• Ernest Simeon Odior Department of Economics, Faculty of Social Sciences University of Lagos, Akoka Lagos, Nigeria
  • Fadiya Bamidele Banuso Department of Finance, Faculty of Business Administration University of Lagos, Akoka Lagos, Nigeria


This study examines the implications of cashless banking, with a view to exposing the possible challenges and prospects it poses to the Nigerian economy whilst employing aggregated approach. Analytically, this study employs descriptive statistical to highlights/overview the effectiveness of the cash-less policy of the CBN in Nigeria. This study was informed by the rising doubts as regards the effectiveness of various economic policies in achieving developmental goals of Nigeria. Moreover, the recent evolution of electronic money poses interesting questions of policy makers all over the world. This study also seeks to evaluate policies of the Central Bank of Nigeria as well as proffer valuable recommendations on the execution of cashless banking in Nigeria. The study presented significant recommendations: availability of sufficient and well-functioning infrastructural facilities (notably electricity), harmonization of fiscal and monetary policy, regular assessment of the performance of cashless banking channels (individually and collectively), consideration of the present state and structure of the economy, redesign of monetary policy framework and greater efforts towards economic growth whilst managing inflation. In inclusion, the shift towards a cashless Nigeria seems to be beneficial though it comes with high level of concerns over security and management of cost savings resulting from its implementation.


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How to Cite
Odior, E. S., & Banuso, F. B. (2012). CASHLESS BANKING IN NIGERIA: CHALLENGES, BENEFITS AND POLICY IMPLICATIONS. European Scientific Journal, ESJ, 8(12).