Abstract: A successful and dependable money system is essential today to manage the growing complexity of financial transactions and guarantee the complete and efficient settlement of obligations. The Central Bank of Nigeria's (CBN) cashless approach strives to reduce costs, providing mobile payment services, removing existing barriers to financial empowerment for many Nigerians, and providing convenient banking services for urban, semi-urban, and rural people across the country. These platforms supply users with a variety of convenience, speed, and security for anything from mobile wallets to Internet banking. Nevertheless, in addition to its benefits come obstacles and worries. To guarantee the balanced effective utilization of cashless payment policies, challenges including data privacy, cybersecurity, infrastructure needs, and accessibility must be carefully considered. Although e-payment system acceptance can improve financial inclusion, it is crucial to make certain communities with limited resources (rural communities) not be left behind. By making smartphones accessible and inexpensive, increasing digital literacy & skills training, and creating user-friendly interfaces that are favorable to people with low levels of technology literacy, actions ought to be undertaken to close the digital gap.
Keywords: Cashless Policy, Cybersecurity, Electronic Payments, Mobile Payments, Technology.
Title: Cashless Policy and E-payment Systems in Nigeria: A Synthesis of Literature
Author: Moradeyo Adebanjo OTITOJU, Aisha Ozioma ALIYU, Anuolu Queensly OLAIYA, Stephanie Kyangtuk GAMBO
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
Vol. 11, Issue 3, July 2023 - September 2023
Page No: 145-151
Research Publish Journals
Website: www.researchpublish.com
Published Date: 18-August-2023
