The Effect of Cashless Policy on Performance of Listed Deposit Money Banks in Nigeria

ABSTRACT
This study investigated the impact of cashless policy on the financial performance of listed deposit money banks in Nigeria. The specific objectives of the study were to examine the influence of automated teller machine (ATM) transactions, point of sales (POS) transactions, and mobile banking transactions on the financial performance of listed deposit money banks. The study employed ex-post facto research design and adopted listed deposit money banks in Nigeria as the population. Secondary data were sourced from the annual reports and financial statements of the selected banks. E-Views was used as the statistical tool, while descriptive statistics and regression analysis were used to analyze the data. The study found that ATM transactions, POS transactions, and mobile banking transactions all have significant relationships with the return on asset of listed deposit money banks in Nigeria, thereby rejecting all three null hypotheses. Specifically, the study revealed that ATM transactions, POS transactions, and mobile banking transactions positively impact the financial performance of listed deposit money banks in Nigeria. Based on these findings, the study concluded that cashless policy has a significant impact on the financial performance of listed deposit money banks in Nigeria. The study recommends that banks should intensify their efforts in promoting cashless transactions and investing in electronic payment systems to improve their financial performance. Furthermore, policymakers should continue to support the cashless policy initiative to enhance the overall efficiency of the banking sector in Nigeria.

Keywords: Cashless policy, financial performance, listed deposit money banks, Nigeria, ATM transactions, POS transactions, mobile banking transactions.