Cash-less Nigeria: Suitability, Sustainability and Constraints.

The advent of cashless policy into the Nigerian banking sector has brought mixed feelings to all stakeholders in the sector. The development has brought relief to a segment dominated by the operators (bankers), while the other segment dominated by the customers has complained about the challenges associated with the operation of the policy; in relation to the policy’s suitability, sustainability and constraints. The central Bank of Nigeria (CBN) introduced the policy in April, 2011 in line with global best practice that is targeted at ranking Nigeria amongst the top 20 economies of the world by the year 2020. Secondary data and Survey research was conducted with questionnaire as data collection instrument. Statistical findings from respondents show that cash-less Nigeria would ensure accurate payments and revalue our currency especially the kobo. Availability of robust infrastructure which is perceived to be a huge constraint can sustain the policy. Cash-less Nigeria would be generally inclusive if adequate awareness is systematically engineered in order for all stakeholders to fully participate. Hence, it was therefore recommended, among others, that infrastructures should be improved upon to ensure easy operation of the policy in Nigeria. Keywords: Cashless policy, Nigerian banking sector, Customers’ orientation and Banking performanc