Search results

Digital technologies have become significant as organisations, including financial institutions, attempt to adopt enhanced and more efficient approach for service provisions to customers. Despite the obvious shift to digitalised methods of service delivery, some financial institutions argued that though digitisation may increase financial efficiency and profitability, it also poses new risks and potential threats with significantly unanticipated side effects, especially, with respect to employment. Against this background, this study examined how the following cashless policy instruments: Mobile banking, Automated Teller Machine (ATM) and Point of Sale (POS) Terminal, influence financial transactions in Lagos, Nigeria; using Zenith Bank PLC as a case study. Structured Questionnaire was administered to 100 Zenith bank customers. The study applied the logit regression method and findings showed that 54% respondents use mobile banking daily, 39% respondents use ATM daily, 25% respondents use POS daily. On an overall scale, mobile banking is widely used and mostly preferred. Also, results showed that while POS has a significant relationship with financial transactions, Mobile banking, and ATM both have an insignificant relationship. Results from the study encourage the management of CBN to create more awareness of these instruments, and likely increase the number of these instruments.

In the past few years, several countries have begun to drastically change their economies to be entirely cash free. The point of this policy change is to hopefully prevent the amount of crime that results from the proliferation of cash. However, there are potential negative consequences to this policy change that receive little to no attention and there are several misconceptions regarding the opportunistic nature and resourcefulness of organized crime. As such, this paper aims to attempt to study these potentially negative consequences to provide some warning to countries adopting a cashless economic policy.

This is a conceptual paper relying upon an understanding of the literature in the fields of sociology, anthropology, psychology and criminology as applied to the topic of money and economic policy.

This paper discusses numerous negative effects to adopting a cashless economic policy, to include the proliferation of underground financing through the hawala system and organized criminal channels, the increased use of Bitcoin, the more difficult task of tracking currency through bank reporting requirements, and the potential effect of increasing other crimes, which are harder to track.

This is an entirely conceptual paper. As such, it is not able to state definitively whether the outcomes discussed will occur or to what extent it may occur.

This paper could help to serve as a warning for governments wishing to adopt a cashless economic policy, and it may encourage those countries to hopefully develop safeguards to prevent some of the potentially negative effects that might result.

This paper expands upon the understanding of money and the various ways that individuals may adapt or react culturally, psychologically or violently to changes in monetary policy or the form of currency itself.

There have been few if any paper discussing the consequences of cashless economic policies and its implications toward organized crime. This paper is unique in both the subject matter being discussed and the conceptual arguments it puts forth.

This paper aims to study the adoption of a public policy (cashless transaction system by implementing demonetization) from the institutional and technology adoption theories.

A mixed-method approach was followed and data was collected from 900 samples randomly selected from different cities in India. The content analysis method was applied to analyze responses collected from personal interviews, and descriptive statistics and cluster analysis methods were used to process the data.

The determinants of the cashless transaction policy adoption were institutional issues and technology-related issues. The non-adopters were falling into either technology antagonist or technology ignorant, whereas the adopters perceived user-friendliness, necessity and usefulness. Institutional bottlenecks and perceived security issues were serious concerns.

This study examined the factors influencing the adoption and non-adoption of mobile payments for two reasons. First, the nature of adoption here is more of a forced adoption rather than organic/natural adoption. Second the context – emerging market, India – also demands that it would be more useful to carry out exploratory study and understand the factors from the stakeholders – merchants and customers – themselves than examining existing technology adoption theories.

Several e-payment technologies have diffused in Nigeria yet debit card usage on POS devices have not shown consumer confidence in its usage thereby affecting the cashless policy drive of the nation. The study considered an affective commitment of users as moderating their behaviours. Therefore, the purpose of this paper is to investigate how user behaviour is moderated by an affective commitment on point of sale terminal.

Following the purpose of the study, the research design is a survey. The questionnaire was adapted from earlier studies and tested for reliability and validity using Cronbach’s alpha and content validity. Andrew F. Hayes process was used to analyse the moderation effect.

The finding revealed that affective commitment significantly moderates users’ ease of use of the device, their perceived usefulness of the device and their social image on their intentions to use the device.

The findings implied that there is a need for the development of policies and strategies which should be directed towards the users of the device. Equally, the general conclusions on collective e-payment channels in a society should be discarded given that each e-payment channel can have different factors influencing it than the others. This is where customer-focused advertising and awareness campaign becomes very important.

This paper declares that the research work is not submitted anywhere for publication or for review. It was conducted by the authors who have given their consent for it to be submitted to Rajagiri management journal

Purpose: This chapter presents criticisms of financial inclusion.

Methodology: This chapter uses critical discourse analysis to critique the modern financial inclusion agenda.

Findings: The findings reveal that (i) financial inclusion is an invitation to live by finance and leads to the financialization of poverty; (ii) some of the benefits of financial inclusion disappear after a few years; (iii) financial inclusion ignores how poverty affects financial decision-making; (iv) it promotes digital money which is difficult to understand; (v) financial inclusion promotes the use of transaction accounts; (vi) digital money is difficult to understand; and that (vii) some financial inclusion efforts bear a resemblance to a campaign against having cash-in-hand.

Implication: This study will help policymakers in their assessment of the economic, social, political, and cultural factors that hinder financial inclusion as well as the consequence of financial inclusion for society. For academics, this study will provide a critical perspective to on-going financial inclusion debates in the large positivist literature on financial inclusion.

Originality: Currently, there are no studies that use critical discourse analysis to analyze the broader concept of financial inclusion. This chapter is the first study that uses critical discourse analysis to critique some aspects of the modern financial inclusion agenda.

The Central Bank of Nigeria (CBN) recently relaunched Nigeria’s cashless policy initiative which seeks to reduce financial crime and tax avoidance, decrease cash dependency, advance the adoption of digital financial services (DFS), decrease the risks to the payment system and foster financial inclusion. This study aims to identify the unique challenges of going cashless in Nigeria, particularly in terms of infrastructural, exclusionary and cost implications of the policy on the average citizens.

The author applies a doctrinal research methodology to identify and reflect on key challenges of the cashless policy from the economic, regulatory and transactional perspectives.

The cashless policy initiative in Nigeria heralds value for financial integrity, financial policy regulation and user convenience. The mode of introduction, however, ushers in significant challenges and hardly considers Nigeria’s inadequate payment infrastructure, persistent financial exclusion, low levels of financial and digital literacy and capability, high cost of using DFS and pervasive proclivity for cash. As Nigerians adjust albeit inconveniently to the policy, the CBN can ameliorate the hardship by strengthening the payment infrastructure, particularly for digital payments, fostering consumer trust by safeguarding user funds and enabling consumer preferences.

Research materials include the national regulator’s policy documents and newspaper articles that have not been published in formal reports but non-the-less adequately mirror the policy intention of the CBN and the lived experiences of Nigerians.

This study identifies the practical steps and regulatory measures that the CBN can take to improve acceptance and meaningful and sustainable adoption of the cashless policy by the majority of Nigerians.

The recommendations that are proffered provide some rich insights to inform regulatory direction for the CBN to seamlessly phase-in the cashless policy and consequently drive down financial exclusion in Nigeria.

This study contributes to the policy discussion around the introduction of the cashless Nigeria project. The doctrinal research method highlights the policy intentions of the regulator in juxtaposition with lived experiences of Nigerians. This study offers recommendations to bolster financial inclusion, stability and integrity.

This study investigates firm attributes (namely level of capitalisation, scope of operation, organisational structure, organisational lifecycle, systemic importance and size) affecting the robustness of enterprise risk management (ERM) practice, the extent to which ERM affects the performance of banks and the impact of ERM on the long-term sustainability of banks in Nigeria. This was against the backdrop that the 2012 banking reform was a major regulatory intervention that mainstreamed ERM in the Nigerian banking sector.

The study employed a mixed methodology of content, trend and quantitative analyses. Ex post facto research design was deployed to analyse performance differential of banks, with respect to the implementation of ERM, over a 10-year period (2008–2017). A disclosure checklist developed from the COSO ERM integrated framework was used to assess the robustness of ERM by content-analysing divulgence on risk management in published annual reports. The banking reform periods were dichotomised into pre- (2008–2012) and post- (2013–2017) reform periods. Jonckheere–Terpstra test, independent sample t-test and Mann–Whitney test were applied to analyse a total of 1,036 firm-year observations over the period 2008–2017.

Result shows that bank attributes significantly affecting the robustness of risk management practice are level of capitalisation, scope of operation, systemic importance and size. Performance of banks improved slightly during the post-2012 banking reform period. This suggests that as banks consolidate on the gains of ERM, benefits of the regulatory policy on risk management may be realised in the long run. Result also shows that ERM enhances long-term performance, connoting that effective risk management could serve as a competitive strategy for surviving turbulence that typically characterises the banking sector.

The emergence of level of capitalisation, scope of operation, systemic importance and size as determinants of ERM provides empirical evidence to support the practice of reviewing the capital requirements for banking business from time to time by regulatory authorities (i.e. recapitalisation policy) as a strategy for managing systemic risk. Top management of banks may consider instituting mechanisms that will ensure risk management is given prominence. A proactive approach must be taken to convert risks to opportunities by banks and other financial institutions, going forward, to cope with the vicissitudes of financial intermediation.

The originality of the study stems from the consideration that it provides some new insights into the impact of ERM on banks long-term sustainability in a developing country. The study also contributes to knowledge by exposing the factors determining the robustness of risk management practice. The study developed a checklist for assessing ERM practice from annual reports and other risk management disclosure documents. The paper also adds to the scarce literature on risk governance and risk management.

Cashless payment is gradually replacing physical currency in almost every financial transaction across the world. Even though cashless payment methods have been available in Malaysia since a decade ago, their usage has remained relatively low in comparison to other countries. This study aims to analyse the elements that affect the Malaysian youth’s adoption intention and actual use of cashless payment by extending the unified theory of acceptance and use of technology (UTAUT) model with two key factors (perceived security [PS] and lifestyle compatibility [LC]).

Data were gathered online from 364 Malaysian youths and processed using partial least squares structural equation modelling.

The findings revealed that performance expectancy (PE), LC and PS had a positive and substantial effect on the intention to use cashless payment (ICP). In contrast, effort expectancy (EE) and social influence did not have any considerable influence on ICP. Furthermore, ICP had substantial mediating effects between the adoption of cashless payment (ACP) and PE, LC and PS. In the analysis of the moderating effect of age, gender, experience and voluntariness, only experience had moderating effects on the associations between PE and ICP and between FC and ACP.

This study’s findings will be highly useful for marketers and the management as they plan their promotional and marketing tactics, with a focus on the factors that inspire customers to adopt cashless payments. Besides, architects and designers can benefit from the study results while designing and updating their services by consolidating consumers’ lifestyle standards as well as enhancing security features. Finally, governments may support service providers with security building through legislative measures and policy campaigns to strengthen the trustworthiness and mass adoption of contactless payment.

This study extended the UTAUT model with two new variables, i.e. PS and LC.

This study aims to analyze the effect of banking technology [automated teller machine (ATM) and mobile cellular devices (MOBs)] and other traditional factors on the level of currency in circulation for a sample of 21 selected sub-Saharan African (SSA) countries. It also assessed the mitigating effect of education on the relationship between banking technology and the cashless economy.

The study used a panel data approach to design a cashless economy model with banking technology – ATM and MOBs – as well as their interaction with education as regressors.

This study finds that MOB is significant for promoting a cashless economy, whereas ATM is insignificant in sample SSA countries. The level of education and the number of bank branches were also found to be significant in promoting a cashless economy. The interaction between education and ATM was insignificant but negatively signed, whereas that between education and MOB was significant but had a positive sign.

Non-availability of data restricted this work to a panel study of selected SSA countries. Subsequent studies should consider single-country case studies.

Findings from the study imply that for banking technology to drive a cashless economy effectively, education has to be improved.

The ratio of cash in circulation to total money supply was used as a measure of the cashless economy. The study also evaluated the moderating effect of education on banking technology.