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The recent advancement of financial transaction technology raises interesting questions for policymakers and financial institutions about the suitability of current institutional structures and the availability of instruments to ensure financial stability, performance, and effectiveness of monetary policy.There have been several various types of payment schemes throughout history. ‘Trade by barter’ was popular at first.the introduction of different types of money was necessitated by the problems of barter, such as the double coincidence of wants. Nonetheless, pundits have predicted the complete extinction of study instruments and the advent of a theoretically superior replacement for cash or monetary exchanges,that is ‘cashless society’.Since Nigeria‘s Independence in 1960, there have been different governments,constitutional reforms, change in economic policies and banking reforms, mainly directed at enhancing social welfare and achieving developmental goals but there has been no substantial positive change in Nigeria‘s Human Development Indicators. This also calls to question the effectiveness of the cash-less policy of the Central bank of Nigeria(CBN).The use of cash for buying consumer products in the United States has steadily decreased since the end of the 1980s (Humphrey, 2004). As a result, most LDCs, such as Nigeria, are making the transition from a cash economy to a cashless economy for growth purposes. It’s no surprise that Nigeria’s Central Bank recently implemented a “cashless” scheme.To reduce the cost of banking services (including credit) and increase financial inclusion by offering more flexible transaction options and expanding scope, as well as boost the effectiveness of monetary policy in controlling inflation and driving economic growth.The cash policy aims to reduce some of the negative effects associated with the widespread use of physical cash in the economy, such as high cash costs, high risk of using cash, high subsidies, the informal economy, and inefficiency and corruption (CBN, Website,2011).

Cashless banking is a banking mechanism that seeks to reduce, rather than eliminate, the amount of physical cash (study notes and coins) circulating in the economy while promoting more electronic-based transactions (payment for goods, services, transfers etc.).To put it another way, it’s a hybrid of two e-banking and cash-based schemes. It represents a transitional step in the growth of payment systems in most developed countries.


The introduction of an electronic banking system was prompted by frequent delays in cheque payments. Customers have experienced problems as a result of the adoption of electronic banking, which was intended to make banking transactions easier. The majority of customers complain about wasting time in banks, particularly when there is a network outage due to a linkage issue between the central server and the branches. Apart from that, banks have been offering payment cards in the form of ATM cards since 2000, but due to a lack of interconnectivity, use has been very poor. To address some of these issues, the government decided to promote the use of e-Commerce, especially to reduce the volume of cash transactions.instruments to conduct business instead of cash, reducing traffic in banking halls and other hardship faced daily by customers.


The following are the primary objective of this study:

  1. To assess the challenges of cashless banking in Nigeria
  2. To examine the benefits of this cashless banking in Nigeria
  3. To assess the policy implication of cashless banking in Nigeria


  1. What are the challenges of cashless banking in Nigeria?
  2. What is the benefits of this cashless banking in Nigeria?
  3. What are the policy implication of cashless banking in Nigeria?


This study will be of significance to the general public as it will serve as a  public enlightenment program about the cashless system so that everybody will be acquainted with the system,it will also be of significance to scholars and researchers who wish to carry out further research on this study.


The purpose of this research is to assess cashless banking in Nigeria challenges,benefits and policy implication


Finance,time constraint and lack of research work were major challenges the researcher encountered during the course of this study


CASHLESS BANKING:Cashless banking is a banking mechanism that seeks to reduce, rather than eliminate, the amount of physical cash (study notes and coins) circulating in the economy while promoting more electronic-based transactions (payment for goods, services, transfers etc.).

POLICY:A policy is a deliberate system of principles to guide decisions and achieve rational outcomes.


  1. Fadiya,B.B, Ernest,S.O(Phd), Cashlessbankingin Nigeria: Challenges, Benefitsand policy implication.European scientific journal 1857-7431
  2. Siyanbola,T.T(2013), The effect of cashless banking on Nigerian economy.eCanadian journal of accounting and finance.
  3. Adu,C.A (2016), Cashless policy and its effect on the Nigerian economy. European journal of bussiness,economic and accountancy 2056-6018


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Disclaimer: This PDF Material Content is Developed by the copyright owner to Serve as a RESEARCH GUIDE for Students to Conduct Academic Research.

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