Abuja Journal of Agriculture and Environment (AJAE)

A REVIEW OF CASHLESS POLICIES IN DEVELOPING ECONOMIES OF AFRICA
Author(s): P. O. Idisi, W. O. Obeten, G. A. Sunday and T. J. Drisu
Volume/Issue: Volume 3 , Issue 1 (2023)

ABSTRACT:

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

KEYWORDS:

Cashless policies, digital payment systems, developing economies, digital infrastructure, financial transactions.