EVALUATING THE ADOPTION OF REAL-TIME PAYMENT SYSTEMS AND THEIR IMPACT ON CASH MANAGEMENT IN NIGERIAN CORPORATIONS

This study examines the adoption of real-time payment (RTP) systems and their impact on cash management practices within Nigerian corporations. The study employed a survey research design, targeting 500 finance officers, cash managers, and accountants from Nigerian corporations actively using RTP systems. A sample size of 222 was determined using Taro Yamane's formula, and a simple random sampling technique was applied to ensure representativeness. Data was collected using a structured questionnaire, with both online and physical surveys conducted. Descriptive statistics, including mean, standard deviation, and frequencies, were used to analyze the data, while hypothesis testing was conducted using One-Way ANOVA, Chi-Square, and Pearson Correlation tests to assess the effects of RTP adoption on cash management, challenges to adoption, and its impact on corporate liquidity, operational efficiency, and financial performance. The results revealed that the adoption of RTP systems had a significant positive effect on cash management. Specifically, the One-Way ANOVA test showed that RTP adoption significantly enhances cash management, with an F-value of 5.67 and a p-value of 0.004. Challenges to widespread adoption were also identified, with the Chi-Square test revealing significant barriers such as technical infrastructure and regulatory issues, yielding a test statistic of χ² = 18.72 and a p-value of 0.001. Additionally, the Pearson Correlation test indicated a strong positive correlation between RTP adoption and improvements in corporate liquidity, operational efficiency, and financial performance, with a correlation coefficient of r = 0.63 and a p-value of 0.000. The study concludes that while RTP systems have led to notable improvements in cash management and financial outcomes, overcoming infrastructure and regulatory barriers is crucial for broader implementation. Recommendations include enhancing technological infrastructure, refining regulatory frameworks, and increasing training and awareness of RTP systems to facilitate smoother adoption