Critical Review of Cashless Policy Implementation in Nigeria

The cashless policy initiative was to accomplish two main macro-socio-economic policy objectives of increased convenience and greater financial inclusion in Nigeria. The study which carried out a critical review of the Cashless policy implementation in Nigeria arose as a result of the state of the economy, cash payment transactions, level of corruption and illegality in the Nigerian State. The conceptual review of the various studies on electronic banking covering ATM, mPoS, PoS, web-based banking was carried out alongside the primary objective of the CBN Cashless policy when it was inaugurated. The review found an increased demand and application of agency banking transactions (mPoS), rise in inflation which the scheme was to address, none significance of the scheme in driving economic growth, increase in corruption occasioned by unregulated manner PoS and mPoS transaction schemes. The study recommends a strict application of electronic banking transfer system, reduction in cash-based transaction per PoS agent and customer per day, vigorous investments on cyber security, a review of the fintech law, strengthening of internet protocol, technological infrastructure to facilitate easy electronic funds and controls in the financial institutions and enactment of relevant legislative laws to curb cybercrimes. and the improvement in the technological infrastructure to facilitate easy electronic funds transfer across the country.