ABSTRACT:

Cashless policies are being promoted in developing economies owing to the numerous benefits ofcashless financial transactions over the use of cash for such transactions. This paper reviewedcashless policies in developing economies of Africa, highlighted its benefits and profferedremedies to its challenges. The benefits of cashless policies are numerous which include makingfinancial transactions faster, cheaper, easier and safer.Several challenges have marred the implementation of cashless policies in developing economiesof Africa, most of which include: limited access to digital infrastructure, low levels of financialliteracy, and a lack of trust in digital payment systems. Measures which should be taken to curbthe challenges limiting cashless policy implementation in developing economies of Africa,include: enhancing access to digital infrastructure, including reliable internet connectivity andelectricity, especially in the rural areas; creating awareness and promoting the use of digitalpayment systems, and setting up strong consumer protection measures to guard against fraud andother associated risks.