Covid-19 city locked down: The need for effective cashless policy practices among nigerian populace

Abstract

The study examined the influence of Covid-19 City Locked Down: The Need for Effective Cashless Policy Practices among Nigerian Populace. In order to carry out this study, two specified research objectives were formulated which research questions were used for study. The research design for this study is an Expost Facto design. The population of the study consisted of all the staff of selected banks in Uyo metropolis. Simple random sampling technique was used to select 100 respondents out of the population. The instrument used for data collection was questionnaire. The instrument was validated by two experts in Test and Measurement. Data from 100 completed questionnaires was subjected to percentage analysis. The findings and conclusion showed that the contentious usage of cashless banking options during this pandemic has the potential to transform economic activity and achieve order of stay at home and social distance to curb the spread of the virus. Therefore, trusted central banks and governments must play a key role in promoting the development of popular forms of e-banking channels during and after this period. The study also recommended that Adequate and well-functioning infrastructural facilities must be in place. More specifically, issue of electricity should be tackled by the government to facilitate the usage of electronic money. Regular awareness campaign to educate the public on the cashless banking channels and security measures that protects the users from electronic theft and effective regulatory measures should be continuously implemented at the domestic and international level. In other words, legal, regulatory and economic policy frameworks should evolve to cope with these new cashless banking products.