A CRITICAL APPRAISAL OF THE IMPACT OF CASHLESS POLICY ON THE NIGERIAN FINANCIAL SYSTEM (A CASE STUDY OF SELECTED COMMERCIAL BANKS IN ETHIOPE, DELTA STATE)
Abstract
This study critically appraised the impact of the cashless policy on the Nigerian financial system, focusing on selected commercial banks in Ethiope, Delta State. The cashless policy was introduced to reduce the volume of cash in circulation, improve financial transaction efficiency, and curb financial crimes. Using a survey research design, primary data were collected via structured questionnaires administered to bank staff and customers, while secondary data were obtained from bank reports and relevant literature.
Findings revealed that the cashless policy has positively influenced the Nigerian financial system by promoting digital transactions, increasing transparency, and reducing operational costs. However, challenges such as inadequate infrastructure, poor internet connectivity, low customer awareness, and resistance to adopting digital platforms hinder its full potential. The study concluded that the cashless policy has transformed banking operations but requires enhanced infrastructure, financial literacy campaigns, and regulatory support to maximize its impact.
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