Effect of cashless police in nigeria Essay Example for Free

Effect of cashless police in nigeria Essay Vol. 1 (2), pp. 040-043, April 2013. Research Article Impact of Cashless Economy in Nigeria *Omotunde Muyiwa1, Sunday Tunmibi,1 and John-Dewole A.T.2 1 School of Computer Science, Mathematics and Information Technology, Houdegbe North American University, Republic of Benin. 2 Department of Computer Science with Electronics, Faculty of Information Technology and Applied Sciences Lead City University, Ibadan. Nigeria. *Corresponding Author’s email: [emailprotected] ABSTRACT This paper studied the impact of cashless policy in Nigeria. The policy was introduced by Central Bank of Nigeria (CBN) in December 2011 and was kick-started in Lagos in January 2012. Survey research was adopted with questionnaire as data collection instrument. Responses from the respondents show that cashless policy will increase employment; reduce cash related robbery thereby reducing risk of carrying cash; cashless policy will also reduce cash related corruption and attract more foreign investors to the country. The study, therefore, shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction. It is  expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking services, reduction in high security and safety risks and also curb banking related corruptions. Keywords: Cashless economy, Cashless policy, Lagos State, Nigeria. INTRODUCTION Cashless economy is an economy where transaction can be done without necessarily carrying physical cash as a means of exchange of transaction but rather with the use of credit or debit card payment for goods and services. The cashless economy policy initiative of the Central Bank of Nigeria (CBN) is a move to improve the financial terrain but in the long run sustainability of the policy will be a function of endorsement and compliance by end-users (Ejiro, 2012). The CBN cash policy stipulates a daily cumulative limit of N150, 000 and N1, 000,000 on free cash withdrawals and lodgments by individual and corporate customers respectively in the Lagos State with effect from March 30, 2012. Individuals and corporate organizations that make cash transactions above the limits will be charged a service fee for amounts above the cumulative limits. Furthermore, 3rd party cheques above N150, 000 shall not be eligible for encashment over the counter with effect from January 1, 2012. Value for such cheques shall be received through the clearing house. All Nigerian banks were expected to cease cash in transit lodgment services rendered to merchant-customers from January 1, 2012. The policy through the advanced use of information technology facilitates fund transfer, thereby reducing time wasted in Bank(s). Wizzit, a fast growing mobile banking company in South Africa has over three hundred thousand customers across South Africa. Likewise, M-PESA was introduced in Kenya as a small value electronic system that is accessible from ordinary mobile phones. It has experienced exceptional growth since its introduction by mobile phone operator (Safaricom) in Kenya in March, 2007 and has already been adopted by nine million customers, which is about 40% of Kenya’s adult population. Wizzit and other mobile financial services including MPESA in Kenya are helping low income Africans make financial transaction across long  distance with their cellphones, thereby reducing their travel cost and eliminating the risks of carrying cash and also avoiding most banking charges (Akintaro, 2012). It is assumed that the proper implementation of mobile phones and other technologies can aid the implementation of cashless policy and hence, the growth of cashless economy in Nigeria. The introduction of the implementation of cashless policy (policy is program of actions adopted by government) began in Lagos State, Nigeria. Why Lagos? According to Central Bank of Nigeria (CBN, 2011) Lagos state accounted for 85% of POS and 66% of cheques transaction in Nigeria. Cashless economy aims at reducing the amount of physical cash circulating in the Nigeria economy and thereby encouraging more electronic–based transaction. According to Central Bank of Nigeria (CBN, 2011) the policy is expected to reduce cost incurred in maintaining cash-based economy by 90% upon its full implementation in Nigeria. This study aims to look at the impact of cashless economy in Nigeria. www.gjournals.org 40 Greener Journal of Internet, Information and Communication Systems Vol. 1 (2), pp. 040-043, April 2013. 2. BRIEF LITERATURE REVIEW Cashless economy is not the complete absence of cash, it is an economic setting in which goods and services are bought and paid for through electronic media. According to Woodford (2003), Cashless economy is defined as one in which there are assumed to be no transactions frictions that can be reduced through the use of money balances, and that accordingly provide a reason for holding such balances even when they earn rate of return. In a cashless economy, how much cash in your wallet is practically irrelevant. You can pay for your purchases by any one of a plethora of credit cards or bank transfer (Roth, 2010). (2004) observed that developed countries of the world, to a large extent, are moving away from paper payment instruments toward electronic ones, especially payment cards. Some aspects of the functioning of the cashless economy are enhanced by e-finance, e-money, e-brokering and e-exchanges. These all refer to how transactions and payments are effected in a cashless economy (Moses-Ashike, 2011). Marco and Bandiera (2004) argue that increased usage of cashless banking instruments strengthens monetary policy effectiveness and that the current level of e-money usage does not pose a threat to the stability of the financial system. However, it does conclude that central banks can lose control over monetary policy if the government does not run a responsible fiscal policy. Echekoba and Ezu (2012), in a research carried out in Nigeria, observed that 68.2% of the respondent complained about long queues in the bank, 28.9% complained of bad attitude of teller officers (cashiers) while 2.89% complained of long distance of bank locations to their home or work places. Likewise, in her 24th NCS national conference in December 2011, CBN data shows that 51% of withdrawal done in Nigeria was through automated teller machine (ATM), while 33.6% was through over the counter (OTC) cash withdrawals and 13.6% through Cheques. Payment was also done through point of sales machine (POS) which accounted for 0.5% and web 1.3%. Therefore, if the introduction of ATM in Nigeria cash withdrawals system reduced OTC withdrawal; then it will implies that introduction of cashless policy supported by application of information technology can achieve more to reduce over dependent on cash payment in Nigeria economy system. However, Akhalumeh and Ohioka (2011) observed some challenges with the introduction of cashless policy. Their findings show that 34.0% of the respondents cited problem of internet fraud, 15.5% cited problem of limited POS/ATM, 19.6% cited problem of illiteracy and 30.9% stayed neutral the respondent not been sure of problem been expected or experienced. While in some quarters there was fear of unemployment, some believe it will create more jobs especially when companies manufacturing POS machine are cited in Nigeria. More so, data sourced from Central Bank of Nigeria portal shows that Lagos state, with a population of 17 million people, only has sixty one  Point Of Sales, twenty bank branches and twenty four ATMs per 100,000 people which are far less to satisfy the needs of the population. These data verify the claim of Echekoba and Ezu (2012) on the problem of cash based economy and cashless policy in Nigeria. For effective cashless implementation in Nigeria availability of suffi cient and well-functioning infrastructure (notably electricity), harmonization of fiscal and monetary policy, regular assessment of the performance of cashless banking channels, consideration of the present state and structure of the economy, redesign of monetary policy framework and greater efforts towards economic growth whilst managing inflation should be considered (Odior and Banuso, 2012). 3. RESEARCH METHODOLOGY This study was carried out, using accidental sampling method, in Lagos state, Nigeria. A total of 500 traders, students and civil servants were sampled. Questionnaire was used as data collection instrument, with questions on demographics and benefits of cashless economy in Nigeria. The major statistical technique used was descriptive (use of frequency tables and charts). 4. RESULT 4.1 Demographics responses on gender show that male respondents accounted for 55.6% while the female respondents are 44.4%. Figure 1 and Figure 2 presents the responses on age and occupation, respectively. For age, majority of the respondents are between 18 to 25 years, this is followed by those between 26 to 40 years while the least number are between 41 to 60 years. For occupation of the respondents, the highest percentage (44.4%) is traders, followed by students (33.3%) and civil servants (22.2%). www.gjournals.org 41 Vol. 1 (2), pp. 040-043, April 2013. Greener Journal of Internet, Information and Communication Systems 41-60 years 22% 18-25 years 45% 26-40 years 33% Figure 1: Age of Respondents 45 40 35 30 25 20 15 10 5 0 Traders Students Civil servants Figure 2: Occupation of Respondents 4.2 Benefits Table 1 shows the view of respondents on benefits of cashless economy in Nigeria. The lowest percentage, 11.1% of the respondents, believed that cashless policy will increase employment. A higher percentage, 22.2% of the respondents, believed that cashless policy in Nigeria will reduce cash  related robbery thereby reducing risk of carrying cash. The highest percentage of the respondents believed that cashless policy will reduce cash related corruption (33.3%) and cashless policy will attract more foreign investors to the country (33.3%). Table 1: Benefits of Cashless Economy in Nigeria Benefits of Cashless Economy Increase employment Reduce cash related robbery Reduce cash related corruption Attract more foreign investment Total Percentage (%) 11.1% 22.2% 33.3% 33.3% 100% www.gjournals.org 42 Greener Journal of Internet, Information and Communication Systems Vol. 1 (2), pp. 040-043, April 2013. 5. CONCLUSION The study, impact of cashless economy in Nigeria, focused on the three major categories by which Nigerians can be divided – traders, students and civil servants. More number of traders was sampled, compared to students and civil servants, because they are more into business and financial transactions. More so, a higher number of respondents within the age bracket of 18 and 25 years show that apart from students, quite a number of Nigerian youth are  also into trade. This study shows that the introduction of cashless economy in Nigeria can be seen as a step in the right direction. It is expected that its impact will be felt in modernization of Nigeria payment system, reduction in the cost of banking services as well as reduction in high security and safety risks. This should also include curbing banking related corruptions and fostering transparency. It is also assumed that the introduction of cashless policy in Nigeria will help to reduce the amount of bills and notes circulating in the economy. This should, therefore, reduce handling operation cost incurred on conventional money, as well as reduction in cash related crimes. It should also help to provide easy access to banking services for Nigerians. REFERENCES Akhalumeh, P.B., and Ohiokha, F. (2011): Nigeria’s Cashless Economy; The Imperatives. International Journal of Management Business Studies. vol.2 pp. 12 – 17. Akintaro, S. (2012): Going Cashless. IT Telecom digest, online magazine, august,2012 CENTRAL BANK OF NIGERIA (2011): Towards a Cashless Nigeria: Tools Strategies. Nigerian Journal of Economy. 3(2), 344 – 350. Echekoba, F.N., and Ezu, G.K. (2012): Electronic Retail Payment Systems: User Acceptability Payment Problems in Nigeria. Arabian Journal of Business Management Review. vol.5, pp. 60 – 63. Ejiro, O. (2012): What Nigerians Think of the Cashless Economy Policy. Nigerian Journal of Economy. 4(6), 97 – 102. Humphrey, D. B. (2004): ―Replacement of cash by cards in U.S. Consumer Payments, Journal of Economics and Business, 56, 211–225. Marco, A. and L. Bandiera (2004): -Monetary Policy, Monetary Areas and Financial Development with Electronic Money, IMF Working Study, IMF. Moses-Ashike, H. (2011),â€Å"Cashless Economic can Reduce Risk of Carrying Huge Cash†, [Online] Available: http://www.businessdayonline.com/†¦/22217. Odior, E.S., and Banuso, F.B. (2012): Cashless Banking in Nigeria: Challenges, Benefits Policy Implications. European Scientific Journal. Vol 8, pp. 12 – 16. Roth, B. L. (2010). â€Å"The Future of Money: The Cashless Economy – Part 1†. [Online] Available: https://www.x.com//future-money-cashless-economy—part-i. Woodford M. (2003). â€Å"Interest Price: Foundation of a Theory of Monetary Policy†, Princeton University Press. www.gjournals.org 43

Macbeth :: essays research papers

The notion of Macbeth being a good and noble man is indeed a matter in which great uncertainty arises; as is the notion that Macbeth was bought down by ‘his evil wife’. In Macbeth, one of Shakespeare’s’ most famous tragedies, I am uncertain of the character of Macbeth, as throughout the text, happenings which both support and put down the good character of Macbeth and Lady Macbeth are apparent.   Ã‚  Ã‚  Ã‚  Ã‚  At the beginning of the play, Macbeth seems to be true to the statement that he is a good and noble gentlemen, due to his brave acts in the war fought for his country. We hear Macbeth being referred to as “‘O valiant cousin! Worthy gentleman’(Act 1, Scene 2, Line 24) by King Duncan, who is considered noble and honest by all around him. In a retold story form of the play, the statement is made ; “It seemed that Scotland’s fate, the people’s lives, his own, were cradled in the vast courage of this warrior’s breast'; represents the picture painted of Macbeth early in the piece.   Ã‚  Ã‚  Ã‚  Ã‚  The fact that Macbeth was chosen as Thane of Cowdor is another representation of the confidence that the king and the people of the time had in Macbeth’s character. When King Duncan announced Macbeth’s rise to Thane, he referred to him as “noble Macbeth';(Line 69)   Ã‚  Ã‚  Ã‚  Ã‚  The first flaw we see in the character of Macbeth and the first signs of the evil power Lady Macbeth has over her husband, come late in the first act. In this part of the story (Act 1, Scene 5) Lady Macbeth and Macbeth are discussing the murder of King Duncan planned for that night. We hear of Macbeth’s uncertainty of committing the crime, however lady Macbeth taunts him until she convinces him to commit the murder. This shows the mental weakness in Macbeth’s character.   Ã‚  Ã‚  Ã‚  Ã‚  The famous quote in Act 1 Scene 5 Line 42, where Lady Macbeth calls on the spirits to “fill me from crown to toe top-full of direst cruelty!'; shows the definite malevolent and evil characteristics Lady Macbeth possesses. As it was Lady Macbeth’s idea to Kill King Duncan, we establish at this point in the story that Lady Macbeth undoubtedly has an evil control over her husband ; Macbeth.   Ã‚  Ã‚  Ã‚  Ã‚  Before the first murder, we see the extreme unease Macbeth has about the crime which he is about to commit. Macbeth hallucinates (sees a vision) of the murder weapon before his eyes.

Quality of Work Life Essay

Quality of work life (QWL) is viewed as an alternative to the control approach of managing people. The QWL approach considers people as an ‘asset’ to the organization rather than as ‘costs’. It believes that people perform better when they are allowed to participate in managing their work and make decisions. This approach motivates people by satisfying not only their economic needs but also their social and psychological ones. To satisfy the new generation workforce, organizations need to concentrate on job designs and organization of work. Further, today’s workforce is realizing the importance of relationships and is trying to strike a balance between career and personal lives. Successful organizations support and provide facilities to their people to help them to balance the scales. In this process, organizations are coming up with new and innovative ideas to improve the quality of work and quality of work life of every individual in the organization. Various programs like flex time, alternative work schedules, compressed work weeks, telecommuting etc., are being adopted by these organizations. Technological advances further help organizations to implement these programs successfully. Organizations are enjoying the fruits of implementing QWL programs in the form of increased productivity, and an efficient, satisfied, and committed workforce which aims to achieve organizational objectives. The future work world will also have more women entrepreneurs and they will encourage and adopt QWL programs. Quality of Working Life is a term that had been used to describe the broader job-related experience an individual has. Whilst there has, for many years, been much research into job satisfaction and, more recently, an interest has arisen into the broader concepts of stress and subjective well-being, the precise nature of the relationship between these concepts has still been little explored. Stress at work is often considered in isolation, wherein it is assessed on the basis that attention to an individual’s stress management skills or the sources of stress will prove to provide a good enough basis for effective intervention. Alternatively, job satisfaction may be assessed, so that action can be taken which will enhance an individual’s performance. Somewhere in all this, there is often an awareness of the greater context, whereupon the home-work context is considered, for example, and other factors, such as an individual’s personal characteristics, and the broader economic or cultural climate, might be seen as relevant. In this context, subjective well-being is seen as drawing upon both work and non-work aspects of life. However, more complex models of an individual’s experience in the workplace often appear to be set aside in an endeavor to simplify the process of trying to measuring â€Å"stress† or some similarly apparently discrete entity. It may be, however, that the consideration of the bigger, more complex picture is essential, if targeted, effective action is to be taken to address quality of working life or any of its sub-components in such a way as to produce real ben efits, be they for the individual or the organization. Quality of working life has been differentiated from the broader concept of Quality of life. To some degree, this may be overly simplistic, as Elizur and Shye,(1990) concluded that quality of work performance is affected by Quality of Life as well as Quality of working life. However, it will be argued here that the specific attention to work-related aspects of quality of life is valid. Whilst Quality of Life has been more widely studied , Quality of working life, remains relatively unexplored and unexplained. A review of the literature reveals relatively little on quality of working life. Where quality of working life has been explored, writers differ in their views on its’ core constituents. It is argued that the whole is greater than the sum of the parts as regards Quality of working Life, and, therefore, the failure to attend to the bigger picture may lead to the failure of interventions which tackle only one aspect. A clearer understanding of the inter-relationship of the various facets of quality of working life offers the opportunity for improved analysis of cause and effect in the workplace†¦.This consideration of Quality of working Life as the greater context for various factors in the workplace, such as job satisfaction and stress, may offer opportunity for more cost-effective interventions in the workplace. The effective targeting of stress reduction, for example, may otherwise prove a hopeless task for employers pressured to take action to meet governmental requirements. Objectives of the study To study the Quality of work life of employees in Gabriel ltd, Hosur. To find out how Quality of work life leads to high satisfaction. To know the working conditions of the employees. To know how far the safety measures develops/improves the Quality of work life. To know the workers participation in the company. To examine how the Training & Development program helps to improve the individuals. To know whether the welfare activities and other benefits helps to bring a better â€Å"Quality of work life†. To suggest suitable measures to improve the quality of work life. To identify the major areas of dissatisfaction if any, and provide valuable suggestions improving the employees satisfaction in those areas. To analyze the findings and suggestion for the study. Quality of Work Life Quality of work life (QWL) is viewed as an alternative to the control approach of managing people. The QWL approach considers people as an ‘asset’ to the organization rather than as ‘costs’. It believes that people perform better when they are allowed to participate in managing their work and make decisions. This approach motivates people by satisfying not only their economic needs but also their social and psychological ones. To satisfy the new generation workforce, organizations need to concentrate on job designs and organization of work. Further, today’s workforce is realizing the importance of relationships and is trying to strike a balance between career and personal lives. Successful organizations support and provide facilities to their people to help them to balance the scales. In this process, organizations are coming up with new and innovative ideas to improve the quality of work and quality of work life of every individual in the organization. Various programs like flex time, alternative work schedules, compressed work weeks, telecommuting etc., are being adopted by these organizations. Technological advances further help organizations to implement these programs successfully. Organizations are enjoying the fruits of implementing QWL programs in the form of increased productivity, and an efficient, satisfied, and committed workforce which aims to achieve organizational objectives. The future work world will also have more women entrepreneurs and they will encourage and adopt QWL programs. Quality of Working Life is a term that had been used to describe the broader job-related experience an individual has. Whilst there has, for many years, been much research into job satisfaction and, more recently, an interest has arisen into the broader concepts of stress and subjective well-being, the precise nature of the relationship between these concepts has still been little explored. Stress at work is often considered in isolation, wherein it is assessed on the basis that attention to an individual’s stress management skills or the sources of stress will prove to provide a good enough basis for effective intervention. Alternatively, job satisfaction may be assessed, so that action can be taken which will enhance an individual’s performance. Somewhere in all this, there is often an awareness of the greater context, whereupon the home-work context is considered, for example, and other factors, such as an individual’s personal characteristics, and the broader economic or cultural climate, might be seen as relevant. In this context, subjective well-being is seen as drawing upon both work and non-work aspects of life. However, more complex models of an individual’s experience in the workplace often appear to be set aside in an endeavor to simplify the process of trying to measuring â€Å"stress† or some similarly apparently discrete entity. It may be, however, that the consideration of the bigger, more complex picture is essential, if targeted, effective action is to be taken to address quality of working life or any of its sub-components in such a way as to produce real ben efits, be they for the individual or the organization. Quality of working life has been differentiated from the broader concept of Quality of life. To some degree, this may be overly simplistic, as Elizur and Shye,(1990) concluded that quality of work performance is affected by Quality of Life as well as Quality of working life. However, it will be argued here that the specific attention to work-related aspects of quality of life is valid. Whilst Quality of Life has been more widely studied , Quality of working life, remains relatively unexplored and unexplained. A review of the literature reveals relatively little on quality of working life. Where quality of working life has been explored, writers differ in their views on its’ core constituents. It is argued that the whole is greater than the sum of the parts as regards Quality of working Life, and, therefore, the failure to attend to the bigger picture may lead to the failure of interventions which tackle only one aspect. A clearer understanding of the inter-relationship of the various facets of quality of working life offers the opportunity for improved analysis of cause and effect in the workplace†¦.This consideration of Quality of working Life as the greater context for various factors in the workplace, such as job satisfaction and stress, may offer opportunity for more cost-effective interventions in the workplace. The effective targeting of stress reduction, for example, may otherwise prove a hopeless task for employers pressured to take action to meet governmental requirements. Objectives of the study To study the Quality of work life of employees in Gabriel ltd, Hosur. To find out how Quality of work life leads to high satisfaction. To know the working conditions of the employees. To know how far the safety measures develops/improves the Quality of work life. To know the workers participation in the company. To examine how the Training & Development program helps to improve the individuals. To know whether the welfare activities and other benefits helps to bring a better â€Å"Quality of work life†. To suggest suitable measures to improve the quality of work life. To identify the major areas of dissatisfaction if any, and provide valuable suggestions improving the employees satisfaction in those areas. To analyze the findings and suggestion for the study.

Themes of Hope in The Hunger Games by Suzanne Collins and...

Hope is an important component where ones life revolves around in a society. Its also expected to be seen with confidence without any fear behind. Therefore, hope isn’t something that can be wished upon the stars at night; instead, one has to create a passion or believe within themselves in order to see their path towards hope. As a matter of fact, everyone has hope inside of them but its only them who can release that inner emotion into the air and believe that without it our life is directionless. The two dystopian works, The Hunger Games by Suzanne Collins and â€Å"Harrison Bergeron† by Kurt Vonnegut demonstrates a similar theme where there is hope for change in society; however, The Hunger Games conveys hope for change by rebellion against an oppressive government control through the motivation of winning the game with the desire to survive whereas â€Å"Harrison Bergeron† mentions hope for change for freedom of individuality over equality through rebellion against an oppressive government control. In the film, The Hunger Games directed by Gary Ross shows the protagonist, Katniss Everdeen as a strong well-skilled District 12’s female tribute who carries hope along to survive in the arena among other tributes to rebel against an oppressive government control. Throughout the film we can see how Katniss gets motivated by her loved ones back at home as well as her District 12’s members. For instance, Katniss’s younger sister, Prim gives strength when she gives the mocking jay pin