Cashless Policy and the Nigeria’s Rural Economy: A Systematic Review

Abstract

Cashless policy is a growing trend in the global financial system. The recent proposal by the Central Bank of Nigeria to fully implement cashless society within the short-run attracts reactions. Although the policy may have recorded successes in the pilot states, it is not clear how it would thrive in the country’s rural environments where there is dearth of infrastructure, low level of literacy and awareness. This study systematically reviewed 10 papers from around the globe following the PRISMA methodology. The findings of the study show that cashless policy requires efficient basic infrastructure, literacy of participants and security of the system. It also requires that both buyers and sellers accept the policy. Such requirements are lacking in the Nigerian rural communities, therefore, the paper suggested that the policy be implemented gradually over time.