Banking technology and cashless economy in selected Sub-Saharan African countries: does education matter?
| DOI | https://doi.org/10.1108/JMLC-10-2020-0122 |
| Published date | 26 February 2021 |
| Date | 26 February 2021 |
| Pages | 584-595 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial compliance/regulation,Financial crime |
| Author | Ese Urhie,Ogechi Chiagozie Amonu,Chiderah Mbah,Olabanji Olukayode Ewetan,Oluwatoyin Augustina Matthew,Oluwasogo Adediran,Oreoluwa Adesanya,Adeleke Adekeye |
Banking technology and cashless
economy in selected Sub-Saharan
African countries: does
education matter?
Ese Urhie
Department of Economics and Development Studies, Covenant University,
Ota, Nigeria
Ogechi Chiagozie Amonu
Covenant University, Ota, Nigeria
Chiderah Mbah,Olabanji Olukayode Ewetan,
Oluwatoyin Augustina Matthew and Oluwasogo Adediran
Department of Economics and Development Studies, Covenant University,
Ota, Nigeria
Oreoluwa Adesanya
Covenant University, Ota, Nigeria, and
Adeleke Adekeye
Department of Banking and Finance, Covenant University, Ota, Nigeria
Abstract
Purpose –This study aims to analyze the effect of banking technology [automated teller machine
(ATM) and mobile cellular devices (MOBs)] and other traditional factors on the level of currency in
circulation for a sample of 21 selected sub-Saharan African (SSA) countries. It also assessed the
mitigating effect of education on the relationship between banking technology and the cashless
economy.
Design/methodology/approach –The study used a panel data approach to design a cashless
economy model with banking technology –ATM and MOBs –as well as their interaction with education
as regressors.
Findings –This study finds that MOB is significant for p romoting a cashless economy, whereas ATM
is insignificant in sample SSA countries. The level of education and the number of bank branche s were
also found to be significant in promoting a cashless economy. The interaction between education and
ATM was insignificant but negatively signed, whereas that between education and MOB was
significant but had a positive sign.
Research limitations/implications –Non-availability of data restrictedthis work to a panel study of
selectedSSA countries. Subsequent studies should consider single-countrycase studies.
Practical implications –Findings from the study imply that for banking technologyto drive a cashless
economyeffectively, education has to be improved.
The authors appreciate the financial support of Covenant University Center for Research, Innovation
and Discovery (CUCRID) for the publication of this paper.
JMLC
24,3
584
Journalof Money Laundering
Control
Vol.24 No. 3, 2021
pp. 584-595
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-10-2020-0122
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