There have been a consistent agreement in the body of extant literatures (Daasi, 2012; Nelson & nelson, 2010; Gboski, Joshua & Stephen, 2007) that small and medium scale enterprises have the tendency to improve the economy of any nation through job creation and increased flow of finance to the economy calls for policy formulation and implementation that will enhance its growth and performance. However, the recent introduction of cashless policy by the central bank of Nigeria (CBN) has relegated SMEs to a characterization of what is described as the declining glory of the sector. This is evident in SMEs performance, growth and operation, especially in rural areas.

The situation is more disturbing when compared with what other sectors (with lesser economic implication) of the economy has been able to achieve. Studies have also described the situation by showing a high correlation between access to finance and operations, performance and growth of SMEs. Hence, if the goals of SMEs which is widely acclaimed by researchers (Daasi, 2012; Nelson & nelson, 2010) as a boast to the economy will be achieved, then the development and enhancement of the performance, operations and growth of SMEs should be vigorously pursued.

The growth of SMEs in Nigeria is a product of availability of finances and effective utilization of mechanism which enhances their performance, operation and growth in terms of execution of transaction. Thus, inability to accomplish the foregoing could hinder the growth of SMEs especially with the recent introduction of cashless policy which calls for internet and online banking, the use of Automated Transfer Machine (ATMs), etc., makes the situation even more disturbing for SMEs especially those operating in the rural areas due to the proximity, lack of awareness and knowledge, access to Information and Communication Technology (ICT) (Ebepanipre & Oyuoyo, 2013; James, 2012; Olajide, 2012).

The description of SMEs as a business that utilize average trading capital and the largest number of participant operating as the lowest strata of the economy, could make the introduction of the cashless policy not only a plaque to the operators, but also a burden to the economy.

With the advent of Information Technology and the internet, the monetary system is taking a new swing into using electronic money as a legal tender for exchange. Several literatures have pointed out the emergence of a cashless economy where the present legal tender (which is paper money and coins) is replaced with electronic money. This initiative has become a global trend. Bonugli (2006) noted that bank notes and coins are gradually phasing out as mode of payment for transactions as more systems present themselves to be viable and better alternatives across the world.

Nigeria is not left out of this trend as the cashless policy is the latest innovation of the Central Bank of Nigeria, among its numerous efforts to reform the Nigerian financial system. There was the recapitalization agenda, then the redenomination of the Naira, the non-interest (Islamic) banking and most recently the cashless economy. While some of these policies made sense to the citizens, others were treated with discord. Though as always with any change attempt, resistance is inevitable. Amidst the skepticism of Nigerians, the recapitalization agenda which kicked off in 2005 has been successful. The redenomination of the Naira and the Islamic banking were flogged with critics. For instance, the redenomination of the Naira was judged to be counter-productive while the initiators of the non-interest banking concept are accused of masking under some hidden agenda (Akhalumeh and Ohiokha, 2012). The cashless policy has not escaped such critics, hence the need to address the concerns of the citizenry if the policy must survive. The anticipated benefits of the adoption of the cashless economy have been greatly stressed but people have not been convinced that the policy is for the good of all especially the SMEs which contributes majorly to the economy. project topics   final year project topics and research materials 


The problem of this study therefore, is to investigate if the introduction of cashless policy has any impact on Small and medium business in Nigeria with focus on Edo State. Specifically, emphasis will be placed on: determining the characteristics of small and medium businesses in the study area; identifying the challenges that have hindered the adoption of cashless policy by small and medium businesses in the study area; investigating if cashless policy has in any way enhanced the growth of small and medium scale businesses in the study area; examining the impact of cashless policy on the performance of small and medium scale businesses in the study area and finally, make evidence based recommendations on how the adoption of cashless policy could be enhanced in other to reposition small and medium scale businesses to boost the economy of Nigeria.


The following are the objectives of this study:

To examine the effect of cashless policy on Small and medium businesses in Edo State. To determine the characteristics of small and medium businesses in Edo State. To analyze the challenges that have hindered the adoption of cashless policy by small and medium businesses in Edo State.


What are the effect of cashless policy on Small and medium businesses in Edo State? What are the characteristics of small and medium businesses in Edo State? What are the challenges that have hindered the adoption of cashless policy by small and medium businesses in Edo State?


HO: There is no significant relationship between cashless policy and economic development of SMEs in Edo State

HA: There is significant relationship between cashless policy and economic development of SMEs in Edo State


The following are the significance of this study:

The result from this study will educate the managers of small and medium business and the general public on the effect of cashless policy on SMEs recommending coping strategies to ensure profitability with the use of the modern technology. This research will be a contribution to the body of literature in the area of the effect of personality trait on student’s academic performance, thereby constituting the empirical literature for future research in the subject area


This study is limited to SMEs in Edo State. It will also cover the relationship between cashless policy and economic development of SMEs in Edo State.


Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

 Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work


G.L.K. Daasi, Traditional financial institutions and rural enterprises in Ogoni land of Rivers state. Unpublished seminar paper, Department of Economics, University of Uyo, Uyo – Nigeria, 2012.

E.E. Nelson, and I.E. Nelson, Microcredit programmes and poverty alleviation in rural Nigeria: A case of Akwa Ibom State, International Journal of Economic Development Research and Investment, 1(2&3 ), 2010, 168-180.

A. Gboski, A. Joshua, and T. A. Stephen, The Role of “Susu” A Traditional Informal Banking System in the Development of Micro and Small Scale Enterprises (MSEs) in Ghana, International Business & Economic Research Journal, 6(14), 2007

G.M. Ebipanipre, and K.O. Uyouyo, An empirical analysis of the benefits of cashless economy on Nigeria’s economic development, Research journal of finance and accounting, 4(17), 2013, 11-16.

A. O. James, The Acceptance of E-banking by Customers in Nigeria, World Review of Business Research, 2(2), 2012, 6-8.

Akhalume P.B., and Ohiokha F. (2012), “Nigeria’s Cashless Economy: The imperatives”. International Journal of Management & Business studies. 2(2):31-37

Bonugli Paul (2006), The Cashless society: Increased Usage of Card-Based Payment Systems”, Electronics and Computer Science, University of South Ampton.


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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper

    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)


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