Simple Percentage and Chi-Square Analysis on the Benefit of the Cbn Cashless Policy on the Nigerian Payment System

The project investigates “The Benefit of The CBN Cashless Policy on The Nigerian
Payment System” In Nigeria, the major means of payment for transactions is cash. This is
usually associated with myriads of challenges which make it very difficult for the monetary
policy tools to be effective in controlling the economy towards targeted destinations. The
purpose of this research is to determine the Benefit of the CBN cashless policy on the
Nigerian payment system. The literature were reviewed.
The researcher made use of both primary and secondary data, which were collected using
questionnaire, personal interview, written materials or work of other journal text books,
handouts and questionnaire were distributed, hypothesis formulated were tested. Finally,
the finding of the study, it is recommended deal that:
i. In examining the relationship between Nigerian economy and cashless banking, it was
established that there is indeed a connection between cashless banking and the economy
and this shows that the introduction of the policy would improve Nigerian economy as well
as the profit level of Nigerian business men and women. Nevertheless, the policy will affect
employment negatively as introduction of automation would automatically reduce number
of personals needed to carry out different financial transactions in the bank; A critical
event for new product is selecting a price and pricing strategy. It is not something to be left
until the last minute before launch, and certainly not a decision that should be made
without a comprehensive consideration of all the necessary information.
ii. Nigerians are of the opinion that ATM is the best means of usage of cashless banking,
which points to the fact that people are not conversant with the other means of operating
cashless banking. Hence both the banks, CBN and Nigerian government have a lot to do in
the area of education and enlightenment of the customers on the available products that
facilitate cashless banking amongst others;