Abstract
The article appraises the impact of e-banking and cashless society in the Nigerian economy. The study explores various aspects of e-banking and cashless economy using the banking sector of the Nigerian economy as a focal point. Specifically, the paper articulates empirical opinions that highlight the possible ways these policy measures have direct links to beneficiaries and the weighted outcomes when divergence is noticed and how to bring back the soundness, sustainable and rebranding policy that ensures economic growth. The paper holds that for a sustainable cashless society to emerge all hands must be on desk; banks should de-emphasize all odds and ensure that efficiencies of e-banking mechanisms are of utmost priority. It, therefore, recommends that adequate plans be in place to sensitize the general public about the effects and lay down procedures to check possible drawbacks. It, however, concludes by imploring all avenues and reports that relevant agency, service providers, operators, and those who have direct access to information to advocate as timely as when necessary about the implicit needs and benefits behind the cashless economy.
Highlights
The advent of the banking industry in Nigeria dates back to the colonial era
It is true that electronic banking has come to stay having exploited both sides of the vice
The impact of internet banking cannot be gainsaid by households, businesses, government, and its agents alike
Summary
The advent of the banking industry in Nigeria dates back to the colonial era. Since the banking industry has been faced with many challenges. The independence of Nigeria in 1960 expanded the commercial field in the country, increased the number of commercial banks and other financial institutions in the financial industry, as well as led to increased individual and government participation in commercial and other ventures (Atarere and Osemwegie, Omeghie cited in Manasseh et al (2014)). The first technological move towards this ability came with the development by the British engineer James Goodfellow of a card stored PIN in 1965 that divorced tangible money from its financial processes and started the natural progression to HATASO. The Central Bank of Nigeria (CBN) came out with two purportedly laudable agendas, Islamic banking (non-interest banking) and cashless economy (e-payment system) (Babalola, 2008)
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