IMPACT OF FINANCIAL TECHNOLOGY ON THE PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

ABSTRACT

The study empirically examines the impact of financial technology on the performance of deposit money banks performance (DMBP) in Nigeria for the period 2009Q1 to 2020Q4. The specific x objectives of the study were to determine the effect of automated teller machine, mobile banking, Internet banking, point of sales terminal and electronic funds transfer on the performance of deposit money banks in Nigeria. The study employed the fully modified ordinary least squares (FMOLS) regression in analysis of data. The results from the analysis indicate that automated teller machine, mobile banking significantly impact deposit money banks’ performance. Internet banking does not have significant impact on deposit money banks performance in Nigeria. However, electronic funds transfer and point of sales terminal have strong negative impact on deposit money banks’ performance in Nigeria overtime. The study recommends among others that management should continue to ensure that more ATM stands or points where customers can easily withdraw money, especially those who in hard-to-reach areas should be provided. Regular and routine servicing and monitoring of these ATM machines must be carried out. These will go a long way to enhance overall banks’ performance in the country.