CASHLESS POLICY AND GROWTH OF THE SMALL AND MEDIUM ENTERPRISES IN NIGERIA ( A STUDY OF SELECTED SMES IN RIVERS STATE)
Abstract
ABSTRACT
This study was intended to examine the effect of cashless policy on Small and medium businesses in Rivers State This study was guided by the following objectives; To determine the characteristics of small and medium businesses in Rivers State, To analyze the challenges that has hindered the adoption of cashless policy by small and medium businesses in Rivers State.
The study employed the explanatory/survey design; questionnaires in addition to library research were applied in order to collect data. Primary and secondary data sources were used and data was analyzed using the Chi-square statistical tool at 5% level of significance which was presented in frequency tables and percentage. The respondents under the study were 50 small scale business owners in Port Harcourt Rivers state. The study findings revealed that the effect of cashless policy on small and medium businesses in Rivers state makes payment convenient for businessmen; reduces the cost of transaction; ensures security of the SMEs; helps the SMEs control reckless spending, though it will lead to high interest rate.
The outcome of this study will educate the managers of small and medium business and the general public on the effect of cashless policy on SMEs recommending coping strategies to ensure profitability with the use of the modern technology.
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