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ABSTRACT
The Nigerian financial system has always had a huge informal sector resulting in financial dualism with its attendant consequences including prevalence of cash transactions. This is known to have several negative implications on the economy, which is the reason why the Central Bank of Nigeria (2011) introduced the cashless policy in 2011 with the hope of curtailing the negative consequences of cash based economy. Small and medium scale enterprises, and petty traders to be specific have a great role to play in a nation’s development at the grassroot level and if these set of entrepreneurs can take advantage of online transactions, it sure would boost the economy’s transformation. To achieve the aim of this research, data was collected from primary source. The primary data is the result of a survey of 300 petty traders within Ekosodin community situated around the University of Benin campus, Ugbowo. Descriptive statistics were adopted in analyzing data and result shows increasing adoption of cashless options by petty traders. It also reveals that despite several identified benefits that many factors still militate against the success of online transactions.
