ASCERTAINING THE IMPACTS OF 2019 CBN CASHLESS POLICY DIRECTIVE ON MARKET ORGANIZATIONS (A STUDY OF ONITSHA MAIN MARKET)
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Abstract
Before the emergence of modern banking system, banking operation was manually done which lead to a slowdown in settlement of transactions, which massively affected market operations. This manual system involves posting transactions from one ledger to another with human hands. The new policy by Central Bank of Nigeria (CBN) on cashless system of payment has raised a lot of concern to the growth of market operations in Anambra State, with the objective of reducing robbery, high cost of processing cash, revenue leakages, inefficient treasury management, promoting economic development through financial intermediation, among others. The aim of this paper is to ascertain the extent to which proposed introduction of cashless banking system of payment will affect market operations in Anambra State. Qualitative research design and correlation was used to carry out this study. The study indicates that there is significant positive relationship between the introduction of cashless banking system of payment and market operations in Anambra State. The implication of these to the economy of Anambra State is that, it will lead to significant decrease in deposit mobilization and credit extension by Nigerian deposit money banks. Consequently, the study concluded that cashless system of payment will be examined and develop the e-payment system first, so that people will be used to it before talking of cashless economy. This is because; bulk of the Anambra State business activities is driven by Small and Medium Enterprises (SME) and petty traders. To retain this proposed policy of cashless economy in Nigeria, we recommend that the migration of our payments system towards a cashless society would require some reforms and a lot of effort and sensitization especially for low income group, who are currently deeply rooted in using cash and see it as a convenient and easy way of receiving and making payments.
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