Cashless Policy and the Growth of Small and Medium Scale Businesses in Uyo Capital City, Akwa Ibom State, Nigeria (2022-2023)

Edidiong E. Ukpong, Ekong E. Daniel, Utibeabasi U. Ekpe, Iniobong F. Akpan & ThankGod S. Etim

Download article picture_as_pdf

Abstract

The paper examined the impact of the cashless policy on the growth of small and medium-scale businesses in Uyo Metropolis between 2022 and 2023. The diffusion of innovation theory was adopted as the theoretical framework for the study. The study used both qualitative and quantitative methods of data collection. A survey research design was adopted for the study. The data collected from secondary and primary sources were analyzed using descriptive and quantitative techniques. The Pearson’s Moment Correlation Statistical Technique was used to test hypotheses. The findings of the study revealed that there is a significant relationship between Cashless Policy and POS employment opportunities in Uyo Metropolis; there is a significant relationship between Cashless Policy and the financial security of SMEs in Uyo Metropolis. The study, therefore, recommended, among other measures, that the federal government should work on improving the network base to ease transactions and reduce transaction risks to encourage more people to venture into POS businesses; the government should devise strategies to strengthen its technology to reduce the rate of cybercrime as it will bring more financial security to SMEs operators; and that government should address power supply outages to ensure uninterrupted cashless transactions.

Authors

Department of Public Administration
Akwa Ibom State University

Read more