DYNAMICS IN CROP FARMERS USE OF E-BANKING TECHNOLOGIES TO ENHANCE FINANCIAL TRANSACTIONS UNDER THE CASHLESS POLICY ENVIRONMENT IN ENUGU STATE, NIGERIA

The study investigated the dynamics in crop farmers use of e-banking technologies to enhance financial transactions under the cashless policy environment in Enugu State, Nigeria. Multistage sample procedure was used to select one hundred and twenty (120) crop farmers for the study. Collection of data was done using structured interview schedule. Data analysis was done using frequency, percentage, mean scores and standard deviation. Findings show that the Information and Communication Technology channels (ICT) used by the farmers for e-banking were debit cards for e-banking (80%), Point of Sale (POS) machines (77.5%) and Automated Teller Machine (ATM) (74.2%). The positive effects of the cashless policy on crop production include: creates time for farmers to focus on their production activities (= 2.08; SD = 1.11), aids farmers in tracking cash inflow and outflow of the farm (= 1.92; SD = 1.16), and reduction in the rate of kidnapping of farmers and members of their family (= 1.92; SD = 1.07), while the negative effects include: limited access to cash for daily transaction (= 2.48; SD = 0.66), and reduction in the demand of farm products (= 2.21; SD = 0.85). The benefits of e-banking revealed by the crop farmers were enhances sending and receiving of money (93.3%), and prevention of the danger of carrying large money around (88.3%). Data show that the crop farmers are satisfied with the cashless policy because: it enhances security and protection of funds (= 1.92; SD = 1.12), and ease of online banking usage (= 1.73; SD = 1.22). Financial institutions in collaboration with the government should improve farmers access to e-banking tools through provision of provision of accessible facilities and targeted trainings in order to maximize the benefits of ICT channels, while also addressing the challenges related to cash access and demand.