Author(s): Cosmas Anayochukwu Nwankwo, Uchechukwu Solomon Eze, MacDonald Isaac Kanyangale
The objective of this study was to examine the effect of channels for the cashless economy on entrepreneurship development in Anambra State, Nigeria. This descriptive study explores internet banking services, automated teller machines and crowdfunding as the explanatory/independent variables, while the dependent variable was entrepreneurship development. The study population was 3,574 owner-managers of manufacturing small and medium enterprises in Anambra State, Nigeria. A sample of three hundred and four (344) owner-managers was selected using a simple random sampling technique. Data collected through structured questionnaires were analyzed using correlation analysis and multiple regression analysis. Results show that internet banking services, automated teller machine services, and crowdfunding positively affect entrepreneurship development. The study concluded that channels for a cashless economy have a significant and positive effect on entrepreneurship development. The study recommends that an integrated and intensive campaign is critical to sensitize the citizenry on the benefits of various channels for the cashless economy on business performance and survival as well as customer satisfaction. Additionally, the campaign should be reinforced by adequate security mechanisms, user-friendly service, and reliable ATMs, with affordable fees and features that allow customers to make deposits. Implications of study and areas for future research are highlighted.