Effect of Financial Innovation on the Performance of Deposit Money Banks in Nigeria

Dr. Chinedu Blessing-Mike Obialor; Chigozie Camillus Ibe

Title:
Effect of Financial Innovation on the Performance of Deposit Money Banks in Nigeria

Authors:
Chigozie Camillus Ibe | Dr. Chinedu Blessing-Mike Obialor

Cite This Article :

Chigozie Camillus Ibe | Dr. Chinedu Blessing-Mike Obialor "Effect of Financial Innovation on the Performance of Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-6, October 2022, pp.1241-1251, URL: https://www.ijtsrd.com/papers/ijtsrd52040.pdf

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Abstract :
This study centres on financial innovation and performance of deposit money banks in Nigeria. The main objective is to ascertain the effect of financial innovation on the performance of deposit money banks in Nigeria. The specific objectives are to evaluate the effect of automated teller machine, point of sale, web internet transfer and mobility of payment on the performance of deposit money banks in Nigeria proxied by the value of commercial bank deposits in Nigeria. The data employed were secondary data obtained from the Central Bank of Nigeria Statistical Bulletin for the period 2009-2020. This study employed ordinary least square (OLS) method of estimation to establish the effect of the independent variables on the dependent variable. The (OLS) is the most efficient method because of the ’’Best Linear Unbiased Estimator’’ (BLUE) properties. The analysis revealed that point of sale, payment mobility, automated teller machine and web internet had positive effect on the performance of deposit money banks in Nigeria for the period under study. This depicts that financial innovation helps in increasing profitability and return on assets of deposit money banks in Nigeria. Therefore, the study recommends among others that the government should put in place proper monetary and fiscal policies in order to promote financial innovations in Nigeria as the investigations in this study have proved to engender performance of deposit money banks in Nigeria.

Keywords :
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Publication Details:

Unique Identification Number : IJTSRD52040

Published In : Volume-6 | Issue-6, October 2022

Page Number(s) : 1241-1251

Publisher Name : IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470

Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

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