"Were We Ready in the First Place?": An Analysis of Cashless Policy Implementation in Nigeria

On 1 January, 2012, Nigeria commenced the implementation of cashless policy, with the kick-off in Lagos State. By the end of that year it was evident the implementation could not be extended to other states of the federation, as earlier scheduled. This raised a crucial question: was Nigeria prepared in the first place, in terms of availability of needed infrastructures, to commence implementation of the cashless economy? This study seeks to answer this question. In addition, it identifies potential consequences of implementation on the security of the nation’s cyberspace. Both primary and secondary data were collected. Our findings reveal that when the implementation of the cashless policy kicked-off, awareness, required infrastructures, and the security of the country’s cyberspace were inadequate. We suggest that the consequences of implementing cashless policy in Nigeria will have various security effects on the Nigerian cyberspace if the level of awareness and existing infrastructures are not improved.