To read this content please select one of the options below:

Cashless Policy Instruments and Financial Transactions in Lagos, Nigeria

Esther Oluwatayo (Dallas Texas Consultants, USA)

Evans Osabuohien ^a (Covenant University)

Victoria Okafor (Covenant University)

Romanus Osabohien ^b (Covenant University, Nigeria)

COVID-19 in the African Continent

ISBN: 978-1-80117-687-3, eISBN: 978-1-80117-686-6

Publication date: 23 May 2022

Abstract

Digital technologies have become significant as organisations, including financial institutions, attempt to adopt enhanced and more efficient approach for service provisions to customers. Despite the obvious shift to digitalised methods of service delivery, some financial institutions argued that though digitisation may increase financial efficiency and profitability, it also poses new risks and potential threats with significantly unanticipated side effects, especially, with respect to employment. Against this background, this study examined how the following cashless policy instruments: Mobile banking, Automated Teller Machine (ATM) and Point of Sale (POS) Terminal, influence financial transactions in Lagos, Nigeria; using Zenith Bank PLC as a case study. Structured Questionnaire was administered to 100 Zenith bank customers. The study applied the logit regression method and findings showed that 54% respondents use mobile banking daily, 39% respondents use ATM daily, 25% respondents use POS daily. On an overall scale, mobile banking is widely used and mostly preferred. Also, results showed that while POS has a significant relationship with financial transactions, Mobile banking, and ATM both have an insignificant relationship. Results from the study encourage the management of CBN to create more awareness of these instruments, and likely increase the number of these instruments.

Keywords

Acknowledgements

Acknowledgement

The paper draws from research project of the first author under the supervision of the second author. The third and fourth authors made contributions in the preparation of the manuscript. The views expressed are the authors'.

Citation

Oluwatayo, E., Osabuohien, E., Okafor, V. and Osabohien, R. (2022), "Cashless Policy Instruments and Financial Transactions in Lagos, Nigeria", Osabuohien, E., Odularu, G., Ufua, D. and Osabohien, R. (Ed.) COVID-19 in the African Continent, Emerald Publishing Limited, Leeds, pp. 335-349. https://doi.org/10.1108/978-1-80117-686-620221031

Publisher

:

Emerald Publishing Limited