Cashless Policy and Accounting Evaluation Performance of Some Selected Deposit Money Banks in Nigeria

Abstract

This study sought to examine the effect of Cashless Policy and accounting evaluation Performance of some selected deposit money banks in Nigeria. Ex-post facto research design was employed while data were collected from CBN statistical bulletin for the various years, Federal office of statistical annual account (FOS) and Nigerian stock exchange. Data was analysed using the multiple regression analysis. The study found that ATM transactions has significant effect on the return on equity of selected deposit money banks in Nigeria; POS transactions has significant effect on the Net profit Margin of selected deposit money banks in Nigeria. The study concluded that the volume of ATM transactions and E-banking transactions have significant influence on profits of deposit money banks in Nigeria likewise volume of POS transactions has significant effect on deposits of customers. The study recommends that Banks should train technical staff within and outside the country where they can learn and update themselves about modern and advanced technology used in banking which would enable them implement such innovation or build software that could be used to improve and enhance the Nigerian banking system. Bank management should pay more attention on the activities that would improve the ATM services, increase the ROE value of their banks as this would lead to high customer’s satisfaction and patronage; Banks should work together with the Central Bank and Financial Settlement companies like Interswitch, Union Pay, MasterCard to ensure prompt reconciliation, increase the turnaround time in resolving dispute that relates to dispense error and failed transactions as these are part of reasons most bank’s customers are afraid to use cashless platforms.

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