Payment: Electronic Commerce and Cashless Economy
Journal of Management Research ISSN 1941-899X 2013, Vol. 5, No. 1
Electronic Payment in Cashless Economy of Nigeria: Problems and Prospect.
Nwankwo, Odi., Ph.D Department of Banking and Finance, Ebonyi State University, P.O.Box, 435 Abakaliki Chartered Institute of Bankers of Nigeria Tel: 80-35-763-229 E-mail: Odinwankwo2002@Yahoo.Com
Eze, Onyekachi Richard Department of Banking and Finance, Ebonyi State University, P.O.Box 435 Abakalik Chartered Institute of Bankers of Nigeria Tel: 80-36-185-506 E-mail: Ezerich2009@Yahoo.Ca
Received: Nov. 8, 2012 doi:10.5296/jmr.v5i1.2650
Accepted: November 17, 2012
Published: January 1, 2013
URL: http://dx.doi.org/10.5296/jmr.v5i1.2650
Abstract Before the emergence of modern banking system, banking operation was manually done which lead to a slowdown in settlement of transactions. This manual system involves posting transactions from one ledger to another with human hands. This work examines electronic payment in cashless economy of Nigeria: Problems and Prospect. The new policy by Central Bank of Nigeria (CBN) on cashless system of payment has raised a lot of concern to the growth of Nigerian economy, with the objective of reducing robbery, high cost of processing cash, revenue leakages, inefficient treasury management, promoting economic development through financial intermediation, among others. The aim of this paper is to ascertain the extent to which electronic payment affect cashless economy of Nigeria. Descriptive research design was used to carry out this study. The study indicates that the electronic system of payment has a great implication in cashless economy of Nigerian but it will led to significant decrease in deposit mobilization and credit extension by Nigerian deposit money banks. Consequently, the authors concluded that cashless system of payment will be examined and develop the e-payment system first, so that people will be used to it before talking of cashless economy. This is because; bulk of the
Electronic Payment in Cashless Economy of Nigeria: Problems and Prospect.
Nwankwo, Odi., Ph.D Department of Banking and Finance, Ebonyi State University, P.O.Box, 435 Abakaliki Chartered Institute of Bankers of Nigeria Tel: 80-35-763-229 E-mail: Odinwankwo2002@Yahoo.Com
Eze, Onyekachi Richard Department of Banking and Finance, Ebonyi State University, P.O.Box 435 Abakalik Chartered Institute of Bankers of Nigeria Tel: 80-36-185-506 E-mail: Ezerich2009@Yahoo.Ca
Received: Nov. 8, 2012 doi:10.5296/jmr.v5i1.2650
Accepted: November 17, 2012
Published: January 1, 2013
URL: http://dx.doi.org/10.5296/jmr.v5i1.2650
Abstract Before the emergence of modern banking system, banking operation was manually done which lead to a slowdown in settlement of transactions. This manual system involves posting transactions from one ledger to another with human hands. This work examines electronic payment in cashless economy of Nigeria: Problems and Prospect. The new policy by Central Bank of Nigeria (CBN) on cashless system of payment has raised a lot of concern to the growth of Nigerian economy, with the objective of reducing robbery, high cost of processing cash, revenue leakages, inefficient treasury management, promoting economic development through financial intermediation, among others. The aim of this paper is to ascertain the extent to which electronic payment affect cashless economy of Nigeria. Descriptive research design was used to carry out this study. The study indicates that the electronic system of payment has a great implication in cashless economy of Nigerian but it will led to significant decrease in deposit mobilization and credit extension by Nigerian deposit money banks. Consequently, the authors concluded that cashless system of payment will be examined and develop the e-payment system first, so that people will be used to it before talking of cashless economy. This is because; bulk of the