Evaluation of Cashless Policy in Nigeria: The Pros and Cons

Abstract

The essence of this paper is to evaluate the practice of cashless policy that was introduced almost a decade ago in Nigeria. It was discovered through literature that the security threats of ATM users and the inappropriate use of POS is at an alarming rate. The paper used a structured questionnaire as a means of data collection and the data collected were analyzed using descriptive statistics with the use of mean, median, and percentage. The results indicate that the awareness level is almost globally known however, there are still more technological devices and development that is needed for Nigerians to be considered among the top 20 economies by the year 2020 to drive development and modernization of our payment system in line with the Nigerian vision. Based on the findings some recommendations made were: POS should be approved only for the unbanked areas, panic alert buttons should be included in the ATMs, comprehensive insurance should be available for ATM cash hijackers.