Abstract

The Nigerian payment systems are largely cashed based. Though the country is left behind compared to other industrial countries, its use of electronic payment system is gradually gaining prominence. The emergence of cashless banking policy, the systems where transactions function and operate without the use of coins or banknotes, has increased the extent of economic activities in Nigeria. This study examined the impact of cashless banking policy on economic growth in Nigeria, over the period of 2010 to 2012. Based on the findings, the study recommended that banks should invest more in information communication technology (ICT) to enhance the efficiency of e-payment systems as this will enhance the revenue of banks in the long-run and improve economic growth in Nigeria. The Central Bank of Nigeria (CBN) should also embark on public enlightenment to educate the populace more on the nitty-gritty of the cashless system particularly in terms of web payment and cheque transactions. This is expected to raise the level of public awareness and reduce possible resistance by the banking public so that the economy will be well positioned to reap the benefits of cashless banking policy.

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