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EFFECT OF CASHLESS ECONOMY ON THE PERFORMANCE OF MICRO, SMALL AND MEDIUM SCALE ENTERPRISES IN ANAMBRA STATE, NIGERIA
Abstract: The study examined the effect of cashless policy of the government on the performance of MSMEs in Anambra State, using the cashless channels of internet/online banking services, automated teller machine services and the mobile banking services as the independent variables. The literature of the study was segmented into four main sections namely; conceptual review, theoretical framework, theoretical exposition and empirical review. The study adopted descriptive survey design. Major statistical tools of analysis include summary statistics of percentages, Pearson correlation and multiple regression analysis. All tests were conducted at 0.05 level of significance. Preliminary results showed that F-Statistic is 23.516 and it is significant because 0.000 is less than 0.05. Regression coefficient of 0.627 shows that 62.7 percent relationship exists between the dependent and independent variables. Also, coefficient of determination R2 is 0.678 and it shows that 67.8 percent variations in the dependent variable can be explained by the independent variables. Major findings are that internet/online banking services, automated teller machine services and mobile banking services have positive and significant effect on the performance of MSMEs in Anambra State. The study concludes that technological innovations have brought about unprecedented achievement in the banking industry which has led to enhanced performance in the MSMEs sector. However, only those with the capacity to access the services will benefit more. It was recommended among others that there should be awareness creation and sensitization about the usefulness of cashless channels so that businesses and the general public can avail themselves of the opportunities.
Keywords: Cashless policy, MSMEs, Performance, Anambra State