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The Impact of the CBN's Cashless Policy on the Development of the Financial Sector of Nigeria

The Impact of the CBN's Cashless Policy on the Development of the Financial Sector of Nigeria

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DEDICATION

This research material, titled “The Impact of the CBN's Cashless Policy on the Development of the Financial Sector of Nigeria” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Economics for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on The Impact of the CBN's Cashless Policy on the Development of the Financial Sector of Nigeria provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

  • Introduction
  • 1.1 Background to the Study
  • 1.2 Statement of the Problem
  • 1.3 Objectives of the Study
  • 1.4 Research Questions
  • 1.5 Hypotheses of the Study
  • 1.6 Significance of the Study
  • 1.7 Scope of the study

REFERENCES

CHAPTER TWO

  • Literature Review
  • 2.0. Introduction
  • 2.1. Conceptual Review
  • 2.2.1. Glimpse at Pre-Cashless Policy Era
  • 2.1.2. Conceptualizing Cashless Economy
  • 2.1.3 Cashless Policy and Electronic Payment via E-banking
  • 2.1.4. Type of Electronic Banking
  • 2.1.5. Challenges of Cashless Policy Implementation in Nigeria
  • 2.1.6. Prospects of Cashless Policy
  • 2.1.7. Relative Rationale and Impact of a Cashless Economy
  • 2.2. Theoretical Review
  • 2.2.1. Rogers Diffusion Theory
  • 2.3 Methodological Review
  • 2.4. Empirical Review
  • 2.4. Summary of Literature

REFERENCES

CHAPTER THREE

  • Research Methodology
  • 3.1 Introduction
  • 3.2 Research Design
  • 3.3 Population
  • 3.4 Sample and Sampling Technique
  • 3.6 Sources of Data
  • 3.7 Instrument for Data Collection
  • 3.8 Data Analysis Technique

REFERENCES

CHAPTER FOUR

  • Data Analysis and Interpretation
  • 4.1 Introduction
  • 4.2 Demographic Information of the Respondents
  • 4.3 Analyzing Section B of the Questionnaire
  • 4.4. Analysis of the research Hypothesis
  • 4.4.1 Data Estimation and Evaluation Techniques
  • 4.4.2 Model Estimation

CHAPTER FIVE

  • Summary of Findings, Recommendation and Conclusion
  • 5.0. Introduction
  • 5.1. Summary of Major Findings
  • 5.2. Conclusion
  • 5.3. Recommendation
  • 5.4. Suggestion for further Studies

BIBLIOGRAPHY

  • Regression Results

    • ABSTRACT

    Financial transactions involving the use and movement of physical cash are gradually declining with the introduction of the CBN's Cashless policy. This development has been of great concern to economist, the government of Nigeria and financial institutions. This aim of this study is to evaluate financial and economic transactions under the new CBN's cashless policy and how the development has enhanced the financial sector of the economy of Nigeria. Concerning methodology, both primary and secondary data were used for the study. Respondents mostly bank employees and customers were issued well design and structured questionnaires to effectively examine the new developments brought about by the introduction of the cashless policy with respect to how financial transactions are being managed and the overall impact the cashless policy has had on the development of the financial sector of the economy of Nigeria.

    Hypotheses were formulated to test assumptions and claims generated from the study. The T-test was employed to test the statistical significance of the estimated parameter at a 5% level of significance. R-squared was used to test the measure of goodness of fit of the models developed for the study. Moreover, F-statistics was also used to test the joint statistical significance of the explanatory variable and the dependent variable. The study concludes that both cashless technological money i.e e-money and cash currency should be in the economy simultaneously, e-money alone cannot operate successfully in an economy except the few privileged will oppress the majority who are less-privileged.

    The development of innovative cashless banking has the potential to transform economic activity and achieve developmental goals. If an effective cashless banking system can be developed and the below recommendations are carried out then it will have desired impact on the Nigerian economy. Therefore, trusted central banks and governments must play a key role in promoting the development of popular forms of e-banking channels.


    The Impact of the CBN’s Cashless Policy on the Development of the Financial Sector of Nigeria

    CHAPTER ONE

    1.1 Introduction

    … As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitation of the study and Definition of technical terms.…

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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