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Central Bank Of Nigeria Cashless Policy And Financial Performance Of The Banking Sector In Nigeria

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In Nigeria, banking transactions have witnessed a slow pace of technological transformation due to high level of financial illiteracy, poor and irregular power supply, lack of trust on payment system not involving physical cash. Banking customers have therefore been subjected to high transaction cost with customers spending several hours in banks to do simple transactions as opposed to cashless transactions which reduce processing/transaction time, offers multiple payment options and gives notification on all transactions. The methodology of the study make use of ex-post facto research design. While quarterly data was used between 2009 and 2019 giving an observation of fourty- four (44) time series. The study apply autoregressive distributed lag models and making inferences at 5% significant level. The findings of the study reveal that Cheque Clear is negative but statistical insignificant to influence banks financial performance in Nigeria while Mobile Banking indicates that MOBBANK is positively but insignificant to determine the banks financial performance in Nigeria with the coefficient value of â = 0.00532, the t-statistics of t = 0.4125 and the corresponding probability value of P=0.6843.The results indicate that INTBANK is positively but insignificant to determine the banks financial performance with the coefficient value of â = 0.0102, the t-statistics of t = 0.3820, and the corresponding probability value of P=0.7064). The study shows that POS is positively and statistically significant to determine the banks financial performance with the coefficient value of â = 0.22140, the t-statistics of t = 2.43008 and the corresponding probability value of P=0.0246. The study therefore concluded that cashless policy has significant influence on financial performance of Nigeria banks and recommended that there is need to intensify the public enlightenment through aggressive media campaign about the internet and mobile banking system so everybody can be acquainted with the system.

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  • Godwin Emmanuel, Oyedokun, & Olayinka Yetunde , Suleiman, & Olusola James, Oladejo,, 2021. "Central Bank Of Nigeria Cashless Policy And Financial Performance Of The Banking Sector In Nigeria," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 3(1), pages 32-52, June.
    • Handle: RePEc:ris:amjoms:0027
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