Nigeria Cashless Culture: The Open Issues

Abstract

purchases made are by credit cards, recharge cards, cheques or direct transfer from one account to another through electronic banking. The cashless society envisioned in Nigeria refers to an extensive use of computer technology and expertise in the financial system. This paper shows that even though Nigeria has adopted this culture, the present state of implementation till date is still very poor and the phenomenon faces several challenges including the resistance of most Nigerian towards moving totally to a cashless economy as a result of traditional attachment to cash, the fear of security breach expected in a cashless society and the prevailing infrastructural deficit that has characterized the Nigerian society. The paper discusses these open issues and offers suggestions and strategies that could help improve and accelerate the optimal adoption of a cashless culture in Nigeria and by extension educate Nigerians on the opportunities that a cashless culture can offer stakeholders in the economy.