IMPACT OF CASHLESS POLICY ON SMALL-SCALE BUSINESSES IN RURAL AREAS OF EBONYI STATE: A STUDY OF EZZA-NORTH LOCAL GOVERNMENT.
Abstract
ABSTRACT
This study assessed Impact of Cashless Policy on Small Scale Businesses on small
scale n Rural Areas of Ebonyi State: A Study of Ezza-North Local Government. The
main objective of the study is to evaluate impact of cashless policy on small scale
businesses in rural areas of Ebonyi State with focus on Ezza-North Local Government
Area. The study adopted survey research design for obtaining of data from both
primary and secondary sources for the study. The total population of the study was 55,
while a sample size of 35 was determined using Taro Yammen formula. The data
collected was analyzed using simple percentage and chi-square (X2) statistical tool
was used in the test of hypothesis stated for the study. The study found out that; lack
of infrastructure is one of the major challenges that small scale business faced in
adopting the cashless policy in Ezza-North Local government area. Security
challenges, poor network, high illiteracy level on online transaction on the part of
customers and cost of acquiring and maintaining electronic payments device
constitute a challenges to smooth running of small scale business in Ezza-North Local
government. Positively, cashless policy increase security of payment, make record
keeping easy for the operation of small scale businesses, the system offers a very high
level of convenience to small scale business operators and their customers and as well
reduce high rate of financial theft. The study recommended that; Government and
financial institutions should intensify efforts to address the challenges faced by small
business operators in adapting to a cashless economy. Management of banking
institutions should enhance application of mobile banking to increase satisfaction of
their customers and performance of small scale businesses. Mobile service providers
in conjunction with banks should develop more friendly and easy to use and efficient
applications for bank customers and small and medium scale enterprises.
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