Abstract:
The introduction of cashless economy in Nigeria is expected to herald a regime of boundless benefits, to the government, banks, as well as bank customers. The transition from a cash-based economy to a cashless one is also supposed to be seamless based on the presupposition that prerequisite structures have been put in place to safeguard the banking public. However, it appears that the cashless economy policy of the Nigerian government was embarked upon without any or adequate legal framework on the ground. That being the case, this paper examines the position of customers with special reference to remedies
available to them in the event of failure by the banks to meet up with their obligations under the cashless economy initiative. The paper finds that in the absence of an adequate statutory protection for consumers of e-banking services in Nigeria, the common law has made the banks the king rather than the customers, leaving the customers prostrate and powerless as it were, in the pursuit of legal remedies for breach or failure to perform by the banks.
