International Journal of Management Technology (IJMT)

EA Journals

digital financial services

Digital Financial Services and Performance of Deposit Money Banks in Nigeria (Published)

This study evaluates the impact of digital financial services on customer retention in Nigerian deposit money banks, with a focus on mobile banking, internet banking, Point of Sale (POS) terminals, and Automated Teller Machines (ATMs). The study was conducted in Lagos and Abuja, Nigeria, using a stratified random sampling technique to select 350 respondents from five top-ranked deposit money banks. Data were collected through structured questionnaires and analyzed using multiple regression to determine the relationship between digital financial services and customer retention. The findings reveal that mobile banking has the most significant effect on customer retention (β = 0.558, p < 0.001), followed by POS terminals (β = 0.365, p < 0.001). Internet banking (β = 0.089, p < 0.001) and ATMs (β = 0.065, p = 0.001) also contribute positively, though to a lesser extent. Collectively, these variables account for 83.7% of the variation in customer retention (R² = 0.837). The study concludes that digital financial services are critical to sustaining customer loyalty in Nigeria’s banking sector. Key recommendations include prioritizing investments in robust digital infrastructure, improving system reliability, and enhancing customer support and education. Policymakers are encouraged to collaborate with banks to promote financial inclusion and innovation, ensuring the sustained growth of digital financial services.

Keywords: Customer retention, Deposit Money Banks, digital financial services, mobile banking, pos terminals

Determinants Factors of Digital Financial Services Adoption and Usage Level: Empirical Evidence from Ghana (Published)

Digital Financial Services (DFS) have the potential to benefit people in poverty in developing economies significantly. DFS provides a variety of economical, convenient, and secure financial services. However, the DFS adoption rate is slow in Ghana due to being over-reliant on personal cash delivery. Substantial variation in adoption levels across important socio-demographic characteristics is another factor. Using a representative national dataset from Ghana, this study explored digital financial services adoption determinants. It quantified the role played by each of the six incorporating factors and controlled four socio-demographic characteristics. The work also assessed the adoption level among key socio-demographic groups. The determinants of DFS are estimated using logit specification, and average marginal effects are computed. The logit model indicated that effort expectancy, awareness, facilitating conditions, transaction cost, security and privacy, and self-efficacy positively influence DFS adoption and increase DFS adoption by 0.7%, 2.3%, 28.5%, 3%, 2.1%, and 2.4%, respectively. Additionally, the results indicated a significant disparity in adoption levels across key socio-demographic variables, including education level, gender, urban and rural residence, and administrative regions of Ghana. Given the substantial influence of facilitating conditions and transaction costs on DFS adoption, we argue that it would be advisable to incorporate digital infrastructure development and lower transaction cost measures into the planning of any intervention.

Citation: Isaac Anane, and Fengying Nie (2022) Determinants Factors of Digital Financial Services Adoption and Usage Level: Empirical Evidence from Ghana, International Journal of Management Technology, Vol.9, No 1, pp. 26-47

Keywords: Adoption, Development, Ghana, digital economy, digital financial services

Scroll to Top

Don't miss any Call For Paper update from EA Journals

Fill up the form below and get notified everytime we call for new submissions for our journals.