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Cashless system of payment in Nigeria - evolution, problems and prospects

 Department: Banking and Finance  
 By: usericon sifypatprojects  

 Project ID: 4499
   Rating:  (3.3) votes: 6
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   Price:₦3000
Abstract
This study examines the cashless system of payment in Nigeria: evolving, problems, and prospects. The objectives of the study are to determine how the introduction of the cashless economy policy in Nigeria will affect business, prices and economic stability to determine whether it will serve as a viable alternative to the cash transaction method in Nigeria. The structured questionnaire which was structured was the instrument used for data collection. The data collected were subjected to test and chi–square (x2) techniques were used to test the hypothesis. The result indicates that: majority of Nigerians are already aware of the cashless system of payment and majority agree that the system will help fight against corruption/money laundering and reduce the risk of carrying cash. Major problems envisaged hampering the systems are illiteracy and cyber fraud. Based on these findings, some recommendations made are: strategy to educate the non - literate Nigerians about the cashless system of payment and a framework should be worked out to provide cybersecurity in Nigeria....
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