Cashless Policy in Nigeria: Unheard Voices of Young Adults and their Mental Health
Oluwunmi A Obisesan*, Osayekemwen Ojo-Ebenezer and Obisesan F Oludare
Abstract
The transition toward cashless economies has gained momentum globally, yet the mental health consequences of abrupt financial policy shifts among university students remain underexplored, particularly in developing nations. This study examined the impact of Nigeria's 2022-2023 Naira redesign and cashless policy on the mental health of university students (ages 18-29) in Northcentral Nigeria). Using a
hermeneutic phenomenological approach, data were purposively obtained from 47 university students who had experienced varying levels of financial disruption during the cash scarcity crisis. Data were gathered through semi-structured interviews, and participants' experiences were analyzed using reflexive thematic analysis to identify common themes. The findings were summarized under five themes: (a) Policy
Awareness and Skepticism, (b) Daily Life Disruption and Psychological Distress, (c) Erosion of Financial Security, (d) Maladaptive and Insufficient Coping Strategies, and (e) Policy Recommendations and Future Outlook. While students acknowledged the potential long term benefits of cashless systems, significant concerns about implementation failures, digital infrastructure inadequacy, and psychological
harm emerged. The study highlights the need for phased policy implementation, robust digital infrastructure, and mental health impact assessments as standard practice for economic reforms. A multi-stakeholder effort involving policymakers, mental health professionals, and technology developers is recommended to optimize future cashless transitions.
