Approaches to a secure, sustainable, and diversified Nigerian economy in a cashless society

Abstract

The pervasive reliance on cybersecurity innovations by enterprise organizations for secure electronic file-sharing networks across all business transactions is critical to realizing Nigeria's sustainable diversified economy (SDE) for long-term economic growth. According to the literature, people are increasingly moving away from using cash for transactions as a result of technological advances, with only 32% of payments involving cash in the United States, 53% in the Middle East, Africa, and Nigeria, and a comparably low 58% identifying going cashless as their preferred option. Although card payments are widely preferred worldwide, Nigerians continue to be among the most likely people to keep money in their homes rather than adopting the ongoing cashless trend; the estimated percentage of cash that is kept outside of the banking system relative to the total amount of cash in circulation in the Nigerian economy is 85%. Poor organizational systems, enterprises, risks, and security threats further impede the transition from a cash-dominated economy to a cashless economy. In the age of cashless transactions, this study outlines tactics for a safe, diversified, and sustainable Nigerian economy. The conceptual framework for this study was chosen to be the security of Enterprise Information Systems (EIS). The author conducted a narrative review of previous studies and peer-reviewed articles published in the last five years, and the findings provided important insights into how to manage information security systems for organizations in a cashless economy. The findings suggest that effective adherence to security policies, control over policy enforcement, and enterprise definitions to leverage a sustainable, diverse economy can prevent or mitigate organizational security issues. The study's conclusions broaden appropriate security management procedures and preventative measures for Nigeria's transition to cashless transactions