Effect Of Central Bank Of Nigeria Cashless Policy On The Financial Sector In Nigeria:- Isu Blessing

ABSTRACT

 The study investigates the effect ofcashless policy on the financial sector in Nigeria, to achieve this broad objectives, the study investigated the effect ofATM banking instrument, POS banking instrument, mobile phone banking instrument and interment banking instrument on financial sector output in Nigeria. The study covered the period 2003 to 2016 and data were collected from the Central Bank ofNigeria (CBN) Statistical Bulletin. The Ordinary Least Square (OLS) multiple regression analysis was used to analyze the data collected. Finding showed that ATM banking instrument, POS banking instrument and mobile phone banking instrument hadpositive and significant effect on financial sector output in Nigeria. In conclusion, the study argued that cashless policy had a significant effect on financial sector in Nigeria. Therefore, the study recommended that commercial banks in Nigeria should create increased awareness in the use of ATM, POS and mobile phone banking instruments so as to increase financial sector output in Nigeria.