Article Details

This study examined the level of compliance with the e-payment system among universities in Southwestern Nigeria and determined the degree of adoption of the e-payment system within accounting systems in Southwestern universities. These were intended to inform policy formulation. Data were collected through questionnaire administration among 269 staff members of the selected universities in Southwestern Nigeria. The results reveal that many respondents were unaware of the e-payment policy compared with other policies, while those who were aware reported a high level of compliance. This also implies that the Internal Control Policies for the e- payment system have overshadowed all others, as they are the most accessible to users of the e- payment system. This can also be interpreted to mean that the Internal Control Policies statement encompasses Federal Government directives, the Central Bank of Nigeria Cashless Policies, and the organizations’ internal policies on e-payment. While the degree of adoption showed that Electronic Transfer is the most accessible to users in their day-to-day operations. The study concluded that compliance with internal control policies for e-payments takes precedence. Also, with respect to the degree of adoption of the e-payment accounting system, the Electronic Transfer system ranked first among the channels, and its adoption was moderate, indicating that it has not been fully adopted by our universities. Recommendations include circularizing all policy documents on e-payment, prioritizing staff training and development on the use of e-payment channels, and subscribing to a safe and secure e-payment platform in order to minimize internet fraud to the barest minimum. It is also important to ensure a stable power supply and a stable political and economic environment, which will, in turn, attract good internet investors to our country, improve internet access, and minimize internet access interruptions.

E-payment, Accounting System, Adoption, University,