Mountain Top University Library

This study investigates the impact of Nigeria’s cashless policy on financial inclusion among traders in Balogun Market, Lagos State. The cashless policy, implemented by the Central Bank of Nigeria (CBN), aims to reduce cash transactions and promote digital financial services across the nation. This research explores how the policy influences the financial behaviors, access to
banking services, and overall financial inclusion of traders in one of the country's busiest markets. The study employs a mixed-methods approach, combining quantitative surveys and qualitative interviews. Data were collected from a representative sample of traders within Balogun Market, focusing on their experiences with cashless transactions, adoption of electronic payment
methods, and perceived barriers and benefits of the policy.Preliminary findings suggest that while the cashless policy has led to increased awareness and adoption of digital payment methods among traders, significant challenges remain. These
include limited access to digital infrastructure, high transaction costs, and resistance to change from traditional cash-based practices. The study also highlights improvements in transaction efficiency and financial management among traders who have embraced digital payments. The research concludes that while the cashless policy has the potential to enhance financial
inclusion, especially in urban markets like Balogun, addressing infrastructural and educational gaps is crucial. Recommendations include expanding digital financial literacy programs, improving access to affordable digital payment solutions, and providing incentives for traders to transition to cashless transactions.This study contributes to the understanding of how cashless policies affect small-scale traders in Nigeria and provides insights for policymakers and financial institutions aiming to promote
inclusive financial systems in emerging economies.Keywords: Cashless policies, Financial inclusion, Automated teller machine, Point of sales, Mobile banking, Internet banking