The Effect of Cashless Policy on Retail Banking Performance: A Study of Access Bank, Ondo State
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Background of the Study
The shift toward a cashless economy has been a significant driver of change in the retail banking sector. In Ondo State, Access Bank has actively embraced the cashless policy to improve operational efficiency, enhance transparency, and reduce the risks associated with physical cash transactions (Adesanya, 2023). The adoption of digital payment systems, online fund transfers, and mobile money solutions has transformed the bank’s service delivery, providing customers with faster and more secure transaction methods. This transformation is supported by regulatory frameworks that promote digital financial practices, ultimately contributing to improved banking performance.
Cashless transactions reduce the costs associated with handling, storing, and transporting cash, thereby lowering operational expenses and improving profit margins. Additionally, the shift to digital payments enhances accountability and reduces the incidence of fraud. Access Bank’s initiatives in promoting a cashless environment include comprehensive digital platforms, customer education programs, and strategic partnerships with fintech companies (Olabisi, 2024). However, the transition is not without challenges. Technological limitations, resistance from customers accustomed to cash, and cybersecurity concerns remain significant obstacles. This study examines the effect of the cashless policy on retail banking performance at Access Bank, analyzing how these digital transformations impact key performance indicators such as profitability, efficiency, and customer satisfaction (Ayodele, 2025).
Statement of the Problem
While the cashless policy holds the promise of revolutionizing retail banking, Access Bank in Ondo State faces numerous challenges in its implementation. Resistance from customers who prefer traditional cash transactions, coupled with infrastructural limitations and intermittent network issues, has impeded the seamless adoption of cashless systems (Adesanya, 2023). Furthermore, cybersecurity threats and data privacy concerns have emerged as critical issues, potentially undermining customer confidence in digital transactions. These challenges can lead to operational disruptions, increased transaction costs, and ultimately, a negative impact on the bank’s overall performance.
The study seeks to investigate the barriers to effective implementation of the cashless policy and to evaluate their impact on the performance of Access Bank. By identifying the specific challenges and assessing their implications for retail banking performance, the research aims to offer recommendations that can enhance the benefits of a cashless economy while mitigating its risks.
Objectives of the Study
- To evaluate the impact of the cashless policy on the performance of Access Bank.
- To identify the challenges associated with the implementation of cashless systems.
- To recommend strategies for optimizing the benefits of cashless transactions in retail banking.
Research Questions
- How does the cashless policy affect retail banking performance at Access Bank?
- What are the main challenges in implementing cashless systems?
- What measures can be taken to enhance the effectiveness of cashless transactions?
Research Hypotheses
- The cashless policy positively impacts the performance of retail banks.
- Technological and cultural barriers negatively affect the adoption of cashless systems.
- Enhanced cybersecurity measures improve the effectiveness of cashless transactions.
Scope and Limitations of the Study
This study focuses on Access Bank’s implementation of the cashless policy in Ondo State. Limitations include potential customer resistance, variations in technological infrastructure, and the evolving regulatory landscape regarding digital transactions.
Definitions of Terms
- Cashless Policy: A strategy aimed at reducing cash transactions in favor of digital payments.
- Retail Banking Performance: The operational and financial performance of a bank’s retail segment.
- Digital Transactions: Financial transactions conducted electronically.
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