ELECTRONIC PAYMENTS AND BOOKKEEPING PRACTICE OF SMALL AND MEDIUM SCALE BUSINESS ENTERPRISES IN LAGOS (A CASE STUDY OF SELECTED SMES)
Abstract
ABSTRACT
This project examines the adoption and utilization of electronic payment systems, alongside prevailing bookkeeping practices, within the Small and Medium Enterprises (SMEs) sector in Lagos, Nigeria. The study aims to provide an in-depth analysis of the current state of electronic payment integration and bookkeeping efficiency in this crucial economic segment. Through extensive field surveys, interviews, and data analysis, we examine factors influencing SMEs' choice of electronic payment platforms, barriers to adoption, and the impact of digital financial tools on operational efficiency. Additionally, the research scrutinizes the bookkeeping practices employed by SMEs, evaluating their effectiveness in maintaining accurate financial records. It seeks to identify prevalent challenges and recommend strategies for improvement. The project aims to offer actionable insights for policymakers, financial institutions, and SMEs themselves, fostering a conducive environment for enhanced financial management practices and broader economic growth.
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