The Cashless Policy in Nigeria: Prospects and Challenges

Abstract

In Nigeria as it is in many developing countries, cash is the main mode of payment. This makes the country to be heavily cash- based economy. However, the cost of cash to Nigeria financial system is high and increasing. It is in this regard that the Central Bank of Nigeria (CBN) introduced the cashless policy with the objective of promoting the use of electronic payment channels instead of cash. This study seeks to point out the prospects and challenges of such policy, in a developing economy like Nigeria. The study presented useful recommendations for policy makers. In conclusion, the study posits that the move towards a cashless Nigeria brings with it numerous benefits but there is still the need to create more awareness to entice the numerous unbanked Nigerians into the banking system.

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