Skip to content
Research Article Open access CC BY 4.0

The Effect of Cashless Policy on Economic Growth in Nigeria: An Autoregressive Distributed Lag Approach

Monday A. Gbanador

Asian Journal of Economics, Business and Accounting · pp. 22–31 · Published 6 Feb 2023

10.9734/ajeba/2023/v23i6938

Abstract

The study investigated the effect of cashless policy on economic growth in Nigeria using quarterly time series data spanning through the period of 2012 to 2021 while the research design adopted for the study was the ex-post facto research design. Diagnostic test such as serial correlation, heteroskedasticity and Cusum test were conducted. Phillip-Peron and Kwiatkowski-Phillips-Schmidt-Shin (KPSS) were used to carry out unit root test on the variables while the Auto-Regressive Distributed Lag (ARDL) was used for the data analysis. The findings revealed a significant relationship between Cheque (CQ) and Internet banking (IB) with the Gross Domestic Product while the relationship between the Automated Teller Machine and the Gross Domestic Product is negatively insignificant. The study concludes that cashless policy influences economic growth in Nigeria and therefore suggests that the Central Bank of Nigeria should encourage Banks to offer quality ATM services to their customers. This is expected to boost the adoption of alternative payment system which is amongst the rationale for introducing the cashless policy.

Economic growth cashless policy cheque automated teller machine internet banking gross domestic product

Cited by 3

Micro, Small, and Medium Enterprises, Cashless, and Economic Growth: Study In The National Capital City Buffer Area

Nor Rahma Rizka, Fitra Izzadieny, Kristianto Tricahya Prabowo · Edueksos Jurnal Pendidikan Sosial & Ekonomi · 2025

Impact of digital finance on the performance of the stock market in Nigeria

Adepoju Adeoba Asaolu, Omolayo Joseph Oluwole, Mary Oluwayemisi Akosile · The Journal of V N Karazin Kharkiv National University Series International Relations Economics Country Studies Tourism · 2025

Impact of Cashless Policy on Economic Growth in Nigeria

Victor/Okechukwu Aninwagu, OKEME Emmanuel, GBARAYORKS, Lewis Dormaa · 2025

Article metrics

Real usage data collected on this platform.

0

Page views

0

PDF downloads

0

Outbound clicks

3

Citations

Views by country

Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".

No views recorded yet.

Traffic sources

Referring site, by host.

No traffic recorded yet.

Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.