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ABSTRACT
The study examined the role of financial technology on performance of deposit money banks in Nigeria for the period 2009Q1 to 2022Q4. The specific objectives were to find out whether internet banking (IBK), automated teller machine (ATM), point of sale (POS) and mobile banking (MOB) affect the performance of deposit money banks in Nigeria. The dynamic least square (DOLS) technique was used for the analysis of quarterly data from 2009Q1 to 2022Q4; and the result from the analysis revealed that internet banking (IBK), automated teller machine (ATM) and mobile banking (MOB) has a significant positive relationship with deposit money banks’ performance; point of sale (POS) has significant negative relationship with deposit money banks performance in Nigeria. The study concludes that financial technology is a significant determinant of deposit money banks’ performance in Nigeria within the investigating period. The study therefore recommend among others that, the Nigeria monetary authority (CBN) and other relevant regulatory agencies should either strive to sustain and strengthens current policies on internet banking services in order to constantly attain banks’ financial performance in Nigeria.
Also, in order to sustain this current positive development, there is need to improve on the existing policy framework for ATM and POS by monetary authority (CBN) to increase the current number of ATM and POS in all nukes and craning of Nigeria, including the hard to reach areas in rural communities across the 36 states in Nigeria. This will go a long way to ensuring that these two financial technology factors continue to have the needed positive impact on the performance of deposit money banks in Nigeria.
