International Journal of Management Technology (IJMT)

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Financial Innovations and Financial Performance of Listed Deposit Money Banks in Nigeria


This study examines the relationship between financial innovations and financial performance of listed deposit money banks in Nigeria. This study adopted expost-facto research design. Census sampling techniques was used to adopt all the 25 deposit money banks quoted in the Nigerian stock exchange. Secondary data was collected from all listed Deposit Money Banks in Nigeria between the period 2010 to 2021. The data was extracted from the annual reports of the listed Deposit Money Banks in Nigeria. Correlation analysis was used to measure the relationship between variables. Specifically, the researcher used multiple regression analysis to establish if there is relationship between the independent variables and the dependent variable. The study revealed that Automated Teller Machine (ATM)  has a negative but significant relationship with Financial Performance (FP), Point of Sales(POS) has a positive and significant relationship with FP, electronic mobile transaction (MOBILE) has a positive but non-significant relationship with FP and internet web transaction (WEB) has a negative and non-significant relationship with FP. Based on the findings, the research recommends that banks and ATMs manufacturers should be more concerned about the security of banking machines and that they should collaborate with telecommunication network providers and security agents to checkmate and prosecute hackers and other internet fraud stars so as to reverse the negative effect of ATM and internet web transactions on deposit money banks’ financial performance in Nigeria. Banks should also improve service quality and customer responsiveness in cases of lost or stolen cards, frauds, and other customer complaints in relation to point of sale to enhance the performance of deposit money banks in Nigeria.

Keywords: Financial Performance, automated teller machines (ATM), electronic mobile transaction, financial innovations, internet Web transaction, point of sales (POS)

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