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2014 (Vol. 6, Issue: 1)
Article Information:

The Reality of Electronic Payments in Nigeria

Emmanuel Amie Esezobor
Corresponding Author:  Emmanuel Amie Esezobor 

Key words:  Cashless, currency, electronic, internet, payments, restructuring,
Vol. 6 , (1): 9-13
Submitted Accepted Published
March 04, 2013 May 11, 2013 February 15, 2014
Abstract:

Nigeria wants its financial system to operate like in the developed economies of the world so that come year 2020, it will be seen and recognized as one of the leading economies in the world. To achieve this lofty target, the payment system was directed by fiat by the apex bank, Central Bank of Nigeria to be by electronic methods so that the system of paying cash for virtually every purchase will now give way to electronic payment. Lagos State was selected as a pilot study for five other states in the country to join 1st July, 2013. There are far-reaching implications for a country with a mammoth population of 140 million people; the majority of whom are not aware of the new payment direction. This research aimed therefore to find out how prepared and willing Nigerians are in embracing electronic payments system. I found out at the end of the study, that Nigerians were not impressed with the cashless policy and the attempt to introduce N5,000 cash note along with a repackaging of new coins to replace the existing lower denominations of cash in notes. Rather, they want policy makers and the government to address the grave insecurity to life and property in the land and provide stable electricity and water supply.
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  Cite this Reference:
Emmanuel Amie Esezobor, 2014. The Reality of Electronic Payments in Nigeria.  Asian Journal of Business Management, 6(1): 9-13.
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ISSN (Online):  2041-8752
ISSN (Print):   2041-8744
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