Challenges Facing the Sustainability of Cashless Policy towards the Management of the Family Economy among Staff and Students of University of Nigeria, Nsukka

The introduction of cashless economy policy in Nigeria since April 2012 aimed at stimulating economic development and modernization of the Nigerian payment system in line with vision 2020, reduce the cost of banking services and drive financial inclusion by providing more efficient transaction options and greater reach of customers, improve the effectiveness of monetary policy in managing inflation as well as curbing negative consequences associated with the high usage of physical cash in the economy such as risk of cash-related crimes. This paper focused on identifying the challenges facing effective implementation of cashless economic policy among staff and students of University of Nigeria Nsukka. The study adopted survey research design. Purposeful sample technique was used to select 490 respondents (130 academic staff, 97 non-academic staff and 263 undergraduate students) from the nine faculties of the University.Four research questions and two null hypotheses were formulated to guide the study. The instrument used for data collection was structured questionnaire. Mean and Standard deviation were used to analyze the data for answering the research questions while t-test analysis and One-way ANOVA was used to test the null hypotheses one and two respectively at 0.05 level of significance. The study revealed thatbank customers are faced with several challenges such as online frauds, insecurity of personal data. Also operator’s network/service fluctuation and poor interconnectivity of banks network servers is still a major challenge impeding the efficient use of mobile banking services by the users which results to delays in payment thus leading to unimaginable queues experienced by users