CASHLESS POLICY AND STUDENTS

ABSTRACT

The aim of this study is to examine the impact of Nigerian cashless policy on Nigerian students. The study adopted the descriptive survey research design. The population of the study consisted of students of University of Benin (UNIBEN). The stratified sampling techniques was used to select a sample size of 170 students. The research instrument was the questionnaire which was administered for data collection. The data collected was analysed using the descriptive statistics by way of frequency count and percentage analysis and inferential analysis by way of regression analysis. The findings of the study revealed that the challenges faced by students during the cashless policy include hidden online payment cost, difficulty in acceptance of the digital payment system amongst others. In terms of the causal relationship, cashless policy has a positive and significant effect on standard of living of students. Cash scarcity was found to have a negative and insignificant effect on educational performance of students. The cashless policy has proven to be an advantageous move for Nigerian students. It has not only enhanced their level of life and financial literacy, but it has also influenced their spending and participation in extracurricular activities. To ensure the effectiveness and longevity of a cashless system, authorities must solve the obstacles faced by students and continue to promote and encourage its adoption. The study recommends that cashless policy implementation should be followed by activities to promote digital payment system inclusion and accessibility, particularly in rural and remote locations, to ensure that all students have equal access and opportunity.