Effect of Cashless Economy Policy on Smallscale Agricultural Businesses in Anambra State, Nigeria

This study examined the effect of the cashless economy policy on small-scale agricultural businesses in Nigeria, focusing on the awareness, perceptions, adoption, and factors affecting the adoption of cashless financial transactions by the business owners. A total of 125 respondents were surveyed across various small-scale businesses in the region, using structured questionnaires. The study analyzed the data using descriptive statistics like frequency, percentage and inferential statistics. The findings revealed that 62.4% of respondents were aware of the policy, with mobile transfers being the most commonly employed transaction method (36.8%). A smaller group perceived the policy as politically motivated or intended to cause hardship for the poor. Mobile transfers (36.8%) were the most commonly used transaction instrument, followed by POS (19.2%) and ATM (16.0%). This highlights the reliance on mobile platforms for cashless transactions. However, some factors like age, high cost of the instrument, location of business, technical knowhow and internet network availability affected the utilization of cashless financial transactions instruments among the respondents. The test of hypothesis to ascertain the effect of the cashless financial transactions on smallscale agricultural businesses indicated that there was a positive effect. The study highlights the need for better infrastructure, increased awareness, and tailored solutions to support the smooth transition to a cashless economy, particularly for small-scale businesses.