Impact of Central Bank of Nigeria Cashless Policy on Farmers' Financial Inclusion and Income in Akwa Ibom State

The Central Bank of Nigeria (CBN) introduced the cashless policy to expand financial inclusion and improve the efficiency of financial transactions. However, evidence on its effectiveness among rural farming households remains limited. This study examined the impact of the Central Bank of Nigeria's (CBN) cashless policy on farmers' financial inclusion and income in Akwa Ibom State, Nigeria. Primary data were collected from 180 farmers selected through a multistage sampling procedure and analysed using descriptive statistics, Spearman's rank correlation, multiple regression, and the Chow test. The results showed that 68.9% of respondents had access to formal financial services. Cashless policy adoption exhibited a positive and significant relationship with financial inclusion (r = 0.430, p < 0.05), indicating that users of electronic payment channels had greater access to formal financial services than nonusers. However, regression results revealed that the cashless policy variable exerted a negative but statistically insignificant effect on farmers' income. Sex, education, and major occupation significantly influenced income levels. The Chow test confirmed no significant structural difference in income between users and non-users. The study concludes that although the cashless policy has strengthened financial inclusion, its income-enhancing potential among rural farmers remains constrained by infrastructural and operational bottlenecks. The study recommends investments in rural digital infrastructure, lower electronic transaction charges, and strengthened digital financial literacy programmes to improve the effectiveness of the policy among rural farmers.