Commercial Banks and Implementation of Cashless and Cash-Swap Policies in South East Geopolitical Zone of Nigeria, 2017-2023

Abstract

Policies are tools aimed at solving societal problems. Following the implementation of some public (fiscal) policies of government like cashless policy and cash swap policy in Nigeria, it was observed that these policies created many problems instead of solving the intended problems. The objective of the study is to investigate the factors that impeded the effort of commercial banks in the implementation of cashless and cash-swap policies that led to the failure of the policies. In order to achieve the objectives of the study, Structural functional theory was used as a framework of analysis. Quantitative methods of research were adopted. It involved the administration of questionnaire, and interviews hence survey research method was used. Data were analyzed with mean and percentage. Result showed that cashless and cash swap policies were affected negatively by organizational politics of commercial banks, the technology deployed by commercial banks and the policy goal and time of policy implementation. The study concluded that the failure of cashless and cash-swap policies is as a result of commercial banks in ability to carry out its function of policy implementation. Recommendations include, Reorientation of commercial bank’s personnel and  Point Of Sale(POS) operators, Improvement on technology and strategies deployed by commercial banks, Improvement on policy formulation and implementation amongst others.