IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 9 NO. 2 2024
DOI: https://doi.org/10.56201/ijefm.v9.no2.2024.pg92.112

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Effect of Cashless Policy on the Performance of Small Business Enterprises in Bayelsa State

Confidence Joel IHENYEN PhD & Numuworimi YEITARIBO

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Abstract

Cashless Policy is an economic and monetary tool of government for the control and reduction of too much cash circulating in the informal sector of the economy. This research was embarked to examine the extent cashless policy can lead to improvement in small business enterprises in Bayelsa State. A descriptive survey design was adopted in the study and a sample size of four (400) respondents which comprised small business traders, civil servants and students in Bayelsa State. The data generated were subjected to different statistical tests such as descriptive, correlation analysis and inferential tests. The data gathered were finally analyzed using regression analysis via SPSS version 26. The study found that Digital payment instruments, Cash withdrawal limits and Naira notes redesign policy affect small business enterprises in the State. Consequently, the study concludes that this policy is capable to improve customers’ satisfaction, reduce the harmful effect of cash related crimes, and raise the market for small business enterprises that will enhance the economy of the State. The study recommends that Bayelsa State government should enforce the political will to ensure full compliance in the cashless policy; ensure adequate power supply to power the electronic devices; conduct massive training on the use of the new technology and enlightenment programmes to sensitize the people of the State as well as meting appropriate punishment to officers, institutions and organs found sabotaging the cashless policy.

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References:

Abdullahi, A. (2019). The Impact of Cash Policy on Small and Medium Enterprises (SMEs) in
Nigeria. Journal of Business and Management.
Adam, H. (2023). Investopedia.

Adebayo, P.A. (2013). International Public Sector Accounting Standard: A Practical Guide to
Reporting Entities in Nigeria. Arogbodo Press Ltd Printing and Publishing Area 1 Garki,
Abuja, 207.

Adedamola Giwa (2023): Nigeria’s Cashless Policy: A significant Opportunity for Growth.

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