A STUDY INTO THE ACCEPTANCE AND ADOPTION OF THE CBN CASHLESS POLICY

ABSTRACT: This study was carried out to examine a study into the acceptance and adoption of the CBN cashless policy using Port Harcourt as a case study. Specifically, the study was aimed at ascertaining the level of acceptability and adoption of the CBN cashless policy in Port Harcourt. The study employed the survey descriptive research design. A total of 300 responses were validated from the survey. From the responses obtained and analysed, The findings revealed the level of acceptability and adoption of the CBNs cashless policy in Port Harcourt is high. The findings also revealed that The people of Port Harcourt has significantly accepted and adopted the CBNs cashless policy. The findings also revealed that Increased convenience for consumers, Reduced risk of cash-related crimes, Cheaper consumer access to (out-of-branch) banking services, Consumer access to credit and financial inclusion are amongst the advantages of accepting and adoption of the CBN’s cashless policy in Port Harcourt. The findings further revealed that Ineffective sensitization campaign exercise, Inadequate protection of the interest of merchants and people in the informal sector, Non availability of POS terminals in strategic locations, Poor internet connectivity etc are amongst the challenges facing the use of internet and mobile banking service/POS in Port Harcourt City. The study recommend the CBN should intensify in its awareness campaign by harnessing other opportunities such as the use of religious leaders in the awareness campaign since the lack of banking culture especially in the Country has been largely due to religious belief. Moreso, Governments at every level should collaborate in providing essential social and physical infrastructures that drive the cashless economic policy.