THE EQUILIBRIUM OF TECHNOLOGY AND CASHLESS ECONOMY

This research was carried out to examine the equilibrium of technology and cashless economy on Nigerian economic growth. Cashless economy refers to an economic situation where transaction is carried out without the moving of physical cash from one person to another but rather through the use of credit card or debit card; this means that you can buy goods and pay for services without exchange of physical cash.

The objective of the study is to examine the relationship between cashless economy and Nigerian economic growth, determine the relationship between credit to private sector and Nigerian economic growth, and investigate the relationship between exchange rate and Nigerian economic growth. The study employed ex-post facto research design; secondary data were used and data were analyzed using the least square estimation.

It was observed that cashless economy has enhanced business, cashless economy has led to financial openness; the study findings show that cashless economy significantly influences Nigerian economic growth, and cashless economy has also ensured financial deepening. Based on the findings from the study, we conclude by saying that cashless economy opens up the economy for transactions and increases economic activities. It is recommended that the government and the various stakeholders should make conscious effort in sustaining the cashless economy.