Authors : Ukwuije, Chima B.

Volume/Issue : Volume 11 - 2026, Issue 7 - July

Google Scholar : https://tinyurl.com/36578f2t

Scribd : https://tinyurl.com/y74cf6bz

DOI : https://doi.org/10.38124/ijisrt/26jul1467

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : The focus of this chapter is to underpin how cashless policy exacerbated the already existing poverty crises through inadequate preparation and provision. This chapter adopted participant observation, key informant interviews, review of relevant literature, key policy document, and related reports. Two empirical studies were reviewed and their results showed that implementation of cashless policy was not only untimely but yielded unintended outcome. Financial inclusion practice was used to explain the ideals of public policy while public good theory of financial inclusion and financial literacy theory were adopted as the theoretical bases of the study. Consequential theories of the policy were identified, expanded and justified as: proper taxation of tax evaders, risk of exploitation and transferred risks, to disarm politicians, and in line with world best practices and the CBN Act. The study identified adverse socioeconomic effect of the cashless policy and concluded that the economy of Nigeria as at that time was unhealthy for implementation of such policy. Moreover, if such policy must come into force with that haste, the necessary infrastructure and technological requirements for a card-first society ought to be guaranteed before implementation. The study recommended that, owing to the prevailing poverty crises, a merger of digital payment system and physical cash transactions be adopted and encouraged in Nigeria. Further studies on how the poor and vulnerable population will cope with cashless economy in time of emergency and system failure was advised.

Keywords : Cashless Policy, Consequential Theories, Development, Poverty.

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