{"id":15884,"date":"2025-08-16T06:55:46","date_gmt":"2025-08-16T05:55:46","guid":{"rendered":"https:\/\/icertpublication.com\/?page_id=15884"},"modified":"2026-03-28T13:36:25","modified_gmt":"2026-03-28T08:06:25","slug":"management-of-cash-and-marketable-securities-and-its-impact-in-small-and-medium-financial-intermediaries-activities","status":"publish","type":"page","link":"https:\/\/icert.org.in\/index.php\/management-of-cash-and-marketable-securities-and-its-impact-in-small-and-medium-financial-intermediaries-activities\/","title":{"rendered":"Management of Cash and Marketable Securities and its Impact in Small and Medium Financial Intermediaries\u2019 activities"},"content":{"rendered":"\t\t
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Shodh Sari-An International Multidisciplinary Journal<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Vol-02, Issue-02 (Apr-Jun 2023)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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An International scholarly\/ academic journal, peer-reviewed\/ refereed journal, ISSN : 2959-1376<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Management of Cash and Marketable Securities and its Impact in Small and Medium Financial Intermediaries\u2019 activities<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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ABDULRAHEEM, A. O.<\/span><\/span><\/span><\/p>

Department of Business Education, Federal College of Education Odugbo, Benue State, Nigeria<\/span><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Abstract<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In a business, anything done financially affects cash eventually. Cash to a business is what blood is to living body. The study sought to identify the management of cash and marketable securities and its impact in small and medium financial intermediaries\u2019 activities. The study highlights how cash management constitutes major parts of firms\u2019 activities, what are the problems usually encountered by the investors in term of government policy, and how does discounting of securities before its maturity period affect profit earning in a financial intermediary? The population of the study comprises of all small and medium financial intermediaries, these include cooperative societies and micro finance banks in Katsina metropolis. Systematic sampling techniques were used to select a sample of two as research subject. The study utilized questionnaires divided into two sections for data collection. Descriptive statistics were used to analyse the quantitative data and the analysed data was reported using frequency distributions, and percentages. The study established that cash management constitutes a major area of financial intermediaries operations. It reads that bank rate policy is not so effective in controlling credit and the investment of excess or surplus cash in marketable securities minimize cost arising from cash shortages. It was however recommended that the financial intermediaries should determine in their budget what the optimal level of cash should be for the year. That once the minimum cash balance has been established, short term investment policy for any cash surplus can be determined. That the financial intermediaries should set up strategies toward the attainments of the minimum or optimal cash level to avoid the shortage of cash because such shortage of cash could lead the intermediaries into an embarrassing situation.<\/span><\/span><\/p>

Keywords:<\/span>\u00a0Marketable Security, Financial Intermediary, Policy, Diversification, Investment<\/span><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Cite This Article<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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APA 7th Style<\/span>
Abdulraheem, A. O. (2023). Management of Cash and Marketable Securities and its Impact in Small and Medium Financial Intermediaries\u2019 activities. Shodh Sari-An International Multidisciplinary Journal, 02(02), 162\u2013173.\u00a0<\/span><\/span>https:\/\/doi.org\/10.59231\/SARI7581<\/a><\/span><\/span><\/span><\/span>
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MLA 9th Edition<\/span>
Abdulraheem, Abdulhakeem Oluwanisola, \u201cManagement of Cash and Marketable Securities and Its Impact in Small and Medium Financial Intermediaries\u2019 Activities.\u201d Shodh Sari-An International Multidisciplinary Journal, vol. 02, no. 02, Apr. 2023, pp. 162\u201373.\u00a0<\/span><\/span>https:\/\/doi.org\/10.59231\/SARI7581.<\/a><\/span><\/span><\/span><\/span><\/span><\/p>


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Chicago Style<\/span>
Abdulraheem, Abdulhakeem Oluwanisola. \u201cManagement of Cash and Marketable Securities and Its Impact in Small and Medium Financial Intermediaries\u2019 Activities.\u201d Shodh Sari-An International Multidisciplinary Journal 02, no. 02 (April 19, 2023): 162\u201373.\u00a0<\/span><\/span>https:\/\/doi.org\/10.59231\/SARI7581.<\/a><\/span><\/span><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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About The Author<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Birth and Parentage:<\/span>\u00a0Abdulraheem ABDULHAKEEM Oluwanisola, a registered teacher, certified accountant, and a professional manager was born in the early 70s in Bida, Niger State, Nigeria to the family of Alhaji Abdulraheem Yusuf.<\/span><\/span><\/p>

Education Background<\/span><\/span><\/span><\/p>

Abdulhakeem attended Federal Government College Minna, Niger State. He had a National Diploma certificate from the Federal Polytechnic Bida. A graduate of Accounting from the University of Ado-Ekiti, and a Certificate holder in Computer of the Computer Services and Information Technology, University of Ilorin, Nigeria in 2006. He obtained Postgraduate Diploma in Education of Usman Danfodio University, Sokoto (UDUS) in 2013. He holds Master degree in Business Administration (MBA) and a Master in Educational Administration and Planning (M.Ed.) of the National Open University of Nigeria in 2015 and March 2022 respectively.<\/span><\/span><\/p>

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Career<\/span><\/span><\/span><\/p>

Abdulhakeem worked as a primary school teacher, a Technology firm finance officer, a national media house admin support staff. He was an audit firm manager, a polytechnic part-time lecturer, group of school administrator, and presently, a lecturer and acting HOD with the Federal College of Education Odugbo, Benue State, Nigeria.<\/span><\/span><\/p>

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Professional Career<\/span><\/span><\/span><\/p>

He is a member Royal Society of Academy (RSA), Chartered Institute of Cost & Management Accountants (CICMA), Institute of Chartered Accountants of Nigeria (ICAN), Prime International Risk & Safety Management (PIRSM), U.S Govt. Exchange Alumni Association of Nigeria (USGEAAN), Inspiring Girls Now In Technology Evolution (IGNITE), Nigerian Institute of Management (Chartered), and the Teachers Registration Council of Nigeria (TRCN).<\/span><\/span><\/p>

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Community Service<\/span><\/span><\/span><\/p>

Abdulhakeem does volunteering teaching in Odugbo Community Secondary School. He engages in training of youth for International Exchange Study programs. He participates in US Govt. Exchange Alumni Association (USGEAA) of Nigeria programs. Coordinated for Youth Initiative for Advocacy, Growth & Advancement Africa and had Convened Project Teaching Excellence & Achievement in Nigeria (ProTEAN) for State teachers. He is a Nigerian leader of an NGO; Inspiring Girls Now In Technology (IGNITE) Worldwide since 2016.<\/span><\/span><\/p>

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Conferences and paper Presentations<\/span><\/span><\/span><\/p>

Abdulhakeem attended and participated in conferences which include: Informal Financial Sector & Sustainable Development in Nigeria , International Visitor Leadership Program (Multi-Regional Workshop) USA, Gifted Education & International Competitiveness (National Workshop), Launching of the Nigerian Youth Agenda on Political Participation, STEMgirls Nigeria Inauguration Ceremony. He was equally at the National\/ international conferences of the Teachers Registration Council of Nigeria, Nigerian Institute of Management, Chartered Institute of Cost and Management Accountants, Nigerian Academy of Education, and the International Council for Education Research and Training.<\/span><\/span><\/p>

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Award<\/span><\/span><\/span><\/p>

Abdulhakeem got award of secondary school (FGC Minna)\u2019s overall best in Business field subjects, IVLP Scholarship USA, IGNITE (www.igniteworldwide.org<\/a><\/span>) best practice award, good governance (USGEAA) performance award, and of recent, he was decorated with the High Tech Digital Advocate award, among others.<\/span><\/span><\/p>

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ABDULHAKEEM Oluwanisola is happily married with children.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Impact Statement<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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A business cannot operate without its blood, that is; cash, and without cash management there may remain no cash to operate. The management is to ensure that enough cash is available when the need arises. Not too much, but never too little. Excess cash is normally invested in marketable securities which serve two purposes, namely providing liquidity and also entailing a return. Financial intermediaries, among others forms of financial institutions traded frequently in many markets using cash and marketable securities as an instrument. The response had that Investing in Marketable Securities is a short-term investment and cash management constitutes a major area of the financial intermediaries\u2019 business activities. It is understood that the incremental liquid value of cash decline as more of it is held. Cooperative societies on the other hand have the capacity to diversify easily, and have free hand unlike banks whose business activities are based on the policy guide lines of Central Bank. Through the re-investment of excess cash or surplus cash into other businesses, profits are further generated. And in term of Government policy, fiscal and monetary policies are the major policies that affect investment in marketable securities.<\/span><\/span><\/span><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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References<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  1. Al-Baraka Multi-purpose Co-operative Society Katsina; end of year report\u00a0 (2013): The role of co-operative societies in Microcredit<\/span><\/span><\/p><\/li>

  2. AMCS: Programme and Report for the 5th Annual General Meeting, 2013.<\/span><\/span><\/p><\/li>

  3. Atander Isiaka Ajani (2010) corporate\u00a0 Finance, Equity valuation and fixed Income Analysis.<\/span><\/span><\/p><\/li>

  4. Azubuike Esg at .al (FITC): cash flow management in banks<\/span><\/span><\/p><\/li>

  5. Ball, R. (1978): Anomalise in relationship\u00a0 between security yields. Suriogate-Journal \u00a0<\/span><\/span><\/p><\/li>

  6. Central Bank of Nigeria (April 2011): Revised\u00a0 Microfinance policy, regulatory and supervisory framework for Nigeria. \u00a0 \u00a0<\/span><\/span><\/p><\/li>

  7. David Hillier et al (2013): cooperate finance second edition. Davidson Etal (1999): Concept of cash and cash management.\u00a0<\/span><\/span><\/p><\/li>

  8. Emefiele (August 2014): News for co-operative society policy framework by the CBN.\u00a0<\/span><\/span><\/p><\/li>

  9. Gobarau Microfinance Bank Ltd, Katsina (2014): 2013 Audited Accounts of the Banks.<\/span><\/span><\/p><\/li>

  10. I.M. Pandey (2004): Financial Management, Eight edition. \u00a0\u00a0<\/span><\/span><\/p><\/li>

  11. Jeffrey j., Bradford j. (2013): Features of short term Marketable securities.<\/span><\/span><\/p><\/li>

  12. Merton and Perold (1993): Financial Sector \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/span><\/p><\/li>

  13. Miller and Orr (finance.mapsofworld.com): cash management modules.<\/span><\/span><\/p><\/li>

  14. National Open University of Nigeria (NOUN-2008): Money and Banking MBF 833.<\/span><\/span><\/p><\/li>

  15. Nimi Wariboko (1995): Principles and practice of Bank Analysis and valuation.<\/span><\/span><\/p><\/li>

  16. NGX 2021 Market Recap and 2022. February 2022.\u00a0www.rencap.com<\/a><\/span><\/span><\/span><\/p><\/li>

  17. NOUN MBA 725 (2010) Study Material: Resarch Design and Methodology for business decision. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span><\/p><\/li>

  18. Renaissance Capital (2012) New Central Bank Governor may devalue Naira\u00a0<\/span><\/span><\/p><\/li>

  19. Oxford Dictionary of Accounting. Third Edition.<\/span><\/span><\/p><\/li>

  20. Oye (2011): Structure of the finance function.<\/span><\/span><\/p><\/li>

  21. Prasanna Chandra (2009): Investment analysis and portfolio management.<\/span><\/span><\/p><\/li>

  22. Premium Time Nigeria (2012): New central Bank of Governor may devalue Naira.<\/span><\/span><\/p><\/li>

  23. Ralista Sapundzhieva (2012): Funding Microfinance- a focus on debt finance.<\/span><\/span><\/p><\/li>

  24. Renaissance Capital (2012): Investment Bank.<\/span><\/span><\/p><\/li>

  25. Sanusi L. S. (2010): Youth empowerment as a tool for sustainable development \u2013 the Central Bank of Nigeria intervention.<\/span><\/span><\/p><\/li>

  26. Timothy Gallagher and Joseph Andrew (2013): Financial Management.<\/span><\/span><\/p><\/li><\/ol>

    WEBLIOGRAPHY<\/span><\/span><\/p>

    www.micafrica.com\/www.unesco.nigeria.org<\/a><\/span><\/span><\/span><\/span><\/p>

    www.scribd.com\/…\/bill-of-exchange<\/a><\/span><\/span><\/span><\/span><\/p>

    www.12biz.blospot.com<\/a><\/span><\/span><\/span><\/span><\/p>

    www.coopgalor.com<\/a><\/span><\/span><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    Shodh Sari-An International Multidisciplinary Journal Vol-02, Issue-02 (Apr-Jun 2023) An International scholarly\/ academic journal, peer-reviewed\/ refereed journal, ISSN : 2959-1376 Management of Cash and Marketable Securities and its Impact in Small and Medium Financial Intermediaries\u2019 activities ABDULRAHEEM, A. O. Department of Business Education, Federal College of Education Odugbo, Benue State, Nigeria Abstract In a business, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"postBodyCss":"","postBodyMargin":[],"postBodyPadding":[],"postBodyBackground":{"backgroundType":"classic","gradient":""},"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-15884","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/pages\/15884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/comments?post=15884"}],"version-history":[{"count":3,"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/pages\/15884\/revisions"}],"predecessor-version":[{"id":30446,"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/pages\/15884\/revisions\/30446"}],"wp:attachment":[{"href":"https:\/\/icert.org.in\/index.php\/wp-json\/wp\/v2\/media?parent=15884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}