Cashless Practice and Corporate Efficiency of Selected Deposit Money Banks in Nigeria: A Review

Abstract

This study, investigated the effect of the cashless practise on the corporate sustainability of deposit money banks in Nigeria. The extent to which the agenda of cashless practices by the Central Bank of Nigeria on corporate sustainability remains quite unclear and is yet to be established in the literature. Currently there is paucity of studies that examine the effects of cashless practices specifically on corporate efficiency in Nigeria. The research method used for this study was the ex post facto. Data were collected from secondary sources; these were obtained from the annual and financial reports of the deposit money banks captured in this research. The finding of the study reveals that Point of Sale transactions can be used to enhance corporate efficiency of deposit money banks in Nigeria. The study found that POS transactions had a significant positive effect on corporate efficiency in Nigerian deposit money banks (p< 0.05). The study recommended that to ensure corporate sustainability. The Nigeria deposit money banks has to urgently engaged in infrastructural development and introduce cutting-edge technology. The government should improve on the provision of internet related infrastructure so as to enable an increase in the use of Point of Sale transactions in rural areas and places with poor internet network infrastructure.