An Assessment of Customer Protection and the Challenges of a Cash-Less Economy (Case Study Unity Bank Plc)

ABSTRACT

Cash-less policy is a situation where the volume of the physical cash been used in the economy is reduced rather than total elimination of such. This had been in practice in most advanced countries. However only on Jan1, 2012, the pilot scheme of the policy was introduced as one of the financial services by Central Bank of Nigeria (CBN) in Lagos as a pilot state, been the economic nerve of the country. This policy takes the form of where no one uses cash for major purchases but instead, but instead, credit cards, charge cards, cheques, or direct transfer from one account to another through ebanking or mobile banking. Limits of cash transactions were set for both corporate and individual transactions. An is therefore made to critically appraise the pros and cons of this cashless policy introduced into the Nigerian economy within the context of customer protection and the challenges in a cash less enomy ( case study Unity Bank Plc. With a view to determine its workability as proposed and introduced by the apex bank of Nigeria. Some recommendations that are considered to aid its success are also made.