Impact of Electronic Money on the Economy
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Date
2016-06
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Department of Business Administration, College of Management Sciences, Al-Hikmah University, Ilorin, Nigeria
Abstract
Electronic money (hereafter refers to as e-money) is a recently development, which means that its technical, legal, economic and cultural components are not yet fully understood and embrace in the country. Electronic money is money or scrip that is only exchanged electronically. Thus, the primary objective of this study is to determine the impact of electronic money on Nigeria's economy. Since, it is impossible to cover all related issues regarding electronic money;University of ilorin community was used as the basis of the study, survey design was adopted which elicited necessary data from the selected sample. The total population of study consist of the entire students of university of ilorin as at 2014/2015 academy session. the research adopted stratified sampling method where 20 respondent each were selected from the fourteen faculties in the university and simple random was used to select respondent from each stratum. Multiple regression were used in analyzing the data collected.From the analysis, the following conclusion s were drawn: E-money has a unique advantage which is the fact that it can be used anytime and anywhere.It may probably become the best form of money used for international transactions,as it minimizes the difficulty of currency exchange and also minimizes the use of conventional money, reduces the cost of cash management. It could be established that a positive relationship exists between the usage of E-money and the overall economy. From the findings, this study recommended that government should use the platform of electronic money to formulate monetary policies that will reduce the cost of cash management and therefore stabilize the rate of inflation in economy
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Published Article
Keywords
Electronic Money, Economy, monetary policy, usage