Payment Systems, Cashless Policy and Economic Growth in Nigeria: Product-Moment Correlation Coefficient Analysis

  • Andrew O. Agbada, Casimir C. Osuji


This study seeks to appraise Payment systems, Cashless policy and Economic growth in Nigeria. The study adopted a survey design and data were collected using a questionnaire structured to conform to the 'Item-Specific Response Options (ISRO)' strategy. Data were analyzed using Pearson Product-Moment Correlation Coefficient (PPMCC)denoted by (r) and Coefficient of Determination, (r2). The findings show that(r) value forthe variables Payment systems and Economic growth stood at 0.5380 and r2 at 28.94%. Thus, the existence of a linear relationship was established through the strength of the relationship appears moderate. The findings forthe variables Cashless policy and Economic growth show that (r) stood at 0.1593 with r2 at 2.54%, indicating an extremely weak relationship and so, a very negligible impact was concluded.It counters apriori expectation.The observed truth from the trend of responses is that the adoption of most of the electronic payment systems is low possibly for fear of sharp practices prevalent in their usage.Therefore, we recommend that deliberate measures must be instituted by economic stakeholders to fortify the security system in banking payment channels cumorganizing training, workshops and seminars for their clients to sensitize them on the use of banking appliances to enhance payment systems operations and forestall over-reliance on cash.