Challenge

A high reliance on cash. In 2011, the Central Bank of Nigeria launched the “cashless policy”—designed to curb negative aspects of cash predominance in the economy, including increased risks of corruption, armed robbery, and inefficiency. The CBN set out to find a suitable replacement to mirror the characteristics of cash (immediate, universal, and readily available) while also mitigating the drawbacks (Babalola, 2022).

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