The effect of automated teller machines, point of sale terminals and online banking transactions on economic growth in Nigeria
Department of Economics, Caleb University, Imota, Lagos, Nigeria.
Research Article
Open Access Research Journal of Science and Technology, 2022, 04(02), 016–033.
Article DOI: 10.53022/oarjst.2022.4.2.0024
Publication history:
Received on 19 January 2022; revised on 06 March 2022; accepted on 08 March 2022
Abstract:
Despite the policies put in place by the Central Bank of Nigeria through innovative products intended at reducing to the barest minimum all problems relating to e-transactions through the use of payment channels, people still prefer to conduct their businesses with the use of cash. This research makes use of primary Data collected using descriptive statistics such as tables. The objectives of this study are to assess the effect of Automated Teller Machines, Point of Sale terminals and lastly Online Banking transactions value on economic growth. Furthermore, this study therefore concluded that cashless policy is very important to the Nigerian economy and therefore the ATM and POS platforms must be further promoted by stakeholders. The study recommends that The Central Bank of Nigeria should put in place additional regulations and strengthen guidelines to govern the activities of point-of-sale terminal operators in Nigeria to boost financial inclusion and economic growth.
Keywords:
Automated Teller Machines; Point of Sale; Online Banking Transactions; Gross Domestic Product; Economic Growth
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Copyright © 2022 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0