Influence of Central Bank of Nigeria Digital Currency on Financial Inclusion of Lecturers and Students of the Three Public Colleges of Education in Kano State
DOI:
https://doi.org/10.47672/ajf.1570Keywords:
Central Bank of Nigeria Digital Currency, Financial Inclusion, E-nairaAbstract
Purpose: The study aimed to investigate the influence of the Central Bank Digital Currency (CBDC) e-Naira policy on financial inclusion, with a specific focus on its impact on the access and usage of financial services among lecturers and students in Colleges of Education in Kano State.
Methodology: The study adopted a descriptive survey method, and a sample size of 279 was selected using simple random sampling techniques from a population of 989 individuals. The participants were drawn from three public Colleges of Education in Kano State. Data were collected through a 4-point Likert scale questionnaire, and the analysis was done using the mean and standard deviation with the support of SPSS.
Findings: The study's findings revealed that the CBDC (e-Naira) policy does not significantly influence the access to financial services for lecturers and students in Colleges of Education in Kano State. Additionally, the results indicated that the policy does not have a significant impact on the usage of financial services by this group.
Unique contribution to Theory, Practice, and Policy: The study's unique contribution lies in the discovery that the CBDC (e-Naira) policy has no significant influence on the access and usage of financial services among lecturers and students in Colleges of Education in Kano State. Based on these findings, the researchers recommend an aggressive awareness campaign be conducted by service providers, policymakers, and other stakeholders.
Downloads
References
Abdullahi, S. A. (2019). An assessment of the impacts of zakah on the beneficiaries in
the six local government areas of Kano metropolis. Kano: Kano State Zakkah
and Hubusi Commission.
â·Bloomberg(2022).how is Nigeria's e-naira Africa-s first digital currency doing one year in 2022. Retrieved from https://www.bloomberg com/news/articles/2022-11-01/how-is-nigeria-s-enaira-africa-s-first-digital-currency-doing-one-year-in
Camara, N. & Tuesta, D. (2017). Factors that matter for financial inclusion: evidence from Peru. Aestimatio, 10, pp. 10-31.
Central Bank of Nigeria Statistical Bulletin (2021). From https://www.cbn.gov.ng/documents/quarterlyreports.asp
Central Bank of Nigeria Statistical Bulletin (2022). From https://www.cbn.gov.ng/documents/publications.asp?beginrec=1&endrec=160
Central Bank of Kenya (2022). Discussion paper on central bank digital currency: comments from the public. Retrieved from www.centralbank.go.ke/wp-content/uploads
Chukwuere, J.E. (2021). The eNaira-Opportunities and challenges. Journal of Emerging Technologies, Vol. 1(1), pp. 72-77.
Fabian, O., Emeka, O. and Okeke Chinenye, J. (2022). E-naira digital currency and financial performance of listed deposit money banks in Nigeria. International Journal of Trend in Scientific Research and Development, Vol. 6(2), pp. 222-229.
Enhancing financial innovation & Access (EFInA) (2021). Access to financial services in Nigeria 2020 survey: available https://a2f.ng/wp-content/uploads/2021/06/A2F-2020-Final-Report.pdf
Esoimeme, E. (2021). A critical analysis of the effects of the Central Bank of Nigeria's digital currency named ENaira on financial inclusion and AML/CFT measures. Retrieved from SSRN 3921396
Ejoh, N., and Okpa, I. (2014). The Workability of the Cash-less Policy Implementation in Nigeria. Journal of Economics and Sustainable Development. https://iiste.org/Journals/index.php/JEDS/article/viewFile/15361/15578
Ekong, M. U. and Ekong, N. C. (2022). Digital currency and financial inclusion in Nigeria: lessons for development. Journal of Internet and Digital Economy, 2(1); 46-67.
Fred, D. D., (1985). A technology acceptance model for empirically testing new end-user information systems. Retrieved from https://www.researchgate.net/publication/35465050.
Global financial development Report (2014). Financial inclusion. Retrieved from https://openknowledge.worldbank.org/handle/10986/16238
Grimes, W.P., Kevin, E. R. and Williams, D. B. (2021). Economic Education and house hood financial outcomes during the financial crisis. Journal of Risks and financial management Retrieved from https://doiorg/103390/Jrfm14070316
IMF(2023).Central Bank Digital Currency and Financial Inclusion. Retrieved from https://www.imf org/en/Publications/Policy-Papers/Issues/2023/04/12/IMF-Approach-to-Central-Bank-Digital-Currency-Capacity-Development-532177
Irving, F. (2015). Irving Fisher Committee on Central Bank Statistics IFC. Retrieved from https://www.bis.org/ifc/events_history.htm
Joshi, V.K., Singh, M.R. & Jain, S. (2014). Financial inclusion for sustainable development through Pradhan mantri Jan-Dhan Yojana. International Journal of Applied Management and Technology, pp. 125-132, Retrieved from http://www.professionalpanorama.in/wp-content/uploads/2015/02/14sonal-ji.pdf
Leelanji, R. and Senthilkumar, K. (2019). Digital currency and its impact on unorganised retail sector with reference to Krishnagiri town- a study. Journal of emerging technologies and innovation research.
National Strategy for Financial Inclusion 2019-2024, (2019). An approach paper to accelerate financial inclusion to promote economic wellbeing, prosperity and sustainable development. From https://rbidocs.rbi.org.in/rdocs/content/pdfs/NSFIREPORT100119.pdf
Nwankwo O. and Eze O.R (2013). Electronic payment in cashless economy of Nigeria: problem and prospect. Journal of management research. Retrieved from https://www.researchgate.net/publication/276182037_Electronic_Payment_in_Cashless_Economy_of_Nigeria_Problems_and_Prospect
Olajide, V. C. (2012). Cashless Banking in Nigeria and its Implication. Retrieved from https://www.semanticscholar.org/paper/Cashless-banking-in-Nigeria-and-its-implications-Olajide/5b7f1ea8ce9d078fe393951ae1fcc7ebfab69c96.
Ozili, K. P. (2020). Assessing global and local interest in eNaira CBDC and cryptocurrency information: implications for financial stability. Journal of Internet and Digital Economics Vol. 2(2)
Ozili, P.K. (2023a). eNaira central bank digital currency (CBDC) for financial inclusion in Nigeria. Digital Economy, Energy and Sustainability: Opportunities and Challenges, Springer International Publishing, Cham, pp. 41-54.
Ozili, P.K. (2023b). Determinants of interest in eNaira and financial inclusion information in Nigeria: Role of Fintech, cryptocurrency and central bank digital currency. Digital Transformation and Society. doi: 10.1108/DTS-08-2022-0040.
Ozili, P.K. (2022), Central Bank Digital Currency in Nigeria: Opportunities and Risks, CSEF merald, Bingley. SSRN Electronic Journal
Shannon M., (2019) Challenges Facing Financial Inclusion in Nigeria: international Development Research from https://www.geopoll.com/blog/challenges-financial-inclusion-nigeria/
Shona M. C., (2022) How to cite a website in MLA from https://www.scribbr.com/author/shona/page/3/
Suoye I, Nnaemeka, A. N., Itotenaan, H. O. (2022). Evolution of e-Naira for Re-engineering the Nigerian Emerging Economy. Journal of Economics, Finance and Management Studies, Vol. 5 (10): 2866-2874
Tan, B. (2023). Central Bank digital currency and financial inclusion. Retrieved from www.imf.org/en/pulication/wp/issues
World Bank (2019) Financial inclusion is a key enabler to reducing poverty and boosting prosperity, from https://www.worldbank.org/en/topic/financialinclusion/overview
Yao, Q. (2018). A systematic framework to understand central bank digital currency. Science China Information Sciences, 61(3)
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Okoliko Sunday, Attah James
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
