EFFECT OF CASHLESS POLICY ON FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
Abstract
The study ascertains the effect of cashless policy system on financial performance of deposit money banks in Nigeria. It employed one dependent variable which is return on assets. However, transaction volume of automated teller machine, transaction volume of point of sale and transaction volume of internet banking for the period 2019 to 2024 were used. It used ex-post facto research design to analyze the data and regression analysis to test the stated hypothesis. The result obtained from the regression shows that, volume of transaction of automated teller had positive and non-significant effect on return on assets, volume of transaction using point of sale had a positive and non-significant effect on the return on assets and volume of transaction of internet banking had a negative and non-significant effect on return on assets of deposit money banks in Nigeria. The study recommends that banks should re-value or re-engineer the cost of maintaining ATM in the interest of improved return on assets of deposit money banks in Nigeria, that policies that will ensure long term strategic plan for better implementation and elimination of obstacles associated with the use of point of sale payment system should be designed and recommend that commercial bank managers in Nigeria should continue in the improvement of internet Banking services to attract more users. The study concludes that deposit money banks in Nigeria employ a wide variety of electronic payment methods.
Keyword: Financial performance, Return on Assets, Automated Teller Machine, Point of Sale, Internet Banking
Madichie, Christopher Nwanosike
Department of Accounting Education, School of Business Education,
Federal College of Education (Technical), Umunze
(Christofa2002@yahoo.com)
Prof. Nwoha, Chike
Enugu State University, Enugu
Moore, Nwamaka Chinyere
Department of Marketing Education, School of Business Education,
Federal College of Education (Technical), Umunze