CHAPTER ONE
INTRODUCTION
BACKGROUND OF STUDY
Monetary authorities in all countries around the world have carefully supervised and encouraged the value of reliable and productive payment systems, as the growth of a national economy depends on encouraging a secure, convenience and affordability payment system. Many nations have been facing difficulties in ensuring that the payment system is secure, convenient and affordable. Countries have thus created robust and effective payment mechanisms that guarantee a successful economic growth for the transactions necessary.However, it is said that Nigeria has a cash-driven payment system. In Yaqub, Bello, Adenuga and Ogundeji (2013), Ajayi and Ojo (2006) explained that the most common method of payment is cash in Nigeria and that a large percentage of the public are unbanked. Most people maintain cash at home that makes them vulnerable to safety risks. In most African developed countries this is still happening, since the company also primarily depends on the actual cash for monetary transactions. This makes the countries highly cash-based.