Abstract
The essence of this paper is to evaluate the practice of cashless policy that was introduced almost a decade ago in Nigeria. It was discovered through literature that the security threats of ATM users and the inappropriate use of POS is at an alarming rate. The paper used a structured questionnaire as a means of data collection and the data collected were analyzed using descriptive statistics with the use of mean, median, and percentage. The results indicate that the awareness level is almost globally known however, there are still more technological devices and development that is needed for Nigerians to be considered among the top 20 economies by the year 2020 to drive development and modernization of our payment system in line with the Nigerian vision. Based on the findings some recommendations made were: POS should be approved only for the unbanked areas, panic alert buttons should be included in the ATMs, comprehensive insurance should be available for ATM cash hijackers.
Highlights
We read and we were taught about the concept of a trade by barter
It is evidenced from the table that the frequent users of the automated teller machine (ATM) and Point of Sales (POS) are within the working-class age of 18-57
Between 18-37, there were 42 (80.8%) and 38—57, 10 (19.2) were discovered. It can be concluded from this analysis that the active users are youth within the ages of 18-57 which is influenced by educational status; those in the tertiary level were noticed to be more active where 40 participants were recorded to be involved with 76.9%
Summary
We read and we were taught about the concept of a trade by barter. Trade by barter is still very much in practice as opposed to the idea that it is a pre-colonial idea where the Europeans traded with Africans from the coast (Ashike, 2020). Money is nothing if unacceptable as a medium of exchange and services. It can be a shell, a coin, or a piece of paper which have potential values. The implementation of a cashless policy was started by the CBN in 2012 to ensure that Nigeria is one of the best economies in the world by going cashless. From this implementation, it is expected to know by evaluation how the country fears the use of the policy and how is this helping to place the country at the forefront of the cashless policy.
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