Class: Senior Secondary School 1 (SS1, SS 1, SSS1, SSS 1)
Term: 3rd Term
Week: 6
Age: 15 years
Duration: 45 minutes
Subject: Economics
Curriculum Theme: Economics
Previous Lesson: Money: Definition, History and Functions.
Topic: Money
Subject Matter: Types of money; credit card payments; value card payments; ICT-aided payment instruments; characteristics of money; qualities of good money; benefits of cashless economy.

Specific Objectives

By the end of the lesson, pupils should be able to:

Cognitive Domain:

List and explain types of money.
Explain credit card payments and value card payments.
Identify ICT-aided payment instruments used in a cashless economy.
State the characteristics of money.
State the qualities of good money.
Explain benefits of a cashless economy.
Compare cashless payments with cash and barter.

Affective Domain:

Show appreciation for secure and responsible use of electronic payment methods.
Demonstrate positive attitude towards reducing cash-related risks such as theft and loss.

Psychomotor Domain:

Identify ATM cards, debit cards, and credit cards and state their uses.
Classify given payment methods into cash, cashless, or barter.

Work in groups to discuss common cashless payment methods used in the community.
Share examples of where cashless payments can be used in daily life and respect group contributions.

Reference Materials

The following resources were used in planning this lesson:

9 Years Basic Education Curriculum
State Unified Scheme of Work
Recommended Economics textbook for SSS 1 (e.g., Comprehensive Economics for Senior Secondary Schools)
Central Bank of Nigeria (CBN) – Payment Systems
BIS CPMI – Payments and the Role of Payment Systems
Investopedia – Cashless Society

Instructional Materials

The teacher will teach this lesson with the aid of:

ATM cards, debit cards, and credit cards (real samples or pictures)
Pictures of POS terminals, mobile banking apps, and QR codes
Chart showing types of money and qualities of good money
Whiteboard and markers

Rationale for the Lesson

This lesson helps pupils understand different forms of money and how modern payments work in homes, schools, and markets. It also helps pupils know the qualities of good money and the benefits of a cashless economy in reducing delays and risks in transactions.

Prerequisite/Previous Knowledge

Pupils have basic knowledge of money, its functions, and examples of cash used in daily transactions.

Lesson Content/Board Summary

Money: Types, Qualities, and Cashless Payments

Types of Money

Types of money refer to different forms through which money exists and is used for transactions.

The following are types of money:

Commodity money: items with value used as money (e.g., salt, cattle, grains).
Token money: coins and notes whose face value is greater than the cost of producing them.
Paper money: bank notes issued by the monetary authority for exchange.
Bank money (deposit money): money in bank accounts used through cheques, transfers, or cards.
Electronic money (digital money): value stored and transferred electronically through cards, mobile apps, and online platforms.

Credit Card Payments

A credit card payment is a method of payment where a bank or card issuer allows the user to buy now and pay later up to an approved limit.

The following are key points about credit card payments:

It involves borrowing from the card issuer for purchases.
Payment is made later, usually monthly, with possible interest if not fully paid.
It can be used online or with POS terminals where accepted.
It provides a record of transactions for the user.

Value Card Payments

A value card payment is a method where money is stored on a card and used for payments without borrowing.

The following are examples and points about value card payments:

Prepaid cards and stored-value cards used after loading money on them.
Transport cards or school/payment cards where applicable.
Payments reduce the balance on the card until it is reloaded.
It helps control spending because payments depend on available balance.

ICT-Aided Payment Instruments

ICT-aided payment instruments are electronic tools used to make payments without using physical cash.

The following are ICT-aided payment instruments:

Debit cards and ATM cards
Credit cards
POS terminals
Mobile banking and mobile money applications
USSD banking codes
Internet/online banking
Electronic transfers (bank transfer platforms)
QR code payments where available

Characteristics of Money

The following are characteristics of money:

General acceptability: widely accepted for payment in an area.
Portability: easy to carry from place to place.
Divisibility: can be divided into smaller units for small transactions.
Durability: lasts for a long time without easily getting damaged.
Homogeneity: units of the same denomination are identical.
Recognisability: easily identified and difficult to mistake.

Qualities of Good Money

The following are qualities of good money:

Stable value: value does not change sharply within a short time.
Scarcity: not too abundant, so it keeps value.
Security features: difficult to counterfeit or fake.
Convenience: easy to use for transactions of different sizes.
Easy to store: can be kept safely without high cost.

Benefits of a Cashless Economy

The following are benefits of a cashless economy:

Reduces risk of theft and loss associated with carrying cash.
Makes payments faster and more convenient.
Improves record keeping and traceability of transactions.
Reduces cost of printing, transporting, and handling cash.
Supports business growth through easier payments and transfers.
Encourages saving and formal financial inclusion.

Comparison of Cashless Payments with Cash and Barter

The following are comparisons of cashless payments with cash and barter:

Speed: cashless is faster; cash can be slower; barter is often slow and difficult.
Safety: cashless is safer; cash can be stolen; barter may involve disputes.
Record keeping: cashless provides clear records; cash records may be weak; barter has little or no record.
Convenience: cashless can be used for remote payments; cash requires physical presence; barter requires matching needs.
Exchange difficulty: cashless and cash reduce exchange problems; barter requires double coincidence of wants.

Teaching Methods/Instructional Techniques

Discussion, Lecture, Demonstration, Question and Answer, Visual Aids

Instructional Procedures

Step 1: Introduction

Time: 5 minutes
Teaching Skill: Set Induction
Teacher’s Activity: The teacher displays ATM/debit cards and asks pupils to mention places where cards or transfers are used for payment, then introduces the topic as types of money and cashless payments.
Pupils’ Activity: Pupils mention examples such as POS payments, transfers, paying bills, and online purchases.
Learning Point: Payments can be made with cash or through electronic methods.

Step 2: Types of Money

Time: 7 minutes
Teaching Skill: Explanation
Teacher’s Activity: The teacher explains types of money and gives examples, writing key points on the board.
Pupils’ Activity: Pupils list types of money and give one example for each.
Learning Point: Money exists as commodity, paper, bank deposits, and electronic forms.

Step 3: Credit Card and Value Card Payments

Time: 7 minutes
Teaching Skill: Explanation/Demonstration
Teacher’s Activity: The teacher explains credit card payments and value card payments using sample cards and outlines their basic differences.
Pupils’ Activity: Pupils state the meaning of each and give examples of how they can be used.
Learning Point: Credit cards allow buy now, pay later, while value cards use preloaded funds.

Step 4: ICT-Aided Payment Instruments

Time: 6 minutes
Teaching Skill: Demonstration/Use of Visual Aids
Teacher’s Activity: The teacher uses pictures/charts to identify ICT payment instruments such as POS, mobile banking, USSD, and transfers, linking them to a cashless economy.
Pupils’ Activity: Pupils list ICT-aided payment instruments and classify examples given by the teacher.
Learning Point: ICT tools make it possible to pay without physical cash.

Step 5: Characteristics and Qualities of Good Money

Time: 7 minutes
Teaching Skill: Explanation
Teacher’s Activity: The teacher explains characteristics of money and qualities of good money, giving short examples to support each point.
Pupils’ Activity: Pupils list at least four characteristics and four qualities of good money in their notes.
Learning Point: Good money is acceptable, durable, divisible, and has stable value and security.

Step 6: Benefits of Cashless Economy and Comparison with Cash and Barter

Time: 5 minutes
Teaching Skill: Discussion/Comparison
Teacher’s Activity: The teacher guides pupils to list benefits of a cashless economy and compares cashless payments with cash and barter using a simple comparison chart on the board.
Pupils’ Activity: Pupils discuss in groups and present two benefits of cashless payments and two comparisons with cash and barter.
Learning Point: Cashless payments reduce exchange difficulties and improve speed, safety, and record keeping.

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

List four types of money and give one example of each.
Define credit card payment and value card payment.
State four characteristics of money and four qualities of good money.
List four benefits of a cashless economy and state two ways it is better than barter.

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Pupils demonstrate understanding of the lesson.

Step 8: Conclusion

Time: 3 minutes
Teaching Skill: Summarization
Teacher’s Activity: The teacher summarizes the lesson and gives an assignment for pupils to list five cashless payment instruments used in Nigeria and explain any three benefits of cashless payments.
Pupils’ Activity: Pupils copy the assignment and ask final questions where needed.
Learning Point: Money has different forms and good qualities, and cashless payments support modern transactions.

Lesson Keywords

Types of Money – Different forms of money such as commodity, paper, bank deposits, and electronic money.
Credit Card – A card that allows the user to buy now and pay later within an approved limit.
Value Card – A card that uses preloaded funds for payment without borrowing.
POS Terminal – A device used to process card payments at shops and businesses.
Cashless Economy – An economy where many payments are made without physical cash using electronic methods.
Characteristics of Money – Features that make money workable, such as acceptability and divisibility.
Qualities of Good Money – Features that make money effective, such as stable value and security.

Differentiation

Pupils who need support will use a prepared table to match payment instruments with their categories, while faster learners will write a short comparison between cashless payments and cash, stating at least five clear points with examples.

Note for teachers using this lesson plan

Use real or sample cards and clear charts to make payment instruments easy to recognise. Emphasise safety and responsible use of cashless methods, and use simple comparisons so pupils can answer exam questions clearly.