Corona virus disease 2019 pandemic and cashless transactions in Nigeria
ABSTRACT COVID-19 pandemic is a global humanitarian blight which culminated in social distancing, self-isolation, lockdowns and reduced workforce across all economic sectors. The crisis is also changing the way people live, consume and pay their bills. While consumer spending is down around the world, there has been a surge towards cashless transactions and away from cash which the World Health Organization flagged as a possible conduit for the spread of the virus. This study therefore explored the effect of COVID-19 pandemic on cashless transactions in Nigeria. Random Sampling Technique was used to select Two Hundred and Fifty (250) respondents from five Deposit Money Banks in Lagos State, Nigeria. Data were elicited from the respondents with the aid of well-structured questionnaires. Descriptive Statistics and Chi-square test were employed for data analysis. Findings revealed that majority of the respondents favour cashless transactions because they believe that handling cash presents a higher risk of infection. Also, results affirmed that during COVID-19 pandemic, almost all the respondents frequently utilize Automated Teller machines (ATMs), Point of Sales (POS) and Electronic Fund Transfer. Furthermore, results from Chi-square analysis indicated that COVID-19 pandemic have a significant effect on usage of cashless transactions in Nigeria. The study concluded that COVID-19 Pandemic have accelerated the use of cashless transactions in Nigeria as increasing numbers of bank customers are now accustomed to cashless options. Thus, it is recommended that cashless transactions should be encouraged in Nigeria in order to curtail the transmission of COVID-19 Pandemic. Key words: COVID-19, Automated Teller…