Cashless Policy and Financial Inclusion in Nigeria

Gbalam Peter Eze and Dumani Markjackson
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Gbalam Peter Eze: Department of Banking and Finance, Niger Delta University, Wilberforce Island, Bayelsa State, Nigeria
Dumani Markjackson: Department of Banking and Finance, Federal Polytechnic, Ekowe, PMB 110, Yenagoa, Bayelsa State, Nigeria

International Journal of Research and Scientific Innovation, 2020, vol. 7, issue 2, 201-207

Abstract: This study examines the impact of cashless payment systems on financial inclusion in Nigeria. This was aimed at ascertaining the level of financial inclusion caused by the cashless policy. The study was hinged on the theories of technology acceptance and diffusion of innovation. Thus, primary data was sourced and collated via structured questionnaires administered to 117 respondents and analyzed using simple percentages and presented using graphs. The data was further estimated using the ordered probit regression technique. The results indicate that nearness of financial products and service outlets to rural settlements, ease of digital financial transactions and reduced visits to banking halls aided by access to cashless payment mediums has enhanced financial inclusion in Nigeria. It also emerged that efficiency of cashless payment channels does not significantly reduce the use of financial products and services, hence financial inclusion. Furthermore, the results indicate that the desire to own bank account and excessive digital payment charges has a positive but insignificant influence on financial inclusion in Nigeria. The study concludes that cashless payment channels have enhanced equal access and use of financial products and services in Nigeria. The study recommends that the adoption of advanced financial technology (Fintech) that integrate all the attributes of the user groups would enhance user friendliness and further accelerate the penetration and use of bank financial products and services to rural settlements.

Date: 2020
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