Cashless Policy, Financial Crime Management and Economic Sustainability in Nigeria

Anikeze Nnaemeka Hillary, Eze Samson Okwudiri and Igwe Judith Ogbonne

Department of Public Administration, Faculty of Management Science Enugu state university of science and Technology

ABSTRACT

This study investigates the relationship between Nigeria’s cashless policy, financial crime management, and economic sustainability, with a specific focus on five cities in South East Nigeria. The primary objectives were to examine the impact of the cashless policy on the reduction of financial crimes and to evaluate its effects on economic sustainability. A survey research design was adopted, targeting a population of 6,782 residents across the selected cities. A sample size of 378 respondents was determined using the Taro Yamane sampling technique. Data were collected through a structured questionnaire developed by the researcher and analyzed using simple percentages and the chi-square statistical tool at a 0.05 level of significance. The findings revealed that the cashless policy has a statistically significant positive effect on both the reduction of financial crimes and the enhancement of economic sustainability in Nigeria. The study concludes that the effective implementation of the cashless policy contributes meaningfully to curbing financial malpractice and fostering a more stable and sustainable economic environment. Based on the findings and conclusion the following recommendations are made; the government and financial institutions should invest more in robust digital infrastructure and intensify public education campaigns to enhance the adoption of cashless transactions; to sustain the positive impact on economic stability, regulatory agencies such as the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) should implement stronger cybersecurity measures and enforce stricter compliance policies to safeguard electronic transactions and prevent new forms of digital financial crimes.

Keywords: Cashless Policy, Financial Crime Management, Economic Sustainability, Nigeria, Digital Payments, Financial Inclusion, Economic Growth

CITE AS: Anikeze Nnaemeka Hillary, Eze Samson Okwudiri and Igwe Judith Ogbonne (2025). Cashless Policy, Financial Crime Management and Economic Sustainability in Nigeria. NEWPORT INTERNATIONAL JOURNAL OF CURRENT RESEARCH IN HUMANITIES AND SOCIAL SCIENCES, 5(3):1-7. https://doi.org/10.59298/NIJCRHSS/2025/5.3.17000