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CASHLESS ECONOMY: THE MYTH, FEARS AND THE PERCEIVED ADVANTAGES IN NIGERIA’S ECONOMY

Project topic for Financial Studies department.

CHAPTER ONE

                       INTRODUCTION

1.1       Background of the Study

            The popularity of credit and debit cards is a testimony to the fact that we truly are becoming acclimated to the idea of virtual money.

            Electronic money is truly the most portable, secure, and convenient currency yet. The advent of e-money has brought us to the place we are in the midst of fundamental change in the way we pay for goods and services. We are very near to the completion of a metamorphosis from the old system of barter, coins, paper notes and checks to the new digital electronic cashless monetary system. www.wwcltd.com.co.uk.

            According to Bisola, (2012:3), cashless economy is defined as a society in which physical cash as a transaction medium is reduced to the barest minimum, substituted in the place of cash would be an electronic payment system in one form or another. He further defined it as a society in which purchase of goods and services are made by credit card or electronic fund transfer.

            According to Eze, (2011:15) a cashless economy is defined as a situation where there is little or low cash flow in a given society, therefore every other purchase and transaction will be made by electronic channels examples of which are direct debit, electronic fund transfer, mobile payment multi functional ATMs, internet banking and a significant increase in point of sale (POS) penetration and usage.

            According to Adesine, and Ayo, (2011:20) a cashless economy is an economic system in which transactions are not done predominantly in exchange for actual cash.

            According to Oleka, (2006:50) in fundamental of money, banking and financial market, a cashless economy is a society where all transaction are forced through a computerized banking system.

Statement of the Problem

The use of cash in purchase and payment for goods and services seem to constitute a problem that nation all over the world think of cashless means of transaction that the cumbersomeness came about the use of currency called cash in purchase and settlement for goods and services. Cashless means of payment in which is the situation where by there is little or low cashflow in a given society seem to suspect the use of electronic channels of means of carrying cash or by ATM. Internet banking etc.
Objective of the Study

The main objective of this study is to evaluate the myth, fears, and the perceived advantages of cashless economy in Nigeria.

Other objective include;

To evaluate the positive impact of cashless economy in Nigeria.

To examine the factors that influence customers acceptance of cashless economy

To examine if cashless economy significantly reduced the level of fraud in Nigeria banks.

To examine if cashless economy significantly reduce the risk of carrying cash in Nigeria.

To examine if cashless economy will prevents money laundering in Nigeria.

To evaluate the negative impact of cashless economy in Nigeria.

Research Question

In order to get information from respondents the following research question were formulated.

What are the positive impacts of cashless economy in Nigeria.

What are the factors that influence customer’s acceptance of cashless economy?

Will cashless economy significantly reduce the level of fraud in Nigeria banks?

Will cashless economy significantly reduce the risk of carrying cash in Nigeria?

Will cashless economy prevent money laundering in Nigeria?

What are the negative impacts of cashless economy in Nigeria?

Research hypothesis  

     Ho:  Cashless economy has no positive impact in

            Nigeria economy.

H1:       Cashless economy has a positive impact in

            Nigeria economy.

Ho:       There are no factors that influence customers

            acceptance of cashless economy.

H1:       There are factors that influence customers

            acceptance of cashless economy.

Ho:       Cashless economy will not significantly reduce

            the level of fraud in Nigeria banks.

H1:       Cashless economy will significantly reduce the         level of fraud in Nigeria banks.

Ho:       Cashless economy will not significantly reduce the   risk of currying cash in Nigeria.

 H1:      Cashless economy will significantly reduce the

            risk of currying cash in Nigeria.

Ho:       Cashless economy will not prevent money

            laundering in Nigeria.

H1:       Cashless economy will prevent money laundering

            in Nigeria.

Ho:       Cashless economy has a negative impact in

            Nigeria

Hi;       Cashless economy has not negative impact in

Nigeria

Significance of the Study

This study is significant because it would help to promote the use of electronic means of transaction aimed at making Nigeria a cashless society and to reduce the dominance of cash in the economy with attendant cost implication for cash management in banking industry; enhance security and stem money laundering, among others.

Scope of the Study

This research work is on cashless economy; the myth, fears and the perceived advantages in Nigeria’s economy.

Limitation of the Study

For the fact that this study is an academic work required to be submitted at a specified date, limit the researcher’s ability for expanding the area or scope of the study.

Another limitation stem from the fact that the researcher has to share her time between her courses/class assignment lectures and going to place   such as libraries internet in search of the required material for the study.

Finally, finance was infact the most limited factors, in spite of this the researcher have to travel out to the sampled organization to interview some for the managers and supervisors.




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