economic growth and development. Monetary institutions are saddled with the responsibility of using monetary policy to grow the economy. In Nigeria, monetary policy has been used since the central bank of Act of 1958. This role of the central bank has facilitated the emergency of active money market where treasury bills, a financial instrument used for open market operations and raising debt for government has grown in volume and values becoming prominent earning assets for investors and source of balancing liquidity in the market. Our economy has witnessed lots of economic policy including the cashless policy rolled out by the CBN.

One of the prerequisite for the development of national economy according to Ajayi and Ojo (2006) is to encourage a payment system that is secure, and affordable. In this regard, developed countries of the world, to a large extent, are moving away from paper payment instruments toward electronic ones, especially payment cards (Humphrey, D.B. 2004). In these countries, for instance, it is possible to pay for a vending machine snack by simply dialing a number on one’s phone bill.

The question remains, can the period of economic growth recorded in the country be attributed to appropriate monetary policy. This seminar paper examines the socio – economic impact of cashless policy as a monetary policy in Nigeria on small scale businesses.

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