Cashless Policy Model and Nigeria Economic Growth

Victor Chukwunweike Ehiedu, Anthony Ogormegbunan Odita and Anthony Anyibuofu Kifordu

The work looked at the effect of Cashless policy model on Nigeria Economic Growth. The objectives of the study include identifying if the cashless policy model in a Nigerian society would maximize economic growth as well as to establish whether the use of Automated Teller Machine (ATM) will reduce money laundering in Nigeria. Lastly, the work examined the relationship between point of sale service (POS) and gainful employment opportunities in the Nigeria economy. Three hypotheses were stated and tested using SPSS tool. It was found that since automated teller machine has a figure of 0.450 which is insignificant, the null hypothesis (HO) was accepted. Secondly, since point of sale service has a figure of 0.085 which is insignificant, the null hypothesis (HO) which stated that there exist no relationship between point of sales (POS) and gainful employment in the economy was accepted. Finally, since E-banking service has a figure of 0.042 which is significant, we rejected the null hypothesis (HO) and accept the alternate hypothesis (H1) which says that E-banking enhances economic growth in Nigeria. It was recommended that since E-banking can cub corrupt practices it should be employed and extended to other areas of the economy among others.

Volume 12 | 07-Special Issue

Pages: 1975-1982

DOI: 10.5373/JARDCS/V12SP7/20202313