Cashless Financial Policy and the Operations of Small Businesses in Uyo Metropolis, Akwa Ibom State

Abstract

The paper was on cashless financial policy and the operations of small businesses in Uyo
Metropolis, Akwa Ibom State. A cashless economy displays an economic situation whereby
transactions are carried out without the need to move physical cash; and this is one with the
use of electronic device. Cashless policy aims to curb some of the negative consequences
associate with the high usage of physical cash in the economy, including high cost of cash,
high risk of using cash, high subsidy, informal economy, inefficiency and corruption. Concepts
such as cashless financial policy, small business were examined in the paper. The paper
highlighted the importance of cashless financial policy. Types of cashless financial policy was
also examine in the paper. The paper stresses the advantages as well as disadvantages of
cashless financial policy were critically examined in the paper as well as the effects of cashless
financial policy on operation of small businesses. It was concluded that the implementation of
the cashless policy will see an acceleration of financial inclusion and business formalization
as well as an increase in digital adoption whilst reducing cash related robbery. The paper
suggested among others that federal government should ensure infrastructures that will ease
cashless financial policy are put in place.