Select Currency
Translate this page


Format: MS WORD  |  Chapter: 1-5  |  Pages: 70  |  1677 Users found this project useful  |  Price NGN3,000





Mixed reactions have continued to trail the cashless policy introduced by the Central Bank of Nigeria (CBN) in January 2012. The implementation of the policy commenced in Lagos in 2012 but it was extended to the Federal Capital Territory (FCT), Rivers, Kano, Ogun, Anambra and Abia states in July 2013. While some die-hard cynics describe the policy as just another economic jargon that may not be feasible, others say it will boost the country’s economic growth in line with global best practices. The CBN cashless policy aims at reducing the amount of physical cash in circulation; thereby encouraging more electronic-based transactions in payment for goods and services (CBN, 2012). The cashless economy policy of the Central Bank of Nigeria (CBN) has come with both pains and gains. As some are knocking it, others are hailing it.

The policy, as enunciated by the CBN, entails “cash-based transactions and stipulates a cash handling charge on daily cash withdrawals or cash deposits that exceed N500,000 for individuals and N3,000,000 for corporate bodies’’ (CBN, 2012)The former CBN Governor, Mallam Sanusi Lamido Sanusi, explained that the cashless economic policy was designed to promote financial intermediation and financial inclusion, while minimizing revenue leakages and eliminating incidence of robbery. It will also reduce the amount of cash payment and encourage electronic payment (Berentsen, 2014). He further explained that the policy became imperative because the cost of cash and associated risk of cash-driven economy to Nigeria’s financial system was ever increasing.

The policy on withdrawal allows individual customers to make a free cumulative withdrawal of N500, 000 daily across the counter and ATM. Withdrawal above the free limit will attract processing fee of three per cent for every N1, 000 above the limit. Many Nigerians considered this as not good enough as these extra charges is seen as a means of extortion. However, many individual costumers might need more than N500, 000 in day for one purpose or the other because the citizens are already used to the system of going about with cash and this has been considered as one of the pains of the cashless policy. Also, according to the statement by the CBN, corporate customers are allowed to make free cumulative withdrawal of N3,000,000 daily. Withdrawal above the free limit will attract a processing fee of five per cent for every N1,000 above the limit.The policy on lodgment allows individual customers to make a free cumulative lodgment of N500, 000 daily. Lodgment above the free limit will attract processing fee of two per cent for every N1, 000 above the limit. Also, corporate customers are allowed to make free cumulative lodgment of N3, 000,000 daily. Lodgment above the free limit will attract a processing fee of three per cent for every N1,000 above the limit. This has been seen has stringent rules in some quarters (Ajayi&Ojo, 2016).

The apex financial institution in Nigeria has provided appropriate mechanism for e-payment which has been deployed to facilitate the smooth running of the cashless scheme. The listed mechanism includes Point of Sale (POS) Terminals, Automated Teller Machine (ATM), Web, Mobile Phones, Internet Banking, among others. Several Nigerian considered these mechanisms as not convenient and not easy to operate because of the level of illiteracy among the Nigerian populace.


Despite several constraints that are there for everyone to see as to the effect of the CBN cashless policy of the Nigerian populace, there are several benefits accrued to its implementation. However, the legislative arm of government in Nigeria conceded that even though the policy could save costs in the financial sector, it did not, however, imply real sector growth. They noted that the majority of retail and commercial payments were usually made in cash by a large percentage of the population who did not operate bank accounts. They also noted that the CBN had not achieved the needed 40 percent expansion of ATMs. It is also obvious that the financial infrastructure in Nigeria is grossly inadequate to meet the demands of a cashless society. Besides, the people’s low literacy level and the absence of constant power supply would discourage most citizens from embracing the policy and Nigerians had been variously defrauded of millions of naira through electronic transactions. It is also important to note that most communities in the country lacked banking facilities that were designed to implement the policy. However, despite all the advantages of the cashless policy including the fact that it will save cost of printing currency notes, reduce theft and robbery etc. it is worth considering if the CBN cashless policy is a pain or a gain which is the focus of this study.


The following are the objectives of this study:

1.  To examine the advantages of the CBN’s cashless policy.

2.  To examine the disadvantages of the CBN’s cashless policy.

3.  To identify the factors limiting the effective implementation of the CBN’s cashless policy.


1.  What are the advantages of the CBN’s cashless policy to the Nigerian populace?

2.  What are the disadvantages of the CBN’s cashless policy to the Nigerian populace?

3.  What are the factors limiting the effective implementation of the CBN’s cashless policy?


HO: The CBN’s cashless policy has no benefit on the Nigerian populace.

HA: The CBN’s cashless policy has lots of benefit on the Nigerian populace.


The following are the significant of this study:

1.  The findings from this study will form a useful guide for the government of Nigeria as they will have first hand information about the pains and the gains of the CBN’s cashless policy on the Nigerian populace and make necessary reforms and amendment.

2.  This research will be a contribution to the body of literature in the area of the effect of personality trait on student’s academic performance, thereby constituting the empirical literature for future research in the subject area.


This study will cover the benefits and the demerits of the CBN’s cashless policy on the Nigerian populace with a view of ascertaining if it is a pain or gain.


Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.  


Ajayi, S.I., &Ojo, O.O. (2016).Money and Banking: Analysis and Policy in the Nigerian Context, Ibadan, Daily Graphics.

Asokan,N., Janson, P., Steiner, M., & Weidner, M. (2010). Electronic Payment Systems IBM Research Division.Zurich Research Laboratory, 1-16
Berentsen, A. (2014). Monetary Policy Implications of Digital Money, Kyklos, 51, (89, 117)
CBN Annual Activity Report. (2012). Central Bank of Nigeria (CBN) Statistical Bulletin. (2012).


Not What You Are Looking For?

For Quick Help Chat with Us Now!

+234 813 292 6373

+233 541 351 187

Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Swift delivery within 9 minutes of payment. Thank you project master
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.


  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on 0813-292-6373 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.


How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: (+234) 813-292-6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!