Determinants of Choice Payment Systems in Local Markets, Abeokuta South Local Government Area, Ogun State Nigeria
Abstract:
For cashless economy to be achieved in Nigeria, it
must also be successful at the grass root. The local market is one of the basic
places where buying and selling takes place and is used by all manners of
people in the society. However, this part of the society seems to be slow in
adopting electronic payment methods. The researcher employed a structured
questionnaire constructed by specialists to study the behaviour of traders
(buyers and sellers) in local markets. Data was obtained on the payment behaviour,
from traders (buyers and sellers) in the local markets in Abeokuta South local
government area of Ogun state (Nigeria) and analysed using descriptive
statistics. The result showed that people have high tendency to make payments
in cash because their perception favoured cash payments. There was relative
ease of usage of cash and ready availability as compared to other payment
methods. It was therefore recommended that other payment platforms be made
simple enough, for people to naturally prefer them over cash payments.
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