Impact of E-Payment on the Growth of Micro Enterprises in Osogbo Metropoli

ABSTRACT

This study examined the impact of e-payment on the growth of micro enterprises in Osogbo metropoli. The specific objectives are; to determine the influence of the ATM transaction mechanism on progress; to evaluate the effect of point-of-sale (POS) transaction mechanisms on progress; and to examine the role of the online transaction mechanism in progress with reference to Micro Enterprises in Osogbo metropoli. The population of study was two hundred and seventeen (217). Purposive sampling technique was employed to get the sample size of sixty (60) workers from the micro enterprises. Self-structured questionnaire was used to collect data from the respondents. The study applied chi-square test to analyse the data collected. The study found that majority of the respondents’ agreed that there is significant relationship between e-payment and economic growth; there is a shortfall or adequate supply of facilities for cashless system in the Osogbo metropoli. Such facilities like ATM terminals and Point-of-Sale (POS) terminals are not located in any community, places of mass gathering and even in any of the streets or estates across Osogbo. It was concluded the e-payment system was managed through internet/online banking, automated teller machine, and mobile banking with strict restriction on physical cash flow. The study recommended CBN through its agencies, banks, and consultancy firms should embark on skills acquisition programme, awareness creation and sensitization of small business owners and the public on the dynamics and usefulness of cashless economy with a view to increase the rate of its adoption and effectiveness.