Gains and Pains of the Cashless Policy in Nigeria on Akwete-Ndoki Community, Abia State

Abstract

This study examined the effects of the cashless policy on Akwete Ndoki community in Abia state. This policy according to the Central Bank of Nigeria (CBN) is to the best interest of Nigerians. It will help to check terrorism financing, counterfeiting and imbalances in fiscal space as well as to enable CBN take control of the currency in circulation. However, despite the perceived benefits of this policy, it also inflicted pains on the masses. The study anchored on the Modernization Theory as its theoretical framework. Data was collected using digital mixed method design which is made of structured questionnaire and in-depth interview guide which was administered electronically. For the analysis of the data, we used frequency count for the quantitative data and content analysis for the qualitative data. Findings showed that though the cashless policy may have a long-term benefit, the immediate effects on the people living in Akwete Ndoki community and nearby rural areas is pain, anguish and misery. Based on the findings the study recommends amongst others that in developing countries with low computer literacy like Nigeria, transition from full cash to cashless society should be a gradual process.