The Making of a Cashless Economy: Comparison of Nigerian + UK Electronic Banking: 14,000 words MBA














































ACKNOWLEGEMENT                                                                            iii

ABSTRACT                                                                                            iv


1.1. Introduction                                                                                1

1.2. Research Objectives and Questions                                          4

1.2.1.    Research Objectives                                                           4

1.2.2.    Research Questions                                                            5  


2.1. Literature review and development of hypotheses                     7

2.2. Nigeria versus the UK                                                                 10

2.3. Drivers of Change towards a cashless economy                       11

2.3.1.    Globalization                                                                       11

2.3.2.    Privatisation and Deregulation                                              12

2.3.3.    Banking Industry Lifecycle in both economies                        13

2.3.4.    Technology and Infrastructure                                             13

2.3.5.    Economical Implication of Electronic means of payment        16

2.3.6.    The Role of Government and regulatory bodies in the

development of a cashless Society.                                                17

2.3.7.    Collaboration between Banks and Retailers                          17  

2.3.8.    Consumer Attitude towards electronic payment systems        19

2.3.9.    Market for Electronic payments System                                19

2.4. Development of Hypotheses                                                      22


3.1. Research Perspective                                                                23

3.2. Research Design                                                                        23        

3.3. Research Methodology                                                              24

3.4. Data Collection Methods                                                            25

3.5. Sampling Strategy                                                                      26

3.6. Survey Instrument                                                                      27

3.7. Hypotheses Tested                                                                    28

3.8. Validity                                                                                       29

3.9. Reliability and Generalisation                                                    30

3.10.               Research Limitation                                                          30

3.11.               Ethical Consideration                                                        30


4.1. Data Collection and Presentation                                               32

4.1.1.    Responses Received                                                           32

4.1.2.    Survey Sample Profile                                                         32

4.2. Quantitative Analysis                                                                 33

4.2.1.    Hypothesis Revisited and Tested                                         33

4.2.2.    Analysis using the Contingency Table                                   37

4.2.3.    Correlation Analysis                                                             39

4.2.4.    Regression Analysis                                                            39

4.3. Qualitative Analysis                                                                   40

4.3.1.    Strategies and collaboration between banks and Retailers     40

4.4. Review of the CBN policy towards the development of

a cashless economy                                                                         41


PERSONAL REFLECTION                                                                     50

LIST OF REFERENCES                                                                          52

LIST OF TABLES                                                                                   57

LIST OF FIGURES                                                                                  57

LIST OF CHARTS                                                                                   57

LIST OF ABBREVATIONS                                                                      58

APPENDIX                                                                                             59

Appendix A CBN Payments Report                                                               59

Appendix B Sample of the invitation letter                                                     60

Appendix C Sample of the face-to-face questionnaire                                   61

Appendix D BES Ethics Compliance Form                                                    63

Appendix E Correlations Analysis Table 1                                                     64

Appendix F Correlations Analysis Table 2                                                     65

Appendix G Masters Dissertation Submission Form                                     72



In an effort to create an efficient, convenient and secured way of facilitating commercial activities, electronic payment (e-payment) system is globally replacing money and rapid technological advancement has paved way for the evolution of a cashless society. Payments are fundamental to any form of business activity and e-payment represents the present and the future of global payment system.


The aim of this research is to compare and evaluate the market status for e-payment system in Nigeria and the UK while identifying the factors responsible for the adoption level in both countries as well as the vital role being played by the banking sector towards the achievement of this goal in both economies.


Survey samples were obtained from major cities in Nigerian and the UK and responses analysed separately in order to determine the correlation between the factors and the adoption rate for the two countries.


This exploratory study provides an insight for the Nigerian retail and financial sector as it clearly highlights the similarity and differences in the payment trend when compared to the UK. It presents an empirical research into the factors inhibiting the acceptance of cashless payment in Nigeria which clearly shows that lack of information, accessibility and security concerns are the major impediments.


It therefore suggests that successful adoption of e-payment system requires banks and the financial regulatory body to develop better marketing strategy. Also there is need for banks to facilitate necessary collaborations with other service providers including merchants and retailers for rapid acceptance.





1.1 Introduction

In the present day, most nations are gradually building an economy that de-emphasises the use of cash in conducting day to day transactions. To achieve this objective, the banking industry needs to play a major role. The last two decades has witnessed a significant global change from traditional branch banking to electronic banking.


Electronic banking (e-banking) is the provision of banking services and products to customers through the use of electronic devices such as personal computers, telephones, fax machines, Automated Teller Machine (ATM), the internet, and other electronic channels. And cashless payment system focuses on those payment methods and instruments which strictly exclude the use of cash. These include – online banking, telephone banking, e-commerce, smartcard, Automated Funds Transfer (AFTs), Fund Transfer at Point Of Sales terminal and Real-Time Gross Settlement System (RTGS) and Direct Debit payments.


The revolution towards cashless society all began as far back as 1949. According to history, it was as a result of an event that happened when Alfred Bloomingdale and some friends including McNamara went out on an old school lunch and realized they did not have enough cash to pay for the meal when the bill arrived. Mcnamara had to call his wife to bring cash and he vowed that such an incident will never happen to him again. This led to the development of the first plastic charge company by the Bloomingdale and Mcnamara. Although their card was simply launched as a “network of restaurant charge account” so that big spending tycoons like themselves will not have to worry about carrying cash around when dining out (Katrina and Joan 2004).


The internet has brought about major shake ups in virtually every industry; many businesses in the world depend on electronic means of payments rather than cash. The concept of a cashless economy follows the introduction of electronic payment methods like credit and debit cards. Electronic banking, first introduced in the UK in late 80s have over the years become increasingly more popular than cash, the landmark development in computer technology and explosive growth of the internet as a retail medium have significantly changed the way Europeans shop. E-banking has brought about the 24 hours, 7 days a week convenience banking anytime anywhere even from the cozy comfort of your home!


A lot of business transactions could be concluded through the internet and it would have been seemingly impossible to carry out some commercial activities online without the evolution of the card payment system. This development also applies to the banking world where most banks have invested many resources into the development and deployment of state-of-the-art electronic banking platforms.


Studies and experience have shown that e-banking is cheaper for the economy; analysis by Lymberopoulos and Chaniotakis (2003) shows that cost per transaction can be greatly reduced up to 71percent for telephone banking and 25 percent for internet banking. It eliminates cost of printing and minting new notes and coins, cost of handling cash and other cash administration associated costs. In these days of environmental conservation awareness, e-transactions are encouraged since it is more eco-friendly to carry out paperless transactions which saves the world’s forests and reduces degradation of the environment.


Other costs involving movement of cash, cash insurance and the like are also removed. It is more convenient than traditional branch banking. Banks can leverage on these opportunities provided by e-banking to increase their customer base and also reduce their cost of operation by appropriate channelling of their resources based on this type of research into electronic and online banking. Moreover, globalisation has brought about the growth of e-commerce with electronic means of payment being the backbone.


The last decade has witnessed increased growth and development in online banking in the financial world; however the implementation and adoption of electronic means of payment varies between the developed western world and the developing third world countries. ‘The developing countries experience specific market conditions in terms of knowledge, technological abilities, business ethics, internet regulations as well as different customer profile’   (Gurau 2002). These different market specific conditions in the less developed economies are responsible for the need to develop marketing strategies based on well grounded research to gain customer’s confidence and patronage. Booz et al. (1997) shows that banks can considerably lower their operating cost by encouraging customers to make use of electronic banking, this cost when compared to traditional banking is up to 35-40 percent lower.


Banking in Nigeria and more generally, the economy is cash driven. This is not unexpected, since the industry has remained traditional over the past 5 decades when banking was first introduced. Up until mid 21st century, most businesses did not accept any other form of payment apart from cash. A typical scenario would often involve two business customers banking with the same bank and needing to pay one another a large sum of money. Both customers, Mr A and Mr B for instance, would go to the same bank, Mr A withdraws cash and pays Mr B, who receives cash, counts each note and fills a deposit slip. He will then pay same cash into his account, the exact amount collected from Mr A. This shows the level to which quite a number of people in businesses in Nigeria still depend on cash.


This cash centred situation creates long queues and confusion in banking halls customers sometimes have to wait for hours to get paid in cash. It is time wasting, costly and generally unsafe because bullion vans need to move bulk cash several times in a day from one bank branch to another, cities are usually extremely noisy and insanely chaotic as a result of loud sirens from bullion van trying to manoeuvre their way through the usual heavy traffics!


More recently in Nigeria, there is a growing trend towards e-banking and general believe that in a cashless economy, the associated stress, risk and inconveniences involved in dealing with cash will be greatly reduced. Although the level of acceptance of electronic payments is still relatively poor, the drive towards a cashless economy is necessary and it is considered that the economic gains will far outweigh that of traditional banking and cash transactions in the nearest future.


The need to find meaning as to why cash still forms the basis of commerce in the Nigerian society and why many bank customers would prefer spending their precious time on long queues waiting to be attended to when most of their transactions could be effected without stepping into any banking hall, led to the author’s interest in this research. This project will attempt to examine and analyse the drivers of change towards a cashless society and take a critical review of the situation based on the level of implementation of electronic payment in Nigeria and the UK. It will also compare the motivating factors towards a cashless society based on the experiences of the Bank staff, merchants and the general public.


The study on customers’ preference for cash instead of the effortless and stress free electronic means of payment has not been extensively examined in the Nigerian context, and this forms the basis and essence of this research. It will investigate the success factors in the adoption of various e-banking and electronic payment channels.


1.2 Research Objectives and Questions

1.2.1 Research Objectives

In a constantly changing world and global competitive environment, the payment system is predominantly very significant and crucial to the fiscal and monetary policies of any economy. Various literatures (Daniel 1999, Sathye 1999, and Laforet and Li 2005) already suggested that consumer behaviour, attitudes and motivation are key factors responsible for the acceptance of innovative service delivery platform such as e-banking. The adoption of electronic payment system is increasing rapidly in the global financial market and considering the level of investment by Nigerian banks in the deployment of technology based electronic banking and payment channels, it is important and necessary to investigate and study the market readiness and status, hence the objectives of this research are:

  • To compare electronic banking in Nigeria and the UK
  • To investigate the acceptance level of electronic means of payments in UK & Nigeria
  • To evaluate strategies adopted by UK banks towards customers’ acceptance of e-banking. How can these be applied to the Nigeria situation.
  • To recommend processes that will lead to higher acceptance and implementation level in Nigeria
  • It will also review the “CBN FSS 2020” and the drive towards achieving a cashless economy.


1.2.2 Research Questions

Sequel to the heavy cash dependent economy of Nigeria – a developing country, and the obvious advantages of a cashless society as obtained in the western world such as the UK, the following questions arise:

  1. Why does the Nigeria economy still revolve around cash?
  2. What are the challenges regarding the adoption of electronic banking in Nigeria?
  3. What is the general perception of the Nigerian consumers towards electronic means of payments?
  4. How can the use of electronic banking be made popular, acceptable or improved?
  5. What is the role of businesses, retailers and consumers in building a cashless economy?




2.1 Literature review and development of hypotheses

The impact of electronic service delivery on banking can not be over emphasized and there is a general consensus amongst researchers and practitioners on this effect. (Johnson et al. 1995, Graham 1997, Treanor 1997, Barwise 1997, Bauer et al. 2005 cited in Ibrahim et al. 2006). According to the research by an American banker, “online banking is one of the fastest-growing Internet activities. Consumers can perform most banking transactions online, including viewing transactions, transferring funds, getting loan rates, applying for loans, and tracking stock quotes or mutual funds – all from the comfort of home or the convenience of a laptop” (Novielli 2007).


Barwise in 1997 estimated that 60 percent of retail banking transaction will be online by 2007; probably a projection for the developed country, for the developing economy such as Nigeria, this obtainable figure is still very low when compared to this forecast. Another research by Daniel (1999: 75) on the provision of electronic banking in the UK and Ireland found that 25 percent of the banks were already offering online banking product to their customers while 50 percent of the banks were at the product testing stages This was about a decade ago; the reality now is that all the banks in UK service their customers through the electronic distribution channels.


Though, the use of electronic means of payment including plastic cards is now  employed and accepted worldwide, the level of acceptance still varies from market to market even in the western world. Worthington (1995) in his research on the cashless society demonstrated that UK has the largest number of cards issued when compared to other European countries. The research also shows that there are considerable variations in the frequency of usage and average volume of plastic card transaction between different countries in Europe. According to his report adapted from Payment Cards in Europe Retail Banking Research, the average value card transaction for Switzerland, Italy and Austria were quite high. Each of these countries had more than 150USD average card transaction compared to that of the UK, Portugal, Norway and Finland which were well below 60USD average card transaction. Worthington’s research focused on the developments and implications of gaining consumer’s acceptability of the cashless methods of payment in the UK within the European context.


He also highlighted the prospect of cards offering the possibility of different payments options in timing frame and the economic rational for ensuring its security and incorporation of various value added services e.g. loyalty reward schemes, health and education records, etc. the research did not provide details on the activities of Banks in promoting the card usage and acceptance.


As highlighted by Joseph et al. (2005), exploratory study on the use of technology may provide suggestions to the bank on how to improve upon the service level to their customer. Studies of this type will also be of advantage in evaluating customer’s perception of service delivery technology and channels and this can be used in taking decisions on appropriate technology deployment.


A similar cross-country comparison research between UK and Turkey, (i.e. between a developed and a developing country) suggests that this kind of study will enable banks to evaluate and build upon their e-banking provision (Sayar and Wolfe 2007). However, this research only focused on internet banking performance. Research on customers’ adoption of electronic banking in China provided findings which show that awareness and understanding of the benefits, is one of the barriers in traditional cash carrying economy such as China and Nigeria (Laforet and Li 2005).


Even though e-banking is convenient, fast and considerably cheaper than using traditional bank branches, adoption rates vary across countries. With the exception of the Scandinavian countries, other banks would desire that a lot more customers would accept its use. The reasons for the lack of enthusiasm towards these obvious advantages of this method of banking are important since consumers acceptance is found to be the key factor in determining the feasibility and successful implementation of new and technology-based banking services (Sayar and Wolfe 2007).


This slow response and low level of adoption of electronic means of payment is observed not just amongst bank customers but shops and merchants with unused POS terminals which are left idle. As a way of encouraging electronic means of payment, the Central Bank of Nigeria Financial System Strategy 2020 was introduced, tagged “CBN FSS 2020”. Its main objective is to facilitate a national payment system. Similarly, according to the objective of this strategy, it is expected that the CBN and all other arms of government would lead by example, and pay suppliers electronically by end 2008 (CBN website 2006).


However, this high technology banking method was not accepted in Nigeria until late 90s. According to a survey conducted by the Central Bank of Nigeria (CBN) in September 2002, on the extent of e-banking adoption by Nigerian banks, it was observed that out “of the 89 licensed banks in the country, 17 were offering internet banking, 24 offered basic telephone banking, 7 had ATM services, while 13 of them were offering other forms of e-banking” (Ezeoha 2005). This implies that as at then, only a few banks were offering any form of electronic banking and just 19.1 percent of the banks were offering internet banking (Ezeoha 2005).


The increased competitiveness amongst Nigerian Banks was brought about by the Central Bank of Nigeria (CBN)’s introduction of Universal Banking which led to the strategic move towards technology based banking. The need to reshape the banking landscape by the “smaller banks” and promote a levelled playing ground in order to compete with the “big three”, then First Bank, Union Bank and UBA resulted in rapid development of internet banking.


Studies by Huang et al. (2003) nevertheless provided an elaborated review of the journey towards electronic commerce by one of the first movers such as First Atlantic Bank and the hurdles encountered. The researchers, while acknowledging the commercial risks and financial implications of being a first mover discussed the challenges encountered in terms of customers’ perception and low number of users. However, the reasons for poor market acceptability were not and have not yet been established.


Previous research works on electronic banking in Nigeria focused essentially on the security (Ezeoha 2005 and Agboola 2006) and risks associated with e-banking in Nigeria. It is important that research should be carried out focusing more on e-banking application towards achieving a cashless economy. Considering the convenience, low cost and security of this mode of payment; this seems to be the future of banking and global business environment. This study will consider not only the security issues but other factors such as ease of use, information awareness and the like. It is expected that the findings will give insight into the adoption of electronic banking by consumer and their perception towards it. It will also enable banks to review their marketing orientation and then address the consumers concerns towards adoption of e-banking.


Smartcards are still the most popular electronic means of payment in Nigeria. “Available data reveals that between 2000 and 2002, the total number issued had quadrupled, while the number of transaction also increased by more than 250 percent” (CBN website 2006). In addition, within the same period, the number of ATM increased to 68 from a mere 3 units in 2000. However, the use of full range electronic transactional banking, like the use of internet for payments, is yet to experience similar growth (CBN website 2006). This research will attempt to examine the conditions hampering the development of this means of payment.


The role of the Banking industry in facilitating this growth is particularly evident especially in the huge investments on internet technologies by major banks in the UK and the continuous expansion in the variety of online services available to customer and the increasing improvement of such offerings. A market survey report by Karl (2007) shows that banks in Great Britain are investing heavily in electronic banking in order to meet the increasing demand for online services as a result of changing customer’s preference.

2.2 Nigeria versus the UK

Presently, virtually all the banks in both Nigeria and the UK offer one form of electronic banking however the level of adoption differs in both countries. The financial sector in the UK is more advanced being a developed nation while that of Nigeria is still actively growing as depicted in Table 1.

No of retail banks25161
No of ATMs (2007 estimate)3,67630,000
Total Population (2008 estimate)148,093,00060,997,000
Rural to Urban Population Distribution (2007 estimate)62.3 : 37.719.3 : 80.7
GDP Growth rate (1996 – 2005) (%)4.32.7
Literacy Rate (2007 estimate) (%)4599
Size of Economy GDP, 2005 ($ billions)992,193
Ratio of ATM to Population1 : 402861 : 2033
GNI capita income (2007 estimate) ($)56037600

Sources: National Population Commission, Nigeria, Defra UK, World Development Indicator, World Fact book and FSA website.


Table 1 The demographic information and key banking sector figure


Table 1 shows that Nigerian economy size in terms of Gross Domestic Product and the GNI capita income is relatively low when compared to that of the UK, a result of the fact that the UK is more industrialized with a more buoyant economy than that of Nigeria. Although, the Nigerian population is more than double the size of the UK population, illiteracy and rural population is significantly higher and could affect the way people perceives new technology and innovations.


In addition, the retail market structure in Nigeria could make it somehow difficult to set up an e-payment system. This is because the retail market lacks proper formation with majority of transactions being conducted on road sides and clustered up neighborhood markets. Most traders in these markets operate from open stalls, trading with no permanent structure. This form of market constitutes more than 80% of the retail sector in both the Nigeria urban and the rural area, another major contrast to the UK where most shopping are done in retails stores and corner shops with at least a POS terminal.


Furthermore, a large percentage of the population do not maintain any bank account, most of the retail banks branches and ATMs are concentrated in the urban settlements where it is profitable for the banks to operate. With a per capita income of less than a $600, it becomes difficult for more Nigerians to keep a savings account, hence the relative low ratio of banks/ATMS to the population.


2.3 Drivers of Change towards a cashless economy:

2.3.1 Globalization

The drive towards globalization of the world economy is a major contributing factor for the development of a payment system that is not limited by border barriers. Even the creation of single currency notes between nations such as the euro in Europe does not still provide the ultimate solution as most of world trades as well as Foreign Direct Investments (FDI) are settled via electronic means and barriers still exists when business transactions are conducted between two nations that are both not members of the European Union.


The financial services industry is broad and very diverse in nature; it includes the banking industry, building and loan societies, insurance and investment institutions. In addition, a host of other firms (for example, the auto and retail financial institutions) that have set their own financial services are also springing up rapidly (Joseph et al. 2005). The need to compete internationally and in the global capital market means that financial services providers must develop their electronic payment platform. This is applicable not only to the UK with advance economy but also Nigeria which is very much relevant in global trade especially as a major oil producer.


2.3.2 Privatisation and Deregulation

Privatisation and deregulation are major driving forces in any banking reforms. It brings about various forms of innovation and increase competition. The deregulation in the UK banking industry which began in the early 1980’s resulting in the abolition of foreign exchange restrictions on bank and the 1986 banking industry legislation was a major milestone that led to increased rivalry amongst players in the financial sector of the economy.  Daniel (1999) stated that the increasing competitive environment as a result of deregulation of the financial market resulted in the development of new distribution platform to access customer while electronic or online banking happen to be the modern delivery channel introduced as one of the tools for gaining competitive edge.


Although, the pressure to increase sales and market share might have been the major reason for introducing electronic banking by first movers like the Bank of Scotland and Nottingham Building Society, it was not a success story as they failed to gain customer’s acceptance and most were discontinued until the early 1990s. This therefore suggests that the journey towards a cashless economy is not only a direct consequence of financial sector deregulation but a result of complex interwoven factors. These factors include organisational culture of innovation, market share or strength of the organisation, organisational restrictions and limitations, prediction of customers’ acceptance and the vision of the future as highlighted by Daniel (1999).


2.3.3 Banking Industry Lifecycle in both economies

Modern Banking dates back as far as 2000BC and APACS in the UK was formed since1830s as a trade association within the London clearing banks (Howells and Hine 1991). The introduction of banking in Nigeria was several decades after its introduction and existence in the UK. Conventional banking system was introduced to Nigeria in 1952 and the industry has undergone different developmental changes but more in terms of basic control and regulations from the CBN. The only remarkable change during this period was that of multiple bank branch system and registration of more banks which brought the total number of banks in Nigeria to 89, accounting for about 3017 branches nationwide, as at 2004 (Ezeoha 2005).


Although by this time, a few of the newly registered banks, ‘the new generation banks’, had started offering some form of electronic banking, this was just about 31 percent of the total banks. Services offered were skeletal, unpopular and unreliable. Notable change from traditional system came by way of the banking reform initiated by CBN in June 2004, targeted at reducing the number of banks and making the emergent banks much stronger and reliable.


The consolidation process, led to various mergers and acquisitions that resulted in about 25 banks. All these new banks now offer e-banking as additional services to their customers! This forms the basis towards a cashless Nigerian economy (CBN website 2006). By the late 90’s, many of the UK banks have already incorporated transactional electronic banking services into their offerings (Daniel et al. 1998). Since the introduction of debit card in the UK some 20 years back, it has greatly reduced the stress of carrying cash around and has gained continuous popularity and convenience for everyday transaction and shopping. ‘Debit card usage has been the most consistent success story over this time period as debit cards slowly win their battle with cash for everyday transactions and annual growth by transaction volume continues to be greater than 10 percent per annum’ (Mintel website 2007). Nigerian Bank in response to the changing economic climate has invested and migrated into heavy technology applications, there are more business-to-business (B2B) transactions carried out online. The Nigerian banking system is undergoing major changes in terms of capitalisation, various acquisition and mergers; this has resulted in transforming the delivery channels for financial services.


With the accelerated growth and development in global digital world, Nigeria’s drive towards a cashless society is being hindered by many teething problems; some of which are very difficult to overcome immediately, such as poor infrastructure, crime rate and state of the legal system which does not still fully protect banks from exposure. According to Ezeoha (2005) the Nigerian legal system is deficient and this has made the banks vulnerable to all kinds of risks, including transaction, strategic, reputation and foreign exchange risks.


2.3.4 Technology and Infrastructure 

Advancement in Information Technology (IT) has created such a significant impact in the world with its attendant opportunities and challenges, global markets including the financial institutions are not left out in this rapid development. The banking industry has been highly affected by this technology evolution. Nigerian banks like the UK counterparts have invested so much into the deployment of high technology e-banking equipments in order to remain competitive in the financial industry. The level of usage of this technology based investment will be reviewed and assessed.


Developments in information and communication technologies (ICTs) have significantly contributed to the increasing use of electronic means of payment for goods and services in the Western world (Singh 2004).  However, introduction of internet-based banking was not in existence in Nigeria until lately due to the poor facilities that are essential for the development of economic activities as typical of most developing countries.

Deregulation creates opportunity for better competition. In Nigeria, the deregulation of the telecommunication industry in 2000 and the incoming of new entrants and players in this sector have brought about better performance in this sector. The dominant players such as MTN, Celtel and Globacom offer majority of Nigerians the opportunity to own GSM lines and landlines which have been one of the major impediments to building a cashless economy.


The increase in usage of internet and computer makes it ideal for banks to meet customer’s expectation through the electronic delivery of banking services (Poon 2008). Proliferation in the use of mobile phone has made online banking increasingly accessible to the average Nigerian.


2.3.5 Economical Implication of Electronic means of payment 

The cost of printing notes and handling cash is enormous not just for the Bank but to the global economy as a whole. The cost of printing cheque books rather than cash has been analysed in previous researches while the cost of printing cash relative to using electronic means has been considered to be much higher. As pointed out by Howells and Hine (1991) ‘An annual savings of over 800 million pounds would be realised by using EFTPOS rather than clearing cheques’.


Majority of the retailers in the UK no longer accept cheque as a means of payment, while other business will charge extra fee for payment processing for transactions made through non-electronic means.


The overall economical implication and advantages of e-payment is summarised in Table 2.


Benefits to ConsumersBenefits to Retailers, Service Providers, MerchantsBenefits to the BanksBenefits to Government
Offers ConvenienceE –payment enables the exchange of goods and services within the virtual market such as the world wide web and the internetTransaction cost reductionTaxes are collected effectively


Fast and swift movement of fundsLower cost for accessingIncrease sales and grow customer base leading to increase profitabilityEfficiency of the system by adequate record and online monitoring of expenditures
Eliminate risks associated with traveling with cashIncrease speed of transactionImprove image
Lower cost for accessingOnline monitoring of accountsMeans of gaining advantage in the competitive market
Time savingIncrease overall efficiency
Better management of funds and expensesQueue minimisation in branches
Quality service delivery and better customer relationship


Table 2 The advantages of e-payment system


2.3.6 The Role of Government and regulatory bodies in the development of a cashless Society

The Nigerian Banking system is the highest regulated institution in the country and there has been a lot of restructuring and control in the last few of years. While the banking and payment system in the UK are regulated by bodies such as FSA and APACS, with minimal control from the Bank of England, the Central Bank of Nigeria (CBN) on the other hand is responsible for regulating the clearing of financial instrument as well as the payment system in Nigeria.


2.3.7 Collaboration between Banks and Retailers

Gone is the era when you could not have access to your money in the bank because the banks closing hours were passed or other reasons of public holidays or being weekends. Commercial activities are now carried out round the clock in the world, a development brought about by the virtual platform and electronic payment system.


The idea of a Cashless society has been conceived as an imminent future development as early as the 1970s in the UK, the first discussion on EFTPOS was held at a meeting between the London clearing banks (CLCB) and the Retail Consortium  in 1974  (Howells and Hine, 1991). The negotiation however took much longer than expected and it was in 1987 that an agreement was reached for APACS to handle the national point of sale payment control and development.

At present, the number of POS payment in Nigeria is still relatively small and their usage very minimal as this payment system was only recently introduced.


2.3.8 Consumer Attitude towards electronic payment systems

Consumers acceptance of new innovations have been widely studied in various spheres of human endeavors, according to Laforet and Li 2005, consumer adoption of electronic banking has been researched from several perspectives and various academics and researchers take different stance in the theories on which they based their works and findings. Like most developed economies, the UK has a more literate and sophisticated population. The move towards a cashless society is as result of customer’s perception of this delivery channels.


Culture is widely believed to be a significant factor in determining consumer behavior and attitude. Nigerian culture is a very critical factor in the adoption of electronic banking just as it is in many human societies even the UK. Cash is culturally more acceptable than any other means of payment which are still perceived as being foreign. At present, Nigerian consumers are generally concerned about security of their fortunes, and risks of their investments, a similar situation which emerged when electronic payments was initially introduced into the UK in the early 1980’s.


Poon (2008), highlighted that convenience of usage, accessibility, features availability, bank management and image, security, privacy, design, content, speed, and fees and charges all contribute to the acceptance of e-banking. However most previous studies reveal that the factors affecting the adoption of electronic payment system include

  1. Information and awareness on the advantages of e-payment system- The use of any product or services is dependent on the knowledge of the existence of such product or services. ‘An important characteristic for the adoption of innovative service or product is creating awareness among the consumers about the service or product’ (Sathye 1999). This in essence suggests that the widespread use of electronic payments system in the UK could have been as a result of good product promotion strategy.
  2. Ease of use –The level of adoption electronic payment means is also very dependent on how easy the various electronic delivery platforms are. Electronic payment system platform must be easy to understand by all and sundries, the cashiers at check out must be able to make use of the POS without any difficulty.
  3. Security issues involved in electronic payment: The general concern that electronic delivery channels are subject to fraud especially from hackers is a major deterrent in the adoption of e-payment systems. A recent study undertaken by White and Nteli (2004) focuses on why the increase in the number of internet users in the UK has not been paralleled by increases in internet usage for banking purposes. Results found that customers were still very much concerned with the security and safety aspect of online banking. The study shows that Security is the most important factor considered by internet banking customers. Other factors such as speed, ease of use and product variety are secondary.
  4. Cost of electronic payment systems: Electronic payment system is cheap; customers do not have to pay for cheque books. Aside from the reason of convenience, the level of adoption is also dependent on the amount of cost savings.
  5. Access to the e-payment channels: Availability and access to the internet and phone are also necessary for the acceptance of e-payment system.
  6. Cultural perception and the resistant to change


2.3.9 Market for Electronic payments System

In introducing new services such as electronic payment system, the process involves three key stages which are opportunity analysis, project development and implementation and evaluation (Johne and Storey 1998). Opportunity analysis study carried out by Daniel (1999) suggests that the two important criteria for the analysis of opportunities are an understanding of the relevant market and a corresponding internal new offering development capability.


The Nigerian market is large with a population of over 148 million’ this favours the implementation of the electronic payment system and it is expected that most Nigerians will prefer the use of e-payment if necessary awareness and information is available.


2.4 Development of Hypotheses

Based on the factors highlighted in the literature review, these set of alternative and null hypotheses were developed and proposed.


H1: Lack of information and public awareness of electronic payment services is the reason why Nigerian consumers are not adopting the cashless modes of payment.


H2: Unwillingness of the general populace to change from the present cash system is responsible.


H3: Cost of using the digital platform is still reasonably expensive.


H4: It is the lack of access to those electronic payment channels such as telephone, credit and debit cards, POS and personal computers.


H5: The general perception of the electronic and digital media as being difficult to use distances the people from e-payment channels.


H6: Security concerns regarding the use of electronic and online payment system is the reason for its non adoption.


The null hypothesis to this study is that:


H0: None of these factors is responsible for the low adoption level of e-payment method by Nigerians. This is to say, if all these concerns are eliminated, e-payment methods will still not be adopted.

Figure 1 e-payment Determinant Adoption Model












3.1 Research Perspective

The conduct of this research basically involves the use of the interpretivism perspective to fully understand the behaviour and perception of people in the adoption of electronic payments. Naturally, it is expected that based on the apparent advantages of e-payment, the generalisation is that more people will use this e-platforms but this has not been the case in Nigeria. It therefore follows that there is a need to explain why Nigerians are not adopting e-payments as envisaged and as obtained in the western world. However, in an attempt to find meaning and explain the reason for the observed position and trend, the realistic stance was adopted since the objective of the research requires a scientific enquiry, the critical realist’s position argues that the social world is constantly changing and the reason for a particular phenomenon most often forms the basis for a business and management research (Saunders, Lewis, and Thornhill 2007: 106).  The hybrid nature of the research perspective thus gives room for new findings that were not elicited in previous studies nor highlighted in the hypothesis.


This research involves investigation on electronic advancement in the era of accelerated technological changes and therefore was deductive based on previous theory available in existing literatures and knowledge from previous research. Contingency theory has been commonly used to describe and clarify the relationship between an organisation and its environment in social science research with the added advantage of providing ‘solution seeking-focus’ (Bryman and Bell 2007:8). This unlike the grand theory acknowledges the fact that environmental conditions must be considered when conducting business and management research. This research examines the level of adoption of e-payment system in Nigeria and the UK, these two countries represents the dependent variable though the UK was used to benchmark or as a control in the case study, factors responsible for the adoption rate of new innovations such as electronic payment were identified and were the independent variables measured.


Although, deductive approach is normally associated with positivism and inductive approach with interpretivism (Jewell 2008), a continuum exists between these extremes and in order to actualize the research objective and provide answer to the research questions, a dual approach was considered to be ideal. As suggested by Bryman and Bell (2007), deduction often involves an inductive aspect.


By virtue of the factors identified as variables in this study, deductive approach was used to test the hypothesis as a basis of its relevance in the Nigerian context. Several other factors have also been suggested as been responsible for adoption of new technology and this includes social class, gender and level of developments and the like; these were treated as exogenous variables.


By and large, deductive approach was adopted to determine the empirical relationship between factors responsible for the adoption of e-payment and theories were on the other hand induced from the findings based on the comparison of the dependent variable, which are the two countries in this case Nigeria and the UK. The critical realist’s paradigm thus enables discoveries to be made which can bring about changes to the present level of e-payment adoption in Nigeria.


3.2 Research Design

‘A research design provides a framework for the collection and analysis of data’ (Bryman and Bell 2007: 40), the type of research design often informs one of the aspect of the research process that is considered as most important. The design of this research was exploratory and explanatory in nature. Cross sectional design was adopted to accumulate sufficient data in order to investigate and draw up patterns of association between the dependent and independent variables as well as for other exogenous variables which contribute to the reasons for low adoption of electronic payment mode by the Nigerian general populace.


The cross-sectional study was combined with comparative design in order to compare the adoption level with that of the UK. In any comparative design, the research will often involved two or more case studies which could be similar or contradictory. A better understanding of social behaviour and phenomenon such as this can be gained by comparing two or more situations (Bryman and Bell 2007). According to Jewell (2008), examining two or more contrasting cases will usually produce rich data; base on this reasoning, the UK is being used for the comparison in this study.


The choice of the UK as against other developed countries in this study is as a result of the underlining relationship between Nigeria and the UK for example, the sharing of some notable traditions and customs as members of commonwealth nations. In addition the use of a common language facilitated ease of communication during the conduct of this research. Culturally, the UK has a strong influence on Nigeria and the fact that the study was actually informed by the observable difference in the financial and payment system of the two countries.


Survey strategy was employed in the cross sectional study to reflect the fact that the research was to investigate a social phenomenon which is the level of adoption of electronic means of payment at this present point in time. Also, the use of survey provided a common ground for the comparison in addition to the fact that it actually makes cross evaluation easier.


3.3 Research Methodology

Mixed method approach was used in this research; essentially the mixed model research combines quantitative and qualitative data collection techniques. This study incorporates the use of both quantitative and qualitative data. Firstly, qualitative data was obtained from the semi-structured interview conducted for eight MBA students from Nigeria; this was to in point of fact confirm if the phenomenon noted by the author was also observed. This also gave an insight into the important issues that was reflected in the questionnaire. In addition, an in-depth interview was conducted with senior bank officials in the electronic banking department in Nigeria to get further insights into the Nigerian financial and payment system. This interview actually dwelt on the development so far and to find out the type of collaboration that exists amongst banks and retailers in Nigeria.


Quantitative data on the other hand was collected by means of survey questionnaire sent out to 400 respondents.  It focused on the variables which are the factors responsible for users’ adoption of e-payment.


3.4 Data Collection Methods

In order to obtain adequate information for the purpose of this research, data collection involved the use of secondary data sources as well as collection of primary data by the author.


Secondary data used include documentary data from different banks’ website and published official statistics from UK Office for National Statistics, Central Bank of Nigeria, Bank of England, APACS and market research. It also involved the use of journals which formed the academic framework of the research. The use of secondary data enabled the researcher to carry out comparison of the UK and Nigerian economy based on the research topic. This is in line with the fact that secondary data is usually useful for cross cultural or cross national research project (Saunders, Lewis, and Thornhill 2007: 259).


Primary data were collected by means of questionnaire which was designed and activated online. The semi structured interview formed the qualitative aspect of my data collection methods. It involved one to one interview of 8 international postgraduate student especially Nigerian student in Coventry.


In order to ensure effective and quality data, most of the questions mentioned in the interview were also used for the questionnaire and the questionnaire design was built and structured based on the response and discussion from the semi structured interview. Questionnaires were used for assessing the general perception and belief about cashless society and also to measure the acceptance level of electronic means of payment. For easy accessibility, 50 percent of the questionnaires were distributed via internet while the other 50 percent was administered personally on face-to-face basis. The various data collection methods thereby highlight the exploratory and explanatory nature of the research topic.


3.5 Sampling Strategy

The sampling technique involved purposive sampling, one of the classification methods under non probability sampling (Saunders, Lewis, and Thornhill 2007: 207). Convenience sampling was used for the selection of the respondents to the semi structure interview as this involved fellow MBA students. Demography, gender, income and level of education are part of the variables that were considered as exogenous in this project and thus the sampling was heterogeneous for the purposive sampling in self completed questionnaire.


The research involved the administration of questionnaires to 200 respondents in the UK and another 200 respondents in Nigeria. A total of 400 questionnaires with similar questions were sent out. This is in addition to the semi structured interview of 8 postgraduate fellow MBA students. The study carried out in Nigeria was limited to the commercial cities of Lagos, Port Harcourt and Abuja; each of these cities is metropolitan in nature and there is access to e-channels.


A total of 400 questionnaires was administered, 100 was handled face to face in the UK, this involved physical prompting of respondents in the cities of London, Birmingham, Rugby and Coventry, though about 50% of this was in Coventry. The other 100 was administered online through Survey share application mainly to some postgraduate students in Coventry and some other people around the UK. The use of both face to face and online survey allowed me to get across to a fair sample size.


In Nigeria, a similar pattern was used for the distribution of the questionnaires, 50% was administered face to face in Lagos, while the other 50% was shared between Port Harcourt and Abuja. The reason for the higher number of questionnaires administered in Lagos is that it is the former capital but still the commercial nerve centre of the country. The choice of these locations in Nigeria is because of the developed and well enabled e-payment facilities which are not available in many other parts of the country. This means that the sample does not represent the entire Nigerian population as the survey mainly involves the urban population. The Nigerian rural population according to WTO’s estimates is about 60% of the total population.


3.6 Survey Instrument

Aside from the demographic section, an 18 item questionnaire was used to measure the hypothesis being tested, series of test survey questions were carried out with close friends and colleagues in order to ensure clarity and avoid any ambiguity.


In order to evaluate strategies adopted by UK banks towards customers’ acceptance of e-banking for comparison with what is obtainable presently in Nigeria, semi structure interviews were conducted with bank officials in Nigeria and these were conducted over the phone and it lasted 30-40 minutes. The questions discussed in the interviews include those listed below.


  • What are the key factors that drive the development of electronic banking in the UK?
  • What led to the collaborations between the Banks in the drive towards a cashless economy?
  • What is the role of Bank of England or the Central Bank in this development?
  • Consider the advantages/disadvantages of E-banking to the UK Economy, the Bank and its customer
  • What are the challenges encountered during the early phase of electronic banking in terms of customers perception and orientation
  • What form of partnership exist between the banks and the retail stores/merchants with POS terminals


Time and opportunity was given for additional comments apart from the points listed on the interview introduction letter. The request letter for the interview was sent by mail weeks `before and interview date and time was confirmed to the author. A sample of the invitation letter is attached in Appendix B.


These interviews were conducted using the structure laid out in the research done by Howells and Hine (1991) to analyse the competition and competitive strategy adopted by UK banks in order to develop the EFTPOS.  This study was used as a form of secondary data and formed the basis for comparison for the evaluation of the third research objective and to find answer to the research question v.


3.7 Hypotheses Tested

The following alternative hypotheses were tested in the questionnaire and interviews conducted:


H1: Lack of information and public awareness of electronic payment services is the reason why Nigerian consumers are not adopting the cashless modes of payment.

H2: Unwillingness of the general populace to change from the present cash system is responsible.

H3: Cost of using the digital platform is still reasonably expensive.

H4: It is the lack of access to those electronic payment channels such as telephone, credit and debit cards, POS and personal computers.

H5: The general perception of the electronic and digital media as being difficult to use distances the people from e-payment channels.

H6: Security concerns regarding the use of electronic and online payment system is the reason for its non adoption.


The null hypothesis to this study is that:

H0: None of these factors is responsible for the low adoption level of e-payment method by Nigerians. This is to say, if all these concerns are eliminated, e-payment methods will still not be adopted.


3.8 Validity

The level of acceptance of e-payment system was measured in two countries and the indicators which are the independent variables in this circumstance are very valid. The formation of composite measures using multiple indicators such as: lack of information, perceived ease of use, accessibility, security issues, cultural perception and cost of using e-payments channels have been used to measure e-payment adoption level to ensure validity. Credibility of these indicators is not in doubt as it has been used by other researchers to examine the adoption of technology based innovations in other countries.


Triangulation was also used to compare the result of this research with previous studies to ensure validity and reliability. According to Bryman and Bell (2007) it involves the use of more than one method of investigation or different sources of data in a research.



3.9 Reliability and Generalisation

The research design adopted ensures reliability and transparency as it will be possible to obtain similar result if this research is conducted by other researchers. However, generalisation of this research is questionable due to the fact that non probability sampling was used, though similar findings might be obtained for other developing countries especially African countries with similar cultural orientation.


3.10 Research Limitation

The main limitation of this research is in terms of the sampling method, the 200 questionnaires for the Nigerian respondents were only administered in major cities of Lagos, Port Harcourt and Abuja. It would have been very expensive to reach the rural areas; moreover most of the necessary amenities for cashless payments such as telephone and internet access are unavailable outside the zones visited. This is in addition to the fact that the semi structure interview involved convenience sampling and it was conducted only in Nigeria for accessibility reasons, this in fact actually weakened the results to some extent.


Even in the UK, the survey was only carried out in four locations namely London, Birmingham, Rugby and Coventry for cost and accessibility reasons.


3.11 Ethical Consideration

This dissertation involved the use of interview and questionnaires as a means of gathering data and constituted the human element of the research.


The research was conducted in adherence to the guidelines outlined in school’s Ethics student handbook. I ensured strict compliance to this regulation.


My supervisor was consulted during the various stages of designing the questionnaire and his approval was sought before proceeding with the interview and the distribution of the questionnaires.


The participants were well informed and given clear information on the reason and purpose for doing this research. The Data Protection Act was observed by treating all information in line with Data Protection principle. In addition security of data collected was not compromised.





























4.1 Data Collection and Presentation

4.1.1 Responses Received

The face to face questionnaire distribution was carried out over a three week period in summer while the online survey was only available for two weeks upon activation. In order to improve the number of responses from the online survey, several reminders were sent out on a 72 hours basis as follow-up.  A total of 355 questionnaires were completed, an overall response rate of 88.75%.

The high response rate achieved is as a result of the use of face to face questionnaire and online survey to gather information as shown in Table 3.


Survey locationFace to face questionnaires sent outResponses receivedOnline surveyResponses receivedTotal questionnaires sent outTotal responses receivedResponse rate


Table 3 Profile of respondents


4.1.2 Survey Sample Profile

The data collected were from residents of the two countries being compared, Nigeria and the UK. The demographic profile of the respondents is shown in Table 4.


Characteristics of respondentsNumber of respondents%Number of respondents%
No response001
Under 180000
19 – 35years985412170
36 – 54years82454727
No response2121
No response132
High School91505834
College Degree42232112
Higher than College Degree846035
No response2153
Income per Annum
Less than £16,000 (less than N500,000)91505934
£16,001 to £26,000 (N500,001 to N1,500,000)25146739
£26,001 to £36,000 (N1,500,001 to N3,500,000)31173017
£36,001 to £56,000 (N3,500,001 to N7,000,000)137127
more than £56,000 (more than N7,000,000)201132
No response2121


Table 4 Demographic profile of survey respondents


4.2     Quantitative Analysis

4.2.1 Hypothesis Revisited and Tested

The responses from both the Nigerian and UK residents to questions raised in the questionnaire based on the hypotheses developed in chapter two are depicted in chart 1. The questions have been categorized into six different propositions for the purpose of this research.



Chart 1 Opinions of Nigeria and the UK respondents to the six hypotheses


The dependent variable was the country of residence of respondents and the independent variables were identified as e-payment information, ease of use, accessibility, security issues, cultural perception and cost of using e-payments channels. Variables are empirical indicators of research concepts (Babbie, Halley and Zaino 2007) and these were assigned one to five values on a likert scale.


The chart shows that for both Nigerians and the UK respondents, Security issue is a major concern on why consumers do not use the cashless payment options. However, in addition to the security concern, non adoption of e-payment system by Nigerian residents is due to lack of information on its benefits in addition to non availability of cashless payment infrastructures.


Ease of use: A very important factor that affects the acceptance and subsequent adoption of e-payment system is the ease of use. This constitutes a major reason why people would adopt e-payment in both Nigeria and the UK. Chart 1 shows that a large number of the respondents use e-payment channels mainly because it is more convenient and saves time when compared with cash. To many of the Nigerian respondents on the survey, e-payment options greatly reduce the hassles of carrying bulk cash especially when large volume businesses have to be done across cities.


Issue of Security:    Chart 1 shows that in both countries being compared, the issue of security is of major anxiety, 78 percent of the UK residents are security concerned which is similar to that of the Nigerian respondents with 81 percent. The result shows that a major barrier to e-payment system is that of risks associated with this mode of payment and is considered by most respondents as the reason for not adopting cashless payment.


Accessibility:           Access to e-payment infrastructures such as communication and computer networks; and other user access devices like POS terminals, computers and telephones are crucial to the effective running of such technology based innovation. As expected, due to the level of development in Nigeria, most respondents claim not to have enough access to e-payment channels. On the other hand most UK respondents claim to have access.


Cost:  Cost appears to be the main reason why people make use of e-payment. Data analysis review that in both Nigeria and UK, it is cheaper to charge purchases and transact on e-platform rather than cash.                  


Lack of Information and awareness: This appears to be the main impediment to the making of a cashless economy and this has been proven based on the analysis of this findings.


Resistance to change as a result of cultural attitude:  Culture is a very important factor as regards consumers’ behavior; the Nigerian consumers are similar to any other universal consumers when it comes to the adoption of new technology. The Nigerian consumers follow the different adopter categories as analyzed in figure 3.


Another major highlight of this finding is the fact that Nigerian consumers view merchant and retailer as “not been ready” to accept the e-payment mode as shown in chart 2.


4.2.2 Analysis using the Contingency Table

The analysis of the data using contingency table shows that there are observed relationship between the countries of residence and the independent variables –the six factors of adoption as listed in Table 5. However, lack of information on e-payment exhibits the highest strength of relationship when comparing Nigeria alongside the UK.


Table 5 Contingency tables

Case Processing Summary
enough information on e-payment  * Country33076.4%10223.6%432100.0%




enough information on e-payment  * Country Crosstabulation

enough information on e-paymentStrongly DisagreeCount70070
% within Country38.9%.0%21.2%
% within Country27.8%6.7%18.2%
% within Country22.2%20.0%21.2%
% within Country11.1%53.3%30.3%
Strongly AgreeCount03030
% within Country.0%20.0%9.1%
% within Country100.0%100.0%100.0%




Chi-Square Tests
ValuedfAsymp. Sig. (2-sided)
Pearson Chi-Square1.627E24.000
Likelihood Ratio204.9914.000
Linear-by-Linear Association159.0471.000
N of Valid Cases330
a. 0 cells (.0%) have expected count less than 5. The minimum expected count is 13.64.


Symmetric Measures

ValueApprox. Sig.
Nominal by NominalPhi.702.000
Cramer’s V.702.000
N of Valid Cases330


4.2.3 Correlation Analysis

Bivariate analysis to determine association shows the relationship amongst variables in the table, this is also showing the direction of relationship between variables as been proportional or inversely proportional. See appendix E.


Appendix F shows the correlation between gender, income, education and preference for electronic payments. Education and income appear to be another major determinant for the rate of adoption for e-payment.


4.2.4 Regression Analysis

Analysis review a positive relationship between preference for cash and security concern as depicted in the scattergram Chart 3. Various analyses confirmed the hypothesis stated and thus the null hypothesis is rejected.


Chart 3 Scattergram sowing the relationship between security and preference for cashless payment option.


4.3 Qualitative Analysis

4.3.1 Strategies and collaboration between banks and Retailers

Increase and fierce competition in the financial industry was responsible for the development of e-payment and e-banking system. The need for banks to increase the delivery channels for services and product in order to gain competitive advantage. Respondents also agreed that this has brought large gains and benefits to both the consumer and the bank, an overall efficiency in the economy.


Presently, collaborations exist between banks as different bank customer can make use of other banks e-channels such as ATM. Also, there exist different forms of alliance between banks and retailers as well as service providers.


4.4 Review of the CBN policy towards the development of a cashless economy

Even the Nigerian government recognizes the lagging behind of the country in the drive toward a cashless society and thereby hopes to bring about necessary changes through the CBN. In its effort and determination to develop a strong payment system, the CBN launched a programme tagged Payment System Vision 2020 which is incorporated in the Financial system strategy. This payment system strategy consists of proposals and infrastructure recommendations that are necessary for the realization of a cashless society through the use of electronic means of payment (CBN website 2006).


Use of mobile Phone to effect retail Payment: with the current level of usage of mobile phone and the relative accessibility and affordability of GSM, it is expected that this will encourage rapid adoption of electronic banking and e-payment methods.


Electronic payment to Government contractors and Suppliers: This is another objective of the FSS 2020 strategy to ensure that Government leads by example by adopting e-payment mode to pay contractors and suppliers. In addition it will also ensure transparency and accountability. This will be incorporated into all the levels of Government – from local government to Federal Government as well as other government parastatals and agencies.


Bills payment by customers: Plans are been put in place to ensure all consumer bill payments are carried out through electronic means and it is believed that this will be in a joint partnership with service provider. Service providers can introduce incentives to encourage e-payment while the introduction of cash processing fee will deter the public from the use of cash.


Taxes:  This is another major shift and implementation drive from the Government angle with all taxes being paid via electronic payment system.

Salary Payments: This e-solutions strategy is already being offered by Nigerian banks and it involves facilitation of salary payment to both private and public employee through electronic payments system.  However, according to the CBN report, this is only applicable to employers with more than 50 staff on their payroll.


Other innovations include Securities and Trade Settlements, Exchange and OTC, CBN Inter­Bank Funds Transfer System (CIFTS) and Central Securities Clearing System (CSCS), Cards and POS Terminals, RTGS CBN Inter­Bank Funds transfer System (CIFTS) and Cheque and ACH. It is expected that all the listed settlement methods will run on the electronic platform.


The Payment Industry analysis and competitive advantage

Rapid technological advancement in the digital environment has brought about so many innovations in our social world; e-payment system is rapidly expanding beyond geographical boundaries and industry trend shows that e-payment is gaining strength over cash. The payment industry encompasses the financial sector, card issuing companies, retail and service providers. In as much as this is a growing and very attractive industry, the payment system is also a means to an end and of course, it is also used as a tool to gain competitive advantage.


Therefore as managers and decision makers strive to increase their market share in a growing market like that of payment system, the challenge is how to determine what makes new innovations such as e-payment system gain acceptance by consumers and retailers.








Figure 2 Porter’s 5 forces model of Nigerian financial industry’s attractiveness













Porter’s Five Competitive Forces

This strategic model was used to analyze the Nigeria banking industry which is the sector that plays the most vital role in the payment system of a country’s economy. The Nigerian economy is actively growing with GDP growth rate of 4.3 according to world development indicator source, thus providing market opportunities and potential for the payment industry. These macroenvironmental trends are the five driving forces that shape the market attractiveness as well as the attractiveness of the industry (Mullins et al. 2005:88).


The socio-cultural analysis of the payment industry in Nigeria reveals that unlike the UK where the grey population is increasing, there is increase in the growth rate of young and working population (that is 15-45years) and this constitute a potential big market. The payment industry and the economy at large is growing giving room for a rise in living conditions.


The political and legal environment provides Nigerian banks with both opportunities and threats as the political landscape is now stable with the restoration of democracy in the country. The country is opened to Foreign Direct Investment with the deregulation of the communication and banking sectors.


At the moment, the advanced economy such as the UK and the US are experiencing recession and major credit crunch, developing economy such as Nigeria amongst others in Africa and Asia are projected to have better economic growth.


Technological advancements with the introduction of e-payments provide opportunity to increase and improve service delivery channels by banks.
















The making of a cashless economy instigated the need to carry out this research and the approach used was to investigate the factors responsible for low adoption of e-payment in Nigeria as compared to the UK.


Previous research on electronic payments has been on its development and acceptance in the western world, theories formulated recognizes ease of use, security concerns, information and awareness, cheaper cost, cultural perception and accessibility as the determinants. These determinants were investigated in the Nigeria context and findings show that lack of information and accessibility are the most important factors hindering the adoption of e-payment in Nigeria. This is also in addition to the issue of security which is of global concern as obtained in the UK as well.


Correlation analysis review that there is strong relationship between Information and awareness and some other factors such as ease of use and the security issues. The reason for low adoption is mainly because of lack of information on the advantages that can be derived from using e-payments, thus a lot of Nigerians are not even aware that it can save them cost – being cheaper and that it is convenient and more secure than cash.


The e-payment options available in Nigeria is still fall short when compare to that of the UK, some form of e-payments such as direct debit and online payment are not available. Even when the channels are available, often times they do not work optimally as a result of poor infrastructures. Facilities such as good communication system for Information technology are still relatively poor in Nigeria. Phone lines are not easily available and even in major cities where there are communication facilities; it is quite expensive to obtain a land line. The mobile communication system was only introduced into the Nigerian economy about eight years ago with a relatively small percentage of the population able to afford a line and handset since inception.


This is in contrast to the UK with advanced technology base and existing good infrastructures that supports such development; most homes in the UK have access to land phone as well as internet.  Nigeria is still in the budding stage in terms of telecommunication and infrastructures, most Nigerians do not have access to internet and most settlements remains rural and too remote for easy networking of facilities.


Another major let down is that the number of accessible outlets for e-payment is still very poor, where they are available for example; supermarkets with POS, such resources are under utilized when compared to the UK. Like most developing countries in Africa, attitude of the average person towards e-payment is still rather sceptical.


Aside from all the above, Nigerians have a peculiar tradition. The cultural orientation still favours the use of cash generally. It was observed in the course of this research that Nigerians tend to express their status and self worth in the amount of cash displayed or carried. This explains to a large extent the reason why many Nigeria people would rather pay cash than use any of the already available means of e-payment since they feel that cashless payment does not in any way show just how much money is being spent at a particular transaction. The thinking is, the more cash you spend, the more status and consequently respect, the society accords you. This will somehow explain why cash gifts during occasions have become a cultural norm.








It is noteworthy to mention that despite the importance and significant development of cashless payment systems, most third world countries including Nigeria are yet to or have not fully embraced this mode of payment.


Culture is dynamic, it is not static. It is something that has developed and become part of the people and society. It can be difficult and challenging to effect a major cultural shift, however this is achievable. This research clearly shows that it is not enough for banks to market e-payment products. There is need to actually develop marketing strategies that will be targeted at changing peoples’ beliefs about cash and the values ascribed to it. This campaign should be enlightening and also incorporate overall awareness of the benefits of e-payment and address the security concern of the general public.


Marketing strategies adopted by UK banks have evolved over the years and the literacy level made it easier to get across to a large percentage of the populace through the development of integrated marketing communication plans.  The target segment for e-payment in Nigeria should be the active working population with more effort incorporated into the marketing mix to cross sell e-payment product at the point of account just as banks are doing in the UK. The evolution of a win-win strategy by UK bank was another means of managing relationship in order to gain customer’s loyalty. The use of product differentiation and life style products could also be used to achieve competitive advantage.


It is expected that more people will adopt e-payment because the advantages discussed in the literature review and various scholars view that e-channels is the future of payment in the global economy. Nigeria with its population of over 148 million has a large market and large growth opportunity. From industry analysis of Nigerian payment system, e-payment is still relatively a new innovation and the current adoption level is 2.5% of the target market. There is still a large opportunity for the other categories of adopters as illustrated in the figure below.


Figure 3 Size of individual adopter groups

People seem to be satisfied with the existing payment system which is basically the use of cash because they are oblivious of the benefits of using this mode of payment. Moreover, The CBN as the regulatory body to the financial sector needs to play a very active role in creating awareness. Firstly, there is need for the CBN to launch a national orientation programme which will focus on enlightening the public on the benefit of e-payments. Secondly, it should also continue in its effort towards building trust in the financial system by developing appropriate regulatory framework and customers’ right protection. Proper legal and regulatory framework is fundamental to the successes of e-payment system as this will help to build trust and boost the confidence level of the people.


Data protection is another key security concern which must be addressed. The FSS strategy should in fact develop rules and regulations that will form the legal structure for a cashless economy. These two proposals should actually form the hub of the FSS Payment strategy and the Government should provide enabling infrastructures that will enhance the e-payment system and support internet broadband technology.  Banks and payment industries are players in international trade and government policy and investments in infrastructures plays an important role in facilitating this market. This is reflected in porter’s theory of national competitive advantage; Porter’s diamond which recognizes factor endowments, demand conditions, related and supporting industries and lastly Firm Strategy Structure and Rivalry as the four attributes that shapes the environment in which local firms compete.(Hill 2009: 185)


Merchants and retailers should introduce e-payment training in their induction and on-the-job training for personnel. Merchants, retailers, and service providers should collaborate with banks just like in the UK where you have various options including direct debit, telephone and online payment mode. All parties stand to benefit from this type of collaboration as they form a consortium resulting in scale economy.


In order to generalise this research, future studies should be conducted using probability sampling and a larger sample while attempt should also be made to increase the number of dependent variables that is number of countries used for the case study.


















































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Table 1 The demographic information and key banking sector figure

Table 2 The advantages of e-payment system

Table 3 Profile of respondents

Table 4 Demographic profile of survey respondents

Table 5 Contingency tables




Figure 1 e-payment Determinant Adoption Model

Figure 2 Porter’s 5 forces model of Nigerian financial industry’s attractiveness

Figure 3 Size of individual adopter groups




Chart 1 Opinions of Nigeria and the UK respondents to the six hypotheses

Chart 2 Willingness of Retailers to accept e-payment

Chart 3 Scattergram sowing the relationship between security and preference for cashless payment option.



















AFTS            Automated Funds Transfer

APACS         Association for Payments and Clearing Services

ATM             Automated teller Machine

CBN             Central Bank of Nigeria

CLCB           Committee of London Clearing Banks

e-banking      Electronic Banking

EFTPO         Electronic Funds Transfer at Point of Sale

e-payment    Electronic Payment

FDI               Foreign Direct Investment

FSA              Financial Services Authority

FSS              Financial Systems Strategy

GNI              Gross National Income

GSM            Global System for Mobile Communications

ICT               Information Communications Technology

POS             Point of Sale

RTGS           Real Time Gross Settlement

WTO            World Trade Organisation




















Appendix A CBN Payments Report


ATMS and POS Terminals20032004200520062007
Number of ATMs in Nigeria
Number of machines1013525321,4263,676
Volume of transactions240,1921,207,5763,489,84512,138,10915,731,630
Value of transactions (in millions of Naira)1,206.004,344.5717,315.0063,238.87131,562.67
Offline POS Terminals
Volume of transactions8871,055,6531,063,915557,508
Value of transactions (in millions of Naira)49,621.0061,279.5041,334.4319,302.18
Online POS Terminals
Volume of transactions71,063421,946
Value of transactions (in millions of Naira)559.236,442.07
Web Payments
Volume of transactions440,733665,015
Value of transactions (in millions of Naira)97.5195,551.79
Mobile Payments
Volume of transactions222,210903,067
Value of transactions (in millions of Naira)3,023.1910,622.63

Source: CBN website


























Appendix B: Sample of the invitation letter


Letter of Introduction and Invitation for Interview


 Bank Name and Address








Dear Sir/Ma


I am an MBA International Business student at the Coventry Business School, Coventry University and currently doing a research on the subject topic.


I would be grateful if I can be given the opportunity to conduct an interview with one of your professional staff in the electronic banking department.


The interview will cover the following subject areas:


  • What are the key factors that drive the development of electronic banking in the UK?


  • What led to the collaborations between the Banks in the drive towards a cashless economy?


  • What is the role of Bank of England or the Central Bank in this development?


  • Consider the advantages/disadvantages of E-banking to the UK Economy, the Bank and its customer


  • What are the challenges encountered during the early phase of electronic banking in terms of customers perception and orientation


  • What form of partnership exist between the banks and the retail stores/merchants with POS


The interview will last about 45 minutes and can be arranged at any time that is convenient for the participant. There will not be any form of commitment by the official during the interview while the findings from this interview will be used as the main data for the basis of comparison between the two countries.


The information you provide will be treated in the strictest confidence.

If you have any queries or would like further information, please feel free to contact me on + 44 07908758824 or e-mail me

Thank you for considering my request and I sincerely hope it will be convenient for you to take part in this survey.



Yours truly,

Adeola Oladiji


Appendix C: Sample of the face-to-face questionnaire


The aim of this questionnaire is to identify and compare consumers’ level of acceptance of electronic means of payment over cash in Nigeria and the UK.


Kindly respond to all fields of the questionnaire. All information given will be used for research purposes only and will be treated with confidentiality. Thank you.


Section 1


Gender:   __________            ___________

Male                             Female

Age:        ________     ________     ________     ________

Under 18          19-35                36 – 54             55+

Race/Ethnicity: ________________________

Education:         ________     ________     ________     ________     ________

Elementary       High                 Diploma            College             Higher than

School                                      Degree             College degree

Country of Residence:  __________            __________

Nigeria                         UK

Income per Annum:      ________     ________     ________     ________     ________

Less than          £16,001 to        £26,001 to        £36,001 to        more than

£16,000            £26,000            £36,000            £56,000            £56,000


Section 2


How long have you had a bank account?     _______       ________     ________

Less than          1 to 5 years      more than

1 year                                       5 years

How long have you had a Credit/Debit Card?         _______       ________     ________

Less than          1 to 5 years      more than

1 year                                       5 years

Which of these e-payment modes do you have access to? Chose all that apply

________     ________     ________     ________     ________

Credit Card       Debit Card        Internet             Direct Debit       Telephone



Please turn over…


Section 3

Please use the key below to indicate your level of acceptance or otherwise to the questions that follow by clicking the appropriate box that corresponds to your opinion.


A – Strongly Disagree    B – Disagree     C – Neutral        D – Agree          E – Strongly Agree



I always prefer to pay with an e-payment mode than with cash
The possibility of paying with a cashless option or charging purchases to an e-payment mode makes my transactions easier and helps me avoid the hassles of carrying cash
It is safer to charge purchases to an e-payment option than to pay cash
It is cheaper to charge purchases to an e-payment mode than to pay cash
It is more secure to  pay cash  than to charge purchases to an e-payment mode
Internet, Telephone, Direct Debit and smart cards only create more problems for consumers
I have much better control of my expenses when I pay with cash than an e-payment mode
There is enough information on the use of cashless payment
Merchants and Retailers are always ready and willing to accept cashless payment method
There is available help on the use of e-payment mode
Problems and difficulties encountered while making use of cashless payment are promptly resolved
The fact that e-payment is so complicated makes it easier to pay with cash
There is always availability of electronic payment options whenever and wherever I want to use it
If all limitations and present concerns such as security are addressed, I will prefer to use the electronic platform
I am looking forward to a time when all my payment will be made without cash


Other Comments: ________________________­­­­­__________________________



Thank you for your time.



Appendix D Ethics and Compliance form


e-payment is easiere-payment is safere-payment is cheaperenough information on e-paymentmerchants willingly accept e-paymente-payment help always availablee-payment is too complicatede-payment options always available
e-payment is easierPearson Correlation1.000.581**.537**.163**.393**.277**-.113*-.142*
Sig. (2-tailed).
e-payment is saferPearson Correlation.581**1.000.451**.310**.406**.278**-.312**-.068
Sig. (2-tailed).
e-payment is cheaperPearson Correlation.537**.451**1.000-.188**-.056-.057.170**-.145**
Sig. (2-tailed).
enough information on e-paymentPearson Correlation.163**.310**-.188**1.000.664**.701**-.419**.376**
Sig. (2-tailed).
merchants willingly accept e-paymentPearson Correlation.393**.406**-.056.664**1.000.673**-.581**.152**
Sig. (2-tailed).000.000.300.
e-payment help always availablePearson Correlation.277**.278**-.057.701**.673**1.000-.611**.328**
Sig. (2-tailed).000.000.305.
e-payment is too complicatedPearson Correlation-.113*-.312**.170**-.419**-.581**-.611**1.000-.385**
Sig. (2-tailed).
e-payment options always availablePearson Correlation-.142*-.068-.145**.376**.152**.328**-.385**1.000
Sig. (2-tailed).
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).




Appendix E Correlations Analysis Table 1


Appendix F Correlations Analysis Table 2

Descriptive Statistics
MeanStd. DeviationN


CountryPearson Correlation1.000.554**.620**-.620**
Sig. (2-tailed).000.000.000
IncomePearson Correlation.554**1.000.194**-.429**
Sig. (2-tailed).000.000.000
EducationPearson Correlation.620**.194**1.000-.031
Sig. (2-tailed).000.000.561
AgePearson Correlation-.620**-.429**-.0311.000
Sig. (2-tailed).000.000.561
**. Correlation is significant at the 0.01 level (2-tailed).


Case Processing Summary
prefer e-payment * Income35081.0%8219.0%432100.0%


prefer e-payment * Income Crosstabulation
less than 16,00016,001 to 26,00026,001 to 36,00036,001 to 56,000more than 56,000Total
prefer e-paymentDisagreeCount701000080
% within Income46.7%8.3%.0%.0%.0%22.9%
% within Income26.7%33.3%.0%.0%.0%22.9%
% within Income20.0%25.0%100.0%33.3%.0%22.9%
Strongly AgreeCount104002040110
% within Income6.7%33.3%.0%66.7%100.0%31.4%
% within Income100.0%100.0%100.0%100.0%100.0%100.0%





Chi-Square Tests
ValuedfAsymp. Sig. (2-sided)
Pearson Chi-Square2.332E212.000
Likelihood Ratio253.06312.000
Linear-by-Linear Association141.4701.000
N of Valid Cases350
a. 4 cells (20.0%) have expected count less than 5. The minimum expected count is 2.29.


Symmetric Measures
ValueApprox. Sig.
Nominal by NominalPhi.816.000
Cramer’s V.471.000
N of Valid Cases350



Case Processing Summary
prefer e-payment * Education36083.3%7216.7%432100.0%



prefer e-payment * Education Crosstabulation
College DegreeHigher than College DegreeTotal
prefer e-paymentDisagreeCount405090
% within Education40.0%19.2%25.0%
% within Education10.0%26.9%22.2%
% within Education10.0%26.9%22.2%
Strongly AgreeCount4070110
% within Education40.0%26.9%30.6%
% within Education100.0%100.0%100.0%



Chi-Square Tests
ValuedfAsymp. Sig. (2-sided)
Pearson Chi-Square35.119a3.000
Likelihood Ratio36.9813.000
Linear-by-Linear Association.7081.400
N of Valid Cases360
a. 0 cells (.0%) have expected count less than 5. The minimum expected count is 22.22.



Symmetric Measures
ValueApprox. Sig.
Nominal by NominalPhi.312.000
Cramer’s V.312.000
N of Valid Cases360



Case Processing Summary
prefer e-payment * Age36083.3%7216.7%432100.0%



prefer e-payment * Age Crosstabulation
19 – 35years36 – 54yearsTotal
prefer e-paymentDisagreeCount702090
% within Age26.9%20.0%25.0%
% within Age19.2%30.0%22.2%
% within Age19.2%30.0%22.2%
Strongly AgreeCount9020110
% within Age34.6%20.0%30.6%
% within Age100.0%100.0%100.0%



Chi-Square Tests
ValuedfAsymp. Sig. (2-sided)
Pearson Chi-Square13.972a3.003
Likelihood Ratio14.0483.003
Linear-by-Linear Association.7081.400
N of Valid Cases360
a. 0 cells (.0%) have expected count less than 5. The minimum expected count is 22.22.



Symmetric Measures
ValueApprox. Sig.
Nominal by NominalPhi.197.003
Cramer’s V.197.003
N of Valid Cases360




Appendix F Masters Dissertation Submission Form






Student’s family name : OLADIJI