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Cashless Policy and Business Growth; A Study of Selected Manufacturing Companies in Anambra State, Nigeria

Okonewa Onyinyechukwu , Uchegbu Callista Ukamaka, Umenzekwe Peace and Ezerioha Timothy

Abstract

This study examined the nexus of cashless policy on business growth of manufacturing companies, focusing on two key players in Anambra State, Nigeria: Tummy-Tummy Foods Ind. Limited and Tiger Foods Limited. Conducted between 2012 and 2022, the research was motivated by the escalating prevalence of cashless transactions and their potential influence on economic activities, particularly within the manufacturing sector. Utilizing a mixed-methods research design, the data collection process involved a comprehensive analysis of financial reports and operational metrics. The sample size was carefully chosen to reflect the distinctive features of each company's financial landscape, considering factors such as turnover, profitability, and market share. Both quantitative and qualitative data analyses were deployed, leveraging statistical software like SPSS alongside qualitative data analysis tools to extract nuanced insights. The findings provided valuable insights into the correlation between the adoption of cashless payment channels and business growth within the manufacturing sector. Specifically, the research uncovered how the cashless policy influenced financial performance, market competitiveness, and overall growth strategies for Tummy-Tummy Foods Ind. Limited and Tiger Foods Limited. In conclusion, the study contributed essential insights into the evolving landscape of cashless transactions and their implications for the business growth of manufacturing companies. Recommendations derived from the findings offer actionable insights for these companies and serve as a broader guide for businesses navigating the transition to a cashless economy in Anambra State and beyond.

References

Abaenewe, Z. C., Ogbulu, O. M., & Ndugbu, M. O. (2013). Electronic banking and bank performance in Nigeria. West African Journal of Industrial & Academic Research, 6(1). Alilonu. C. (2012). Cashless Economic Policy in Nigeria: A Performance Apprasial. Andabai, P. W., & Bina, P. A. (2019). Impact of Cashless Policy on Deposit Money Banks Performance in Nigeria. Global Journal of Education, Humanities and Management Sciences, 1(2), 1-10. Anujiri B.A., & Onodugo C.I (2015). The effect of Cashless Policy on Nigerian Economy. International Journal of Research in Arts and Social Sciences. 8(1). Chisom, K. A., & Mike, O. A. (2018). Cashless Policy and Commercial Banks’ Profitability in Nigeria. Advances in Social Sciences Research Journal, 5(3), 395-406. Fatogun O.I., & Ajao. C. (2020). ACashless Policy and Economic Development in Nigeria. Randwick International of Social Sciences Journal. DOI: 10.47175/rissj.v1i2.45 Ighoroje, E. J., & Okoroyibo, E. E. (2020). Cashless Policy and the Performance of Deposit Money Banks in Nigeria. European Journal of Accounting, Auditing and Finance Research, 8(5), 85-104. Muotolu, P. C., & Nwadialor, E. O. (2019). Cashless Policy and Financial Performance of Deposit Money Banks in Nigeria. International Journal of Trend in Scientific Research and Development, 3(4), 465-476. Omotunde, M., (2013). Impact of Cashless Economy in Nigeria. Greener Journal of Internet, Information and Communication Systems, 1(2), 40-43. Siyanbola, T. T. (2013). The effect of cashless banking on Nigerian economy. Canadian Journal of Accounting and Finance, 1(2), 9-19. Central Bank of Nigeria (2012). Towards a cashless Nigeria: Tools and Strategies. CBN Presentation at the 24th National Conference of Nigeria Computer Society Held at Uyo, Nigeria. Retrieved from http://www.NCS.org/presentations/ Central Bank of Nigeria (2011). Towards a Cashless Nigeria; Tools & Strategies. Nigerian Journal of Economy. 3(2), 344-350. Central Bank of Nigeria Website (2011). New Cash Policy, Presentation for the Interactive Engagement Session with Stakeholders on Cashless Lagos, Stakeholder Session Supermarket Operators. Ejiro, O. (2012). What Nigerians Think of the Cashless Economy Policy. Nigerian Journal of Economy. 4(6), 97-102. Omotunde, M. Sunday, T and John-Dewole, A.T. (2013). Impact of cashless Economy in Nigeria, Greener Journal of Internet. Information and Communication System. Vol. 1(2) pp 141-143.

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