Home»Banking and Finance» The impact of CBN cashless policy on operation of banks in Nigeria - case study of UBA, Nigeria

The impact of CBN cashless policy on operation of banks in Nigeria - case study of UBA, Nigeria

 Department: Banking and Finance  
 By: usericon samadchuks  

 Project ID: 4655
   Rating:  (5.0) votes: 1
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Recently in Nigeria issues on the CBN cashless policy have constituted the themes and subject matters of many workshops, conferences and symposia. Banking today is undergoing a radical transformation. The symptoms are obvious news products, new players, new channels. E-payment involves every financial transaction that is done without the physical cash. This covers both card payments and mobile payments. They have also made headlines on pages of the national dailies and periodicals and have become subjects of discussions in learned circles. The considerations range from the constitutionality of the policy its economic advantage/disadvantage and criticisms. The robust interest which the policy has generated is hardly surprising considering the enormous implications its applicability will have on the lines of ordinary Nigerian’s and the business environment. A cashless policy is an environment in which money is spent without being physically carried from one person to the other. The first issue in the cashless policy is the issue of an electronic purse. This is electronic information that is transmitted to a device that reveals the information about how much a person has stored in the bank and how much he can spend. An attempt is made in this paper to critically appraise to pros and cons of the cashless policy within the context of socio-economic realities in Nigeria, with a view to determining its workability as intended by the apex bank. The paper also contains some considered recommendations for reforms. It was recommended that the management of the banks could perform their duties effectively by having a good and clear understanding of the environmental factors....
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