1Orafu Ebere Benedeth and 2Okeke, Raphael Chukwuma
1&2Department of Accountancy, Federal Polytechnic, Oko, Anambra state, Nigeria.
Corresponding Author’s email: ebereben@yahoo.com
Abstract
The cashless policy permeates all nukes and crannies of this nation, both the urban and rural areas alike because it is concerned with an all-important matter, money which is means of exchange. It affects all and sundries even the beggar on the streets of the lanes in Abuja and the peasant farmers on the farmland of villages in a remote town of Aguluezechukwu. This calls for this study, effects of cashless policy on peasant traders in rural areas. It tried to discover how the cashless economy policy which the CBN has embarked on in the recent past has affected the peasant traders in rural areas in Nigeria. Survey method was used and primary data gathering was used to gather data for hypothesis testing. The questions were constructed and because some of the respondents could not read and write, interviewing them was used to elicit information from them. The Chi Square was used for Hypothesis testing. From the findings it was discovered that the cashless policy affects the hitch-free movement and thereby the survival of their business. Broadband network was discovered as the major problem associated with cashless policy which in turn will make payments difficult. It was then recommended that Network should be improved on. Again, banks should see how it can reduce writing and bureaucracy in the banking process in order to help the illiterate ones.
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