Cashless Policies Influence on the Operations of Akpan Andem Market Women in Uyo, Akwa Ibom State, Nigeria

This study investigated the effects of cashless policies on the operations of market women in Akpan Andem Market, Uyo, Akwa Ibom State. The study aimed to achieve the following objectives;  to examine how improved financial security affects the operations of market women; to assess the effect of broader reach (through mobile transfers and Point Of Sales (P.O.S) terminals on  the operations of market women; to investigate how infrastructure bottlenecks (unreliable power supply and poor internet connectivity) affect  the operations of market women in, and to assess how transaction failures (through technical hitches) affect the operations of market women; in Akpan Andem Market, Uyo, Akwa Ibom State.  A descriptive survey research design was utilized.  A sample of 400 respondents were selected using stratified random sampling technique. Regression models were used to analyze the hypotheses. The results of the regression analysis presented inconsistent findings which showed positive and significant effect of variables of cashless policies on the operations of market women as follows;  Improved financial security  significantly affects operations of market women; Infrastructure bottlenecks have significant negative effect on the operations of market women; Broader reach (through mobile transfers and Point Of Sales (P.O.S)) terminals have significant positive affect on  the operations of market women; and Loss of revenue through transaction failures does significantly negatively affect the operations of market women; all in Akpan Andem Market, Uyo, It is therefore concluded that cashless policies affect operations of market women at Akpan Andem market in Uyo, Akwa Ibom State, both positively and negatively. It is therefore recommended that necessary technical facilities but adequately provided by policy makers to gain the full benefits of the the new technology and also enhance economic growth and subsequent development.

Keywords: Cashless policies, market women, financial security, mobile payments, transaction failures.