21ST century payment channels and the Nigerian ICT sector's performance
Keywords:
21st century payment channels, gross domestic product (GDP), ICT sector’s performance, NigeriaAbstract
This study seeks to empirically investigate the effect of the 21st Century Payment Channels on the internet and Communication Technology (ICT) Sector’s performance in Nigeria from 2012 to 2019. Variables used to measure 21st Century Payment Channels include the volume of automated teller machines, mobile banking, electronic banking, point of sales, and real-time gross settlement while ICT Sector's performance was measured by Contribution of the ICT sector to Gross Domestic Product (GDP). Data were sourced from the CBN Statistical bulletin for the various years under study. The hypotheses of the study were tested using SPSS 23.0 to regress the dependent variable against the independent variables. On the whole, the study discovered that the 21st Century Payment Channels did exert any significant impact on the ICT Sector's performance in Nigeria. Specifically, the result revealed that both the volume of Automated Teller Machines and mobile banking have a negative insignificant impact on ICT Sector's performance. Further, Electronic Banking, Point of Sales, Real-Time Gross Settlements have a positive insignificant impact on ICT Sector's performance in Nigeria.
Downloads
References
Abaenewe, Z. C., Ogbulu, O. M., & Ndugbu, M. O. (2013). Electronic banking and bank performance in Nigeria. West African journal of industrial and academic research, 6(1), 171-187.
Adeniran, L. M. A. R., & Junaidu, A. S. (2014). An empirical study of automated teller machine (ATM) and user satisfaction in Nigeria: A study of united bank for Africa in Sokoto metropolis. International journal of management technology, 2(3), 1-11.
Ali, P. I. (2016). Impact of automated teller machine on banking services delivery in Nigeria: a stakeholder analysis. Cadernos de Educação, Tecnologia e Sociedade, 9(1), 64-72.
As, O. (2014). Impact Of Electronic Banking Instruments On The Intermediation Efficiency Of The Nigerian Economy.
Beck, T., Cull, R., & Jerome, A. (2005). Bank privatization and performance: Empirical evidence from Nigeria. Journal of Banking & Finance, 29(8-9), 2355-2379. https://doi.org/10.1016/j.jbankfin.2005.03.018
Betancourt, R. R., Chocarro, R., Cortiñas, M., Elorz, M., & Mugica, J. M. (2016). Channel choice in the 21st century: The hidden role of distribution services. Journal of Interactive Marketing, 33, 1-12. https://doi.org/10.1016/j.intmar.2015.09.002
Bunse, K., Vodicka, M., Schönsleben, P., Brülhart, M., & Ernst, F. O. (2011). Integrating energy efficiency performance in production management–gap analysis between industrial needs and scientific literature. Journal of Cleaner Production, 19(6-7), 667-679. https://doi.org/10.1016/j.jclepro.2010.11.011
Cherotich, K. M., Sang, W., Mutungú, C., & Shisia, A. (2015). Financial innovations and performance of commercial banks in Kenya.
Daneshvar, P., & Ramesh, H. N. (2012). Determination of IT strategies to improve bank's performance-Indian public banks experience. Asian Journal of Research in Business Economics and Management, 2(2), 115-131.
England, R. W. (1998). Measurement of social well-being: alternatives to gross domestic product. Ecological Economics, 25(1), 89-103. https://doi.org/10.1016/S0921-8009(97)00098-0
Ezejiofor, R. A., Nzewi, U. C., & Okoye, P. V. (2014). Corporate bankruptcy: An application of Altman model in predicting potential of failure in Nigerian banking sector. International Journal of Empirical Finance, 2(4), 152-171.
Farouk, M. A., Hassan, S. U., & Mamman, A. (2013). Electronic banking products and performance of Nigerian listed deposit money banks. American journal of computer technology and application, 1(10).
Gakure, R., & Ngumi, P. (2013). Do bank innovations influence profitability of commercial banks in Kenya. Prime journal of social science, 2(3), 237-248.
Gichungu, Z. N., & Oloko, M. A. (2015). Relationship between bank innovations and financial performance of commercial banks in Kenya. International Journal of Education and Research, 3(5), 443-456.
Ilo-Okeke, E. O., & Byrnes, T. (2014). Theory of single-shot phase contrast imaging in spinor Bose-Einstein condensates. Physical review letters, 112(23), 233602.
Kamau, D. M., & Oluoch, J. (2016). Relationship between financial innovation and commercial bank performance in Kenya. International Journal of Social Sciences and Information Technology, 2(4), 34-47.
Kashmari, A., Nejad, A. H. G., & Nayebyazdi, A. (2016). Impact of electronic banking innovations on bank deposit market share. Journal of Internet Banking and Commerce, 21(1), 1-12.
Kashmiri, S., & Brower, J. (2016). Oops! I did it again: Effect of corporate governance and top management team characteristics on the likelihood of product-harm crises. Journal of Business Research, 69(2), 621-630.
Konchitchki, Y., & Patatoukas, P. N. (2014). Accounting earnings and gross domestic product. Journal of Accounting and Economics, 57(1), 76-88. https://doi.org/10.1016/j.jacceco.2013.10.001
Kumar, V. I. S. W. A. N. A. T. H. A. N., & Shah, D. (2004). Building and sustaining profitable customer loyalty for the 21st century. Journal of retailing, 80(4), 317-329. https://doi.org/10.1016/j.jretai.2004.10.007
Makur, P. M. (2014). The effects of financial innovation on the financial performance of commercial banks in South Sudan (Doctoral dissertation, University of Nairobi).
Matousek, R., & Solomon, H. (2018). Bank lending channel and monetary policy in Nigeria. Research in International Business and Finance, 45, 467-474. https://doi.org/10.1016/j.ribaf.2017.07.180
Mielnik, O., & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy policy, 30(2), 87-89. https://doi.org/10.1016/S0301-4215(01)00080-5
Morufu, O. (2016). E-payments adoption and profitability performance of deposits money banks in Nigeria. IPASJ International Journal of Information Technology (IIJIT), 4(3).
Muchemi, O. M., Echoka, E., & Makokha, A. (2015). Factors associated with low birth weight among neonates born at Olkalou District Hospital, Central Region, Kenya. Pan African Medical Journal, 20(1).
Muhoro, D. I., & Mungai, J. (2015). Real time gross settlement and financial performance of commercial banks in Kenya. International Academic Journal of Economics and Finance, 3(1).
Muia, S. W. (2017). The effect of financial innovations on financial performance of commercial banks in Kenya (Doctoral dissertation, Kca University).
Muotolu, P. C., & Nwadialor, E. O. (2019). Cashless policy and financial performance of deposit money banks in Nigeria. International Journal of Trend in Scientific Research and Development (IJTSRD), 3(4), 465-476.
Mwangi, R. W. (2011). An evaluation of the role of agency banking in the performance of commercial banks in Kenya. MBA Thesis, Kenyatta University, 45-48.
Ngumi, S. M. (2014). The effect of lending interest rates on financial performance of deposit taking micro finance institutions in Kenya (Doctoral dissertation, University of Nairobi).
Niehans, J. (1989). Transaction costs. In Money (pp. 320-327). Palgrave Macmillan, London.
Njogu, J. N. (2014). The effect of electronic banking on profitability of commercial banks in Kenya (Doctoral dissertation, University of Nairobi).
Nkem, I. S., & Akujinma, A. F. (2017). Financial innovation and efficiency on the banking sub-sector: the case of deposit money banks and selected instruments of electronic banking (2006-2014). Asian Journal of Economics, Business and Accounting, 1-12.
Ongore, V. O., & Kusa, G. B. (2013). Determinants of financial performance of commercial banks in Kenya. International journal of economics and financial issues, 3(1), 237.
Oyewole, O. S., Abba, M., Gambo, J., & Abam, I. (2013). E-banking and bank performance: Evidence from Nigeria. International Journal of Scientific Engineering and Technology, 2(8), 766-771.
Pao, H. T., & Tsai, C. M. (2011). Multivariate Granger causality between CO2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) countries. Energy, 36(1), 685-693. https://doi.org/10.1016/j.energy.2010.09.041
Prabha, R., Dayal, S., & Bhist, H. S. (2013). A study on the efficacy of business correspondent model. The Association of community development finance institutions, Citi group.
Shabbir, M. S., Rehma, A. K., & Shabbir, T. (2016). Combine effect of automated services and traditional services quality on customer satisfaction: Evidence from banking sector of Pakistan. Int J Econ Manag Sci, 5(327), 2.
Simiyu, R. S., Ndiang'ui, P. N., & Ngugi, C. C. (2014). Effect of financial innovations and operationalization on market size in commercial banks: A case study of Equity Bank, Eldoret branch. International Journal of Business and Social Science, 5(8).
Simon, E. (2021). The effect of internal control on organizational performance in the telecommunications industry in South South and South East Nigeria. International Journal of Social Sciences, 4(1), 78-97. https://doi.org/10.31295/ijss.v4n1.1361
Sylvester, O., & Ade, O. S. (2018). Revenue allocation in Nigeria: implications for sustainable national development. International Journal of Social Sciences, 1(1), 31-41. https://doi.org/10.31295/ijss.v1n1.15
Tarut?, A., & Gatautis, R. (2014). ICT impact on SMEs performance. Procedia-social and behavioral Sciences, 110, 1218-1225. https://doi.org/10.1016/j.sbspro.2013.12.968
Ugwueze, A. C., & Nwezeaku, N. C. (2016). E-banking and commercial bank performance in Nigeria: a cointegration and causality approach. International Journal of e-Education, e-Business, e-Management and e-Learning, 6(3), 175.
Wood, S. L. (2002). Future fantasies: a social change perspective of retailing in the 21st century. Journal of retailing, 78(1), 77-83. https://doi.org/10.1016/S0022-4359(01)00069-0
Published
How to Cite
Issue
Section
Copyright (c) 2021 International journal of social sciences
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Articles published in the International Journal of Social Sciences (IJSS) are available under Creative Commons Attribution Non-Commercial No Derivatives Licence (CC BY-NC-ND 4.0). Authors retain copyright in their work and grant IJSS right of first publication under CC BY-NC-ND 4.0. Users have the right to read, download, copy, distribute, print, search, or link to the full texts of articles in this journal, and to use them for any other lawful purpose.
Articles published in IJSS can be copied, communicated and shared in their published form for non-commercial purposes provided full attribution is given to the author and the journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
