The Impact of Cashless Policy on the Financial Lives of Petty Traders in Eke-Awka Market, Anambra State, Nigeria.
Enekanma, Vincent Ebuka (2024)
2024
Yhteiskuntatutkimuksen maisteriohjelma - Master's Programme in Social Sciences
Yhteiskuntatieteiden tiedekunta - Faculty of Social Sciences
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Hyväksymispäivämäärä
2024-06-18
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:tuni-202405236232
https://urn.fi/URN:NBN:fi:tuni-202405236232
Tiivistelmä
This thesis examines the effects of petty traders in the Eke-Awka market, Anambra state, Nigeria, particularly regarding the adoption of the cashless policy in 2012 by the Central Bank of Nigeria. It investigates challenges in transitioning to digital payments, identifies hindrances to implementation among petty traders, and explores the impact on their financial well-being through literature review and empirical analysis.
The findings reveal several key insights concerning the majority of petty traders in the Eke-Awka Market who are aware of the cashless policy, but its acceptance and adoption among them remain limited due to challenges like; limited access to technology, financial problems, retailer & customer preferences for cash transactions, network issues, inadequate digital and financial literacy, perceived security issues, cybercrimes (419) and regulatory challenges. Some petty traders are slow to adopt cashless policy methods due to a lack of awareness or false information. By exploring these challenges thoroughly, the study offers valuable insights into the additional factors influencing the implementation and acceptance of the cashless policy within the informal sector.
Furthermore, the thesis proposes possible strategies to reduce these problems and improve the adoption of the cashless payment systems among petty traders. These strategies include enhancing easy access to technology, improving digital literacy, boosting confidence in cashless systems, and creating supportive systems for these traders, especially those in rural areas. Through empirical findings, theoretical frameworks, and qualitative research, this study improves the discussion on financial inclusion, technology adoption, awareness creation, and new naira note policy formulation in contexts. The results from this study also offer recommendations to policymakers, individuals, financial institutions, and government agencies trying to improve the implementation of the cashless policy.
The findings reveal several key insights concerning the majority of petty traders in the Eke-Awka Market who are aware of the cashless policy, but its acceptance and adoption among them remain limited due to challenges like; limited access to technology, financial problems, retailer & customer preferences for cash transactions, network issues, inadequate digital and financial literacy, perceived security issues, cybercrimes (419) and regulatory challenges. Some petty traders are slow to adopt cashless policy methods due to a lack of awareness or false information. By exploring these challenges thoroughly, the study offers valuable insights into the additional factors influencing the implementation and acceptance of the cashless policy within the informal sector.
Furthermore, the thesis proposes possible strategies to reduce these problems and improve the adoption of the cashless payment systems among petty traders. These strategies include enhancing easy access to technology, improving digital literacy, boosting confidence in cashless systems, and creating supportive systems for these traders, especially those in rural areas. Through empirical findings, theoretical frameworks, and qualitative research, this study improves the discussion on financial inclusion, technology adoption, awareness creation, and new naira note policy formulation in contexts. The results from this study also offer recommendations to policymakers, individuals, financial institutions, and government agencies trying to improve the implementation of the cashless policy.