This study considered mobile money as a channel to achieving cashless
policy goal. By mobile money, this author mean using credit cards
(airtime) on mobile phones for payment transactions. Several channels of
electronic payment (cashless policy) exist but faced with divers problem
that impaired attainment of cashless policy goal. Some of these limiting
factors include but not limited to network/internet requirement, frequent
power outage for POS devices, need to visit ATM stand before transaction(s) can be performed, and most alarming is the level of
education/knowledge required to use such mechanisms. This study
established that none of these limiting factors will affect mobile money if
introduced because users of mobile phone will use same techniques
required for placing and receiving calls for payment transactions. This
draws cashless policy closer to even the less schooled. To achieve the
objectives of this study, both primary and secondary data were deployed
and analysed using paired t-test and Friedman test to establish the
hypotheses. The study revealed that cash in circulation after the adoption
of cashless policy is on the increase, though that contradicted the objective
of the policy which was to reduce physical cash circulation. And concluded
that if mobile money is introduced, cashless policy goal was achieved and
in turn, cost of printing physical cash could be diverted into other
profitable ventures, hence, economy is improved.

Keywords: Mobile Money, Channel and Cashless Policy

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International Journal of Management Science Research ISSN ISSN 2536 – 605X(Print)

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