The Role of Information and Communication Technology on the Effective Implementation of Cashless Policy in Akoko-Edo Local Government Area, Edo State.

Abstract

This study examines the role of Information and Communication Technology in the effective implementation of cashless policy in Akoko-Edo Local Government Area, Edo State. The paper highlights the impact of the cashless policy in the local economy of the local government area under study. Some selected communities of the local government area were used. These are: Ikpeshi, Igara, Ibillo, Ososo communities. Data were collected using structured questionnaire in the four selected communities. Two hundred questionnaires were distributed at fifty questionnaires to each of the four selected communities. The analysis was based on Correlation, Chi-square and t-test via SPSS version 26.0. The finding revealed that 81.7% of respondents agreed that ICT plays an essential role in the cashless policy implementation in Nigeria as it allows citizens to access banking services whenever and wherever they are, but the policy has been badly implemented as a result of non-effectiveness of ICT or digital infrastructures, low level or lack of digital competence, knowledge, skills and attitudes among the citizenry, most especially in the remote or rural areas.  The study equally showed that there is a general lack of sensitization and awareness on the implementation of cashless policy by the CBN.  More so, most of our rural and remote areas were largely unbanked and under-banked and the ICT infrastructures are scarce or non-existence. Many of the rural dwellers and farmers rely mostly on cash-based economy to transact their businesses and sell their farm produces.  The study concluded that the effective use of ICT is a major driver that would greatly improve the implementation of cashless policy and effect much needed growth in the nation economy. Furthermore, the paper recommends that the government should consider introducing policies that promote and strengthen the use of ICT infrastructures, digital competence, knowledge, skills and attitudinal change for the effective implementation of cashless policy in Nigeria and lastly, adequate measures should be undertaken to ensure that our rural areas are provided with access to efficient ICT services and stronger internet penetration.