EFFECT OF CASHLESS TRANSACTIONS ON BUSINESS PERFORMANCE: A STUDY OF SELECTED SMES IN LOKOJA, KOGI STATE

Vi ABSTRACT The study examined the effect of Cashless transactions on business performance: a study of selected SMEs in Lokoja. The specific objectives were to: determine the effect Cashless transactions on Cashless transactions on customer retention rate of business in Lokoja, ascertain the effect of Cashless transactions on sales volume of business in Lokoja. The study utilized a sample of size 399. 399 copies of questionnaire were distributed while a total of 380 were completed and returned to the researcher. The study used primary data collected with the use of questionnaire as instrument. Descriptive statistics of simple percentage and regression analysis were used to analyze the data. It was revealed that Cashless transactions indicators such as; POS (Point of Sale Service). Automated Teller Machine Services (ATM). Mobile Banking Services (MBS) and SMS (Transaction Alerts via SMS) had positive effects on Business performance of SMEs in Lokoja Kogi State within the period under review. The study recommended that the management of the banking industry should ensure adequate improvement in the use of POS (Point of Sale Service), mobile ussd code, mobile transaction, ATM (Automated Teller Machine) means Cashless transactions in order to support, promote and increase attention to business performance of SMEs in the study area. It is therefore important that SMEs in conjunction with banks constantly improve and upgrade their Cashless transactions system's security in order to reduce the security threat to the system.