Improving Security In Cashless Application

Project and Seminar Material for Computer Science Education

Improving Security In Cashless Application

Chapter One


1.1 Background to the Study

The Cashless application policy implies an economy in which transactions can be conducted without the use of physical cash in the exchange, purchase and sale of goods and services through the use of debit card, credit card to facilitate such transactions. .This is a policy initiative of the central bank of Nigeria aimed to further improve the financial sector of the economy. However it is expected that the implementation shall receive commendation from the end users (Ejiro, 2012). The CBN regulations regarding the cashless policy provides a daily cumulative limit of N150, 000 and N1, 000,000 on free cash withdrawals and lodgments by corporate and individual customers respectively in the Lagos State beginning from March 30, 2012. Consequently the regulations stipulate a service charge for any cash transaction above the CBN provides cashless policy guideline involving Individuals and corporate organizations. Also cheques drafted for a 3rd party above N150, 000 shall be received through the clearing house and not be eligible for encashment over the counter with effect from January 1, 2012. This therefore required that All Nigerian banks cease cash in transit lodgment services rendered to merchant-customers from January 1, 2012. The cashless application policy also provided for easy transfer of funds through the use of information technology thereby reducing waste of time in the bank. The implementation of cashless policy began in Lagos State, Nigeria. This is because of the high volume of business and financial transaction in Lagos state according to Central Bank of Nigeria (CBN, 2011) . It is believed that its full implementation shall cut down the cost of maintaining cash based economy. The research seek to proffer an investigation on improving security in cashless application.

1.2 Statement of the Problem

The CBN cash policy implementation implies a reduction in physical cash transaction and more dependence on technologies provided for the purpose. But the nature of the Nigerian economy poses a great challenge as to the security of financial transaction conducted over the ATM and the use of other technologies and facility provided for the cashless policy implementations. Many cases of fund loss have been recorded concerning ATM transactions and the use of other technologies. Also the poor level of illiteracy, communication network and internet facility poses further challenge to the effective and safe implementation of the cashless policy. The use of credit cards and debit cards often do not meet customer cash needs and the security situation around the facility had in recent times brought under security challenge. Consequently the

Problem confronting the research is to proffer an appraisal on improving security in cashless application

1.3 Objectives of the Study

To proffer an appraisal on improving security in cashless application

1.4 Research Questions

  1. What is cashless application?
  2. What is the requirement for improving security in cashless application?

1.5 Significance of the Study

The study shall proffer appraisal on the requirement for improving security in cashless application

1.6 Research Hypothesis

  • Ho The security challenges in cashless application is low
  • Hi The security challenges in cashless application is high

1.7 Scope of the Study

The study focuses on the appraisal on improving security in cashless application

1.8 Limitations of the Study

The study was confronted by some constraints including logistics and geographical factor.

1.9 Definition of Terms

Access Products

Products that allow consumers to access traditional payment instrument electronically, generally from remote locations

ATM Card

An ATM card (also known as a bank card, client card, key card, or cash card) is a payment card provided by a financial institution to its customers which enables the customer to use an automated teller machine (ATM) for transactions such as: deposits, cash withdrawals, obtaining account information, and other types of banking transactions, often through interbank networks.


Central Bank of Nigeria.

Chip Card

Also known as an integrated circuit (IC) Card. A card containing one or more computers chips or integrated circuits for identification, data storage or special purpose processing used to validate personal identification numbers, authorize purchases, verify account balances and store personal records.

Electronic Data Interchange (EDI)

The transfer of information between organizations in machine readable form.

Electronic Money

Monetary value measured in currency units stored in electronic form on an electronic device in the consumer’s possession. This electronic value can be purchased and held on the device until reduced through purchase or transfer.

Internet Banking

This is a product that enables the Bank leverage on the Internet Banking System Module in-built on the new Banking Application (BANKS) implemented by the Bank to serve the Internet Banking needs of the Bank’s customers.

Mobile Banking

This is a product that offers Customers of a Bank to access services as you go. Customer can make their transactions anywhere such as account balance, transaction enquiries, stop checks, and other customer’s service instructions, Balance Inquiry, Account Verification, Bill Payment, Electronic fund transfer, Account Balances, updates and history, Customer service via mobile, Transfer between accounts etc.

Payment System

A financial system that establishes that means for transferring money between suppliers and of fund, usually by exchanging debits or Credits between financial institutions.

Point Of Sale (POS) Machine

A Point-of-Sale machine facilitates customer payment, withdrawals , fund transfer needs and the provision of credit/debit Balance Inquiry, Airtime Vending, Loyalty Redemption, Printing mini statement etc.

Smart Card

A Card which is embedded with a computer chip, on which financial health, educational, and security information can be stored and processed.

Transaction Alert

The transaction alert is to provide for the tracking of customer debit and credit transactions on their accounts. The alert system also informs the customer other financial transaction of the bank involving the customer.

Western Union Money Transfer (WUMT)

This is a facility which enables the transfer of money from foreign countries into the country. This is a facility used by business men, families and relatives for the transfer of money to their counterparts.

Improving Security In Cashless Application

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Improving Security In Cashless Application


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1. Prepare For Questions:

If you are preparing for questions that may be asked during your defense, then your answers will flow smoothly and effectively. This will prove your knowledge on the subject e.g “Improving Security In Cashless Application“, and strengthening your argument. Ask friends and family, read your work for them to listen to your presentation, and write down questions. You may be lucky the panel will ask you those you have already prepared on.

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Summarizing your chapters will help keep your audience focused because it is easy for a mind to drift, so providing summaries will ensure your panel will follow along, even if they lose focus for a brief moment. Visual aides, such as graphs and power-point presentations can be very helpful. If you are going to use these, make sure you will practice your presentation with them.

3. Be Confident in Your Research Work:

Not knowing your topic “Improving Security In Cashless Application” inside out will cause you to struggle and ultimately fail with your defense. You need to know the subject from every angle to ensure you are fully prepared for any question that may come your way.

4. Conclusion:

Reinforce your findings to conclude your defense. The finale of your presentation should focus on proving the work that has been done. You may need to recap on what has changed and remained unchanged, if is necessary.

5 . Listen:

Before you get defensive or recite a particular answer, make sure you truly understand the question being asked. Being a good listener is an important quality, because providing an inaccurate or off-topic answer will also weaken the validity of your paper.

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