Abstract

Internet connectivity is a vital tool which plays a crucial role in providing the digital support for the diversification of the economy through improving the knowledge of the micro economic using ICT tool as an enabler. In 2012, the central bank of Nigeria (CBN) launched the cashless policy aimed at promoting the use of electronic payment methods such as debit cards, mobile money, and internet banking in order to digitized payments, however, 12 years on, how effective has the policy been? This research study unveils the challenges ranging from financial literacy, infrastructure deficit, poor internet network connectivity, poor road network connecting rural areas to urban areas as drawback factors which is why the cashless policy has not been effective. The result of this study explain that there is need for the federal government and concern stakeholders to develop and implement an efficient internet which will help to close the digital gap between the rural and urban areas in Nigeria and also help the cashless policy to drive the micro Economic activities in Nigeria.

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