Title: Acceptability of cashless economy policy by Nigerian people

Authors: Auwal Garba; Musa Mohammed Ahmed Abu Tomma

Addresses: School of Business Education, F.C.E. (T), P.M.B. 60, Gombe, Gombe State, Nigeria ' Department of Accounting, Community College, King Khalid University, Saudi Arabia

Abstract: Cashless society is an economic system in which transactions are not done predominantly in exchange for actual cash. The population of the study consisted of 23 banks and 20 companies quoted in stock exchange market. A total of 400 questionnaires were designed and administered, 307 were filled and returned. Collected data were analysed using mean and simple percentage analysis. Based on the data analysed, the papers come up with the following findings: the cashless society policy has been accepted by the people of Lagos and Kano Nigeria through awareness. The cashless policy has potentials of reducing currency mutilation, the paper recommends that in spite of the acceptability of the policy, there is need for more work to be done in the part of awareness to the rural dwellers and reduced currency mutilation. Achieving this, would make CBN to realise colossal sum of money.

Keywords: cashless economy; acceptance; Nigeria; economic policy; cashless society; awareness; currency mutilation; rural areas.

DOI: 10.1504/AJAAF.2015.073474

African Journal of Accounting, Auditing and Finance, 2015 Vol.4 No.3, pp.177 - 188

Received: 25 Jul 2015
Accepted: 29 Jul 2015

Published online: 09 Dec 2015 *

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