EFFECT OF CASHLESS POLICY ON SMALL SCALE BUSINESS IN IBADAN (A STUDY OF EGBEDA MARKET)
Abstract
Problems observed that are associated with Nigerian’s cash-based economy, which include: delays in financial transactions which can be caused by queue in the bank or ATM to collect cash, lack of network which affect mobile banking and Web, banking Spread of bacteria through handling physical cash, high rate of crime, terrorism and corruption. This study therefore examine the effect of cashless policy on small scale business in Ibadan, simple random sampling was adopted for the study and 60 respondents were selected among the small scale business operators in Egbeda market Ibadan. Primary source of data collection was adopted with the aid of self-administered questionnaires and Data were analyzed using simple percentage, frequency distribution through the aid of Statistical Package for Social Sciences (SPSS) and simple regression analyses was used in testing the research stated hypotheses. The finding reveled that online banking has significant effect on small scale business performance and also the finding also revealed there is a significant relationship between mobile transaction policy and small scale business performance it was concluded that impact of this cashless policy cannot be overemphasized; it has positively promoted effective propagation of monetary policy, fast and modernizes payment system, job creation and robust technological infrastructure among others and the study recommends that Government and the CBN should create awareness on the benefits derivable from cashless policy for the improvement of businesses and economic development
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