ELECTRONIC BANKING MECHANISMS AND CUSTOMER SATISFACTION IN A CASHLESS POLICY ERA: STUDY OF DEPOSIT MONEY BANKS.

Abstract

The Nigeria cashless policy has been saddled with numerous challenges experienced by bank’s customers, employees and even owners. This is as a result of inefficient electronic banking method. Many deposit money banks in Nigeria have tried some measures to improve their electronic banking services, yet the cashless policy is still a mirage to many Nigerians. The aim of this study is to identify how to utilize electronic banking methods on the implementation of cashless policy by Deposit Money Banks. To realize this, primary data was obtained from employees of selected Deposit Money Bank Branches in FCT Abuja. Result of data analysis reveals that a significant relationship exist between cashless policy implementation and electronic banking tools including Automated Teller Machine (ATM), Electronic Fund transfer, Mobile Banking, and Point of Sale (POS) machines. Based on the findings, the study recommends that for electronic banking to be effective and realize its needed objectives, all Deposit Money Banks should: eensure a 24/7 uninterrupted internet services for all their operations to encourage mobile banking; aadequately train and periodically retrain its personnel to ease and encourage customers’ patronage for electronic money transfer; provide Automated Teller Machines (ATM) in all parts of the country to expand customers’ access to the machines: and also provide Point of Sale machines to customers at zero-cost to encourage use of the machines.