Nigerian Journal of Banking and Financial Issues (NJBFI)
CASHLESS POLICY IN NIGERIA: IMPLICATIONS ON MICRO, SMALL AND MEDIUM ENTERPRISES IN OJO AREA OF LAGOS STATE
Keywords:
Cashless Policy, Digital Currency, Electronic Payment, Financial Inclusion, Small Business OperatorAbstract
Nigeria's cashless policy was introduced in 2012 to promote financial inclusion and reduce the country's reliance on cash transactions. This policy requires individuals and businesses to use electronic payment methods for transactions. The study examines the effects of the Cashless Policy and its Implications on Micro, Small, and Medium Enterprises in the Ojo Area of Lagos State. A questionnaire was used and distributed to a sample of hundred (100) micro, medium, and small business operators in the study area and analyzed using descriptive statistics. The results revealed that the transition to a cashless economy using digital payment has an impact on the performance of small businesses. There is a need for better digital infrastructure, affordable technology solutions, and capacity-building initiatives for small business operators. It was recommended that the government strategize and intensify efforts to address challenges faced by small business operators in adapting to a cashless economy.
