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Effect of Cashless Policy Education on Students’ Knowledge of Cashless Financial Transactions in Nigerian Polytechnics

Abstract

The increasing adoption of cashless financial transactions has transformed the way individuals and organizations conduct payments, transfers, collections, and other financial activities in Nigeria. Cashless transactions involve the use of electronic and digital channels such as bank transfers, mobile banking, internet banking, automated teller machines, point-of-sale terminals, electronic payment platforms, debit cards, and other digital payment methods. Although these channels offer convenience, speed, and improved transaction traceability, students may have inadequate knowledge of how cashless financial transactions operate, including transaction procedures, documentation, verification, security requirements, transaction charges, and potential risks. Cashless Policy Education provides an opportunity to improve students’ understanding of the principles, procedures, benefits, limitations, and responsible use of cashless financial services. For Accounting Education students in particular, knowledge of cashless transactions is important because modern accounting practices increasingly involve electronically generated financial records and digital payment evidence. Against this background, this study investigates the effect of Cashless Policy Education on students’ knowledge of cashless financial transactions in Nigerian polytechnics. The study will be anchored on the Health Belief Model, Technology Acceptance Model, and Experiential Learning Theory. The Technology Acceptance Model explains how perceived usefulness and perceived ease of use may influence students’ understanding and acceptance of cashless financial technologies. Experiential Learning Theory emphasizes learning through practical experience, reflection, conceptualization, and active experimentation. The Health Belief Model provides insight into how perceived benefits, perceived barriers, perceived risks, and cues to action may influence students’ understanding of safe and responsible cashless financial practices. Collectively, these theoretical perspectives provide a suitable framework for explaining how Cashless Policy Education may influence students’ knowledge of cashless financial transactions. The study will adopt a quantitative quasi-experimental research design. The population will comprise Accounting Education students enrolled in selected Nigerian polytechnics. A multistage sampling technique will be used to select states, polytechnics, departments, levels of study, classes, and eligible students. Data will be collected using structured questionnaires, cashless financial transaction knowledge tests, scenario-based questions, practical transaction-identification tasks, digital-payment case studies, observation checklists, and pre-test and post-test assessments. Cashless Policy Education will be assessed using indicators such as exposure to cashless-policy lessons, understanding of cashless financial systems, electronic payment education, bank-transfer education, mobile-banking education, internet-banking education, point-of-sale education, automated teller machine education, debit-card education, electronic-wallet education, digital-payment platform education, transaction documentation, transaction verification, transaction authentication, transaction security, personal identification number protection, password protection, one-time-password awareness, biometric authentication, transaction limits, transaction charges, electronic receipts, transaction notifications, account statements, digital payment evidence, failed transactions, reversed transactions, duplicated transactions, unauthorized transactions, fraudulent transactions, phishing awareness, suspicious transactions, dispute resolution, transaction complaints, refund procedures, electronic reconciliation, digital record keeping, financial-information protection, data privacy, responsible digital-finance practices, practical demonstrations, guided exercises, scenario-based learning, individual assignments, group activities, case studies, repeated practice, and feedback activities. Students’ knowledge of cashless financial transactions will be assessed using indicators such as understanding the meaning of cashless transactions, identifying different cashless payment channels, explaining bank transfers, distinguishing intra-bank and interbank transfers, understanding mobile banking, understanding internet banking, identifying point-of-sale transactions, understanding automated teller machine transactions, identifying debit-card transactions, recognizing electronic-wallet transactions, identifying digital-payment platforms, understanding electronic funds transfers, identifying electronic payment records, understanding transaction initiation, identifying beneficiaries correctly, understanding account-number requirements, identifying bank details, understanding transaction amounts, recognizing transaction references, understanding transaction descriptions, identifying transaction dates, understanding transaction authorization, recognizing transaction confirmation, understanding transaction authentication, recognizing one-time-password procedures, understanding biometric authentication, recognizing transaction limits, understanding transaction charges, interpreting electronic receipts, interpreting transaction notifications, interpreting electronic account statements, identifying digital payment evidence, recognizing successful transactions, identifying failed transactions, recognizing reversed transactions, detecting duplicate transactions, identifying unauthorized transactions, recognizing suspicious transactions, understanding common digital fraud risks, identifying phishing attempts, understanding password security, understanding personal identification number security, understanding confidentiality, recognizing data-privacy requirements, understanding financial-information protection, understanding electronic transaction documentation, understanding digital record keeping, understanding transaction matching, understanding electronic reconciliation, understanding dispute-resolution procedures, understanding refund procedures, understanding complaint-handling procedures, understanding transaction follow-up, identifying reliable cashless-finance information sources, distinguishing legitimate financial communication from fraudulent communication, recognizing appropriate digital-payment practices, understanding the benefits of cashless transactions, understanding limitations of cashless transactions, understanding transaction convenience, understanding transaction speed, understanding transaction traceability, understanding transaction accessibility, understanding transaction risks, understanding service charges, understanding network-related challenges, understanding failed-payment implications, understanding electronic transaction evidence, understanding digital financial records, and demonstrating overall knowledge of cashless financial transactions. Descriptive statistics will be used to summarize students’ demographic and academic characteristics, exposure to Cashless Policy Education, sources of information, and knowledge levels. Inferential statistical techniques, including paired and independent t-tests, analysis of covariance (ANCOVA), chi-square tests, correlation analysis, and multiple regression analysis where appropriate, will be used to determine the effect of Cashless Policy Education on students’ knowledge of cashless financial transactions. Where a quasi-experimental design is adopted, knowledge scores before and after exposure to the educational intervention may be compared with those of a control group receiving conventional instruction to determine changes associated with the intervention. Diagnostic tests will also be conducted to assess the reliability, validity, and robustness of the findings. The study is expected to find that Cashless Policy Education has a significant positive effect on students’ knowledge of cashless financial transactions in Nigerian polytechnics. Students exposed to structured and practical cashless-policy education are expected to demonstrate improved understanding of electronic payments, digital banking procedures, transaction documentation, verification, authentication, security, and responsible use of cashless financial services. Education on cashless financial systems may improve students’ understanding of the transition from physical cash to electronic payment channels. Bank-transfer education may strengthen students’ knowledge of account-to-account, intra-bank, and interbank transactions. Mobile- and internet-banking education may improve students’ understanding of digital banking procedures. Point-of-sale and automated teller machine education may strengthen students’ knowledge of common electronic transaction channels. Debit-card and electronic-wallet education may improve students’ ability to identify different forms of digital payment. Electronic funds-transfer education may strengthen students’ understanding of how funds move between accounts. Transaction-documentation education may improve students’ knowledge of the records generated during electronic payments. Transaction-verification activities may strengthen students’ understanding of confirming payment details before completing transactions. Authentication education may improve knowledge of secure transaction procedures. One-time-password and biometric-authentication education may strengthen students’ awareness of additional transaction-security measures. Password and personal identification number protection may improve knowledge of safeguarding financial credentials. Transaction-limit education may strengthen students’ understanding of restrictions placed on electronic transactions. Transaction-charge education may improve students’ awareness of fees associated with cashless financial services. Electronic-receipt and transaction-notification activities may strengthen students’ ability to identify evidence of completed transactions. Account-statement education may improve students’ ability to interpret digital banking records. Digital payment-evidence activities may strengthen students’ understanding of appropriate documentation for electronically conducted transactions. Failed-transaction education may improve students’ ability to recognize unsuccessful payments. Reversed-transaction activities may strengthen students’ understanding of transactions that are subsequently returned or reversed. Duplicate-transaction education may improve students’ ability to recognize repeated payments. Unauthorized-transaction education may strengthen students’ awareness of transactions conducted without appropriate authorization. Fraud-awareness education may improve students’ ability to recognize common threats associated with digital financial services. Phishing-awareness activities may strengthen students’ ability to distinguish fraudulent messages and links from legitimate financial communications. Suspicious-transaction education may improve students’ understanding of activities requiring additional verification. Dispute-resolution education may strengthen students’ knowledge of appropriate procedures for reporting transaction problems. Refund education may improve students’ understanding of how erroneous or cancelled transactions may be resolved. Electronic-reconciliation education may strengthen students’ understanding of comparing digital payment records with accounting records. Digital-record-keeping education may improve students’ knowledge of maintaining reliable electronic financial records. Data-privacy education may strengthen students’ awareness of responsible handling of financial information. Financial-information-protection education may improve students’ understanding of safeguarding sensitive records. Responsible digital-finance education may strengthen students’ awareness of appropriate cashless transaction practices. Practical demonstrations may provide students with realistic illustrations of cashless financial procedures. Guided exercises may help students develop confidence in interpreting digital payment scenarios. Scenario-based activities may improve students’ ability to apply cashless transaction knowledge to practical situations. Individual assignments may strengthen independent learning. Group activities may improve collaborative understanding of digital financial transactions. Case studies may expose students to realistic cashless transaction problems. Repeated practice may improve students’ knowledge retention and confidence. Feedback activities may help students identify misconceptions and correct errors. However, the effectiveness of Cashless Policy Education may be constrained by inadequate access to digital devices, poor internet connectivity, unreliable electricity supply, limited access to banking simulation platforms, inadequate practical training facilities, insufficient lecturer training, outdated instructional materials, large class sizes, limited practical teaching periods, low student participation, inadequate exposure to real-world digital financial systems, limited collaboration with financial institutions and fintech organizations, misinformation about cashless transactions, rapidly changing digital-payment technologies, and inadequate integration of cashless financial education into Accounting Education curricula. The study therefore expects accessible, practical, current, technology-supported, and adequately supervised Cashless Policy Education to contribute significantly to improved knowledge of cashless financial transactions among Accounting Education students in Nigerian polytechnics. The study is expected to contribute to the literature on Cashless Policy Education, knowledge of cashless financial transactions, digital banking, electronic payments, mobile banking, internet banking, point-of-sale transactions, automated teller machine transactions, debit cards, electronic wallets, electronic funds transfers, digital payment platforms, transaction documentation, transaction verification, transaction authentication, electronic receipts, transaction notifications, digital financial records, electronic reconciliation, cybersecurity awareness, financial fraud awareness, phishing awareness, data privacy, financial-information protection, digital financial literacy, accounting education, practical accounting education, Experiential Learning Theory, Technology Acceptance Model, Health Belief Model, workplace readiness, employability skills, technological competence, Accounting Education students, Nigerian polytechnics, and Accounting Education in Nigeria. The findings will provide useful information to the National Board for Technical Education, polytechnic administrators, Accounting Education departments, accounting educators, curriculum developers, banks, financial-technology organizations, professional accounting bodies, employers, industry partners, and policymakers regarding strategies for improving students’ understanding of cashless financial systems. The study will also provide evidence-based recommendations for integrating Cashless Policy Education into Accounting Education programmes, strengthening students’ digital financial knowledge, incorporating practical electronic-payment scenarios into classroom instruction, improving students’ understanding of transaction documentation and verification, strengthening cybersecurity and fraud-awareness education, improving knowledge of electronic reconciliation and digital financial records, providing access to realistic digital-payment simulation environments, expanding collaboration between polytechnics and financial institutions, and aligning Accounting Education programmes with the changing cashless financial environment in Nigeria.

Keywords: Cashless Policy Education, cashless financial transactions, digital financial knowledge, electronic payments, digital banking, mobile banking, internet banking, point-of-sale transactions, electronic funds transfer, transaction verification, transaction authentication, digital financial literacy, cybersecurity awareness, accounting education, Accounting Education students, Nigerian polytechnics, Nigeria.