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1.1 Background of the study

1.2 Statement of the problem

1.3 Objective of the study

1.4 Research question

1.5 Significance of the study

1.6 Scope of the study

1.7 Limitation of the study

1.8 Definition of terms


2.1 conceptual review

2.2 theoretical review

2.3 Empirical Study


3.1 Research Design

3.2 Population of the study

3.3 Sample size determination

3.4 Sample size selection technique and procedure

3.5 Research Instrument and Administration

3.6 Method of data collection

3.7 Method of data analysis

3.8 Validity and Reliability of the study


4.1 Data Presentation

4.2 Answering Research Questions


5.1 Summary

5.2 Conclusion

5.3 Recommendation






In this study, our focus was on the on Critical Analysis On The Effect Of e-Naira On Sme’s In Nigeria. A Study of SMEs in Kano Metropolis. The study is was specifically focused on examining if the launching of e-naira will enhance public users’ ease in performing financial transaction, Determining the public perceptions on the challenges of using e-naira and Ascertaining the benefit of e-naira launching in Nigeria..

The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent are residents of Kano Metropolis.

Conclusively, Digital currency is a disruptive technological initiative with the ability to revolutionize the financial sector and commerce. The Nigerian government and the apex bank (the CBN) are tapping into the huge opportunities in delivering efficient financial services to the populace through the introduction of eNaira. However, the success of eNaira lies on CBN, FinTechs, and financial sectors to do the basics and carry the populace along in confronting their challenges. The challenges mentioned above can hinder the potential of eNaira to thrive after its implementation in October 2021 and as we advance. This study analyzed the digital or electronic currency, eNaira, and the opportunities and challenges in the implementation of eNaira. However, in the future, more studies are necessary after the October 2021 eNaira implementation.



1.1 Background of the study

Many impoverished individuals in emerging nations face declining living conditions and unemployment as a result of economic downturns. This has been exacerbated by the fact that the formal economy has been steadily losing jobs while many people have been laid off (Abraham, 2003; DTI, 2004). As a result, hundreds of new job seekers, the bulk of whom are young, have joined the ranks of the unemployed. While this is typical of third-world economies, instead of loitering on the streets, most young people have turned to creative innovation and startups, also known as small and medium-sized businesses.

Despite the difficulty in determining particular percentages due to the fragmented structure of global data and varying definitions of SMEs, small and medium firms play a significant role in a country’s growth (Feeney and Riding, 1997). SMEs contribute to economic growth in a variety of ways, including bringing desirable sustainability and innovation to the economy as a whole, as well as producing jobs for the rising labor force in rural and urban areas. Furthermore, a substantial number of individuals rely on small and medium businesses, either directly or indirectly. The growth of SMEs is considered as a strategy to speed up the attainment of broadermoney, poor record administration, and unfavorable government legislation have all been identified as major barriers to SMEs expanding globally (Fida, 2008).

Without a doubt, the global financial system is embracing the current technological transformation from physical currency to practically virtual currencies. In recent years, rapid technological innovation and new business models have led in a slew of novel retail payment methods. These developments point to substantial changes in the retail payment environment, including a decrease in cash usage. As a result of this tidal wave, digital money innovation arose.

According to Gilbert, Scott, and Loi, Hio. (2018), digital currencies have properties similar to traditional currencies but, unlike printed banknotes or minted coins, do not often have a physical form. The lack of a physical form allows for near-instantaneous online transactions and removes the costs of sending cash and coins. As a consequence, as long since both parties recognise the currency’s legality, digital currencies will continue to be useful for inter-party transactions, as they provide the benefit of speedy settlement, particularly in online communities. Although cryptocurrency is the most popular form of digital currency, there are thousands of them in the modern world, each of which operates and enjoys security thanks to the mutually adopted encryption codes by the parties in such transactions, especially since most governments around the world have shied away from conferring any form of endorsement or legitimacy on transactions conducted through such channels.

Taking advantage of this rapid technological progress and financial market development, has led world economies into transiting from paper currency to digital currency of which Nigeria is not not left behind. Abdulkareem M. (2021) explored that central banks globally have been working delicately on their digital currency by gradually weaning themselves off rapidly-declining cash payments, and this is the reason the Central Bank of Nigeria  joined the fray so that Nigeria is not left in the lurch which gave rise to the launch of her e-Naira which is coming after instructing banks to close cryptocurrency and ban crypto-related accounts in February 2021 (premiumtimesng.com). However, the implications for payment system efficiency are still to be determined and the potential risks that may arise from the operation of these schemes.Thus, should digital currencies become widely used for large-value transactions or for other asset types beyond funds transfers, their impact on other areas of responsibility for central banks, such as payment system oversight and regulation, financial stability and monetary policy, and associated tendencies of fraud and money laundering, might become more prominent, posing a relatively high risk for public users.

Following the planned launch of the e-Naira guidelines, a sequel to this stipulation has arose, generating significant public interest.Of primary interest to the Nigerian public is the prospect of effective implementation of the guidelines in a manner that will impact the public interest most profitably without avoidable risks. Furthermore, considering that transactions in this mode run without any physical exchange of funds but through computers that still remain mysterious to most Nigerians, the level of exposure to digitally non-compliant people remains significant.

1.2 Statement of the problem

Prior to the emergence of electronic naira, Nigeria paper naira has experienced significant foreign exchange crisis and the pace of depreciation of the naira has aroused serious concern among residents which compelled the need to attempt an alternate legal tender. Additionally is the restriction of cryptocurrencies as advised by CBN in the year therefore the necessity to grow the country currency from paper to electronic. Kalu (2021) asserts that Central Bank of Nigeria issued its own digital currency on the basis of  lowering the cost of managing paper currency, leveraging new emerging digital technologies, improving the digital readiness landscape, maturing identification registries, and driving financial inclusion. While the benefits of digital money in permitting rapid transactions are noteworthy, the exercise’s bad effects cannot be underestimated.

Adolphus (2021) remarked that at the time, the country’s financial sector is manifesting major challenges owing to weak administration, which have continued. Hence, the implementation of the e-Naira should not be permitted to aggravate the issues in the sector. Therefore, the obligation to guarantee that all operators of the project have a verifiable track record and a degree of integrity that the public can depend on is crucial. Closely tied to the concerns is the confusing condition of effective execution of the suggestions, whose lack of public education and enlightenment in respect of the seamless transition of more Nigerians to digital transactions has been murky.

According to Daily Trust journal (2021), the editor underlined that the general people are starting to worry about the security of this new digital money and the extent of its vulnerability to hackers and fraudsters. This is because in Nigeria, there is a high rate of illegal activities perpetuated by fraudsters through online transactions, illicit money transfers, clearing of accounts, western wire, and hacking into individual accounts. Hence, this has sent a bad signal to the public at the debut of the e-naira, making them have worries on the safety their wallet should they bank with CBN and what the consequences of the digital money hold for them as users. Therefore, it is vital to assess this circumstance thoroughly. Therefore, it is against this backdrop that this study aims to assess the public perception of Nigerians on Effect Of e-Naira On Sme’s In Nigeria using Kano State as a case study.

1.3 Objective of the study

the broad objective of this study is to examinecritically and  analyze the effect of e-naira on sme’s in nigeria using Kano State as case study. Specifically, the study seeks to:

  1. Investigate if the launching of e-naira will enhance smes’ ease in performing financial transaction.
  2. Determine the public perceptions on the challenges of using e-naira.

iii. Ascertain the benefit of e-naira launching in Nigeria.

1.4 Research question

The research will be guided by the following question:

  1. Would launching of e-naira enhance SMEs’ easy financial transaction?
  2. Would there be any challenges encountered by the public while using e-naira platform?

iii. What are  the benefit e-naira launching would offer to Nigeria individuals and business?

  1. Would there be need for educating the public further on this new development ?

1.5 Significance of the study

Findings from the study will be relevant to economic developers, policy maker, government and  public users. To government,policy makers and economic developers, , the result of the study will enlighten them on the need to throw more on this new development in other help the general public gain clarity about e-naiara and furthermore clear their doubts and fears on its usage. To other sectors of the economy who this new development would affect their operations, the result of the study will enable them to brace up to the challenges that will accompany the  launch of e-Naira and find a way to downplay it in other to remain relevant in the changing business environment. Finally findings from the study will add to the existing body of literature and serve as reference tool for both scholars and student who wishes to conduct further studies in related field.

1.6 Scope of the study

The scope of this study border on an examination of public perception on e.Naira. The study will further determine if their are percieved challenges e-Naira users will face while using the platform. The study is however delimited to Kano Metropolis of Kano State in Nigeria.

1.7 Limitation of the study

Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. The significant constraint was the scanty literature on the subject owing that it is a new discourse thus the researcher incurred more financial expenses and much time was required in sourcing for the relevant materials, literature, or information and in the process of data collection, which is why the researcher resorted to a limited choice of sample size. Additionally, the researcher will simultaneously engage in this study with other academic work. However in spite of the constraint all these constraint were downplayed to give the best.

1.8 Definition of terms

Digital Currency: Digital currencies are monies that exist not in physical form but only as electronic data, but perform the basic functions of money being unit of account, store of value and means of exchange.

eNaira: eNaira is the name given to the CBN’s first proposed digital currency. eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.

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