ECONOMIC IMPLICATIONS OF ELECTRONIC BANKING IN NIGERIA BANKS

Abstract

The study assessed the effect of e-payment systems on gross domestic product of Nigeria, using mobile payment system and Point of Sale (POS) payment system and the independent variables and gross domestic product as the dependent variable. The research questions and hypotheses were formulated in line with the objectives of the study. Ex Post Facto research design was adopted for the study. Data were collected from CBN Statistical bulletin and annual reports and accounts for the periods from 2009 to 2021. Data were analyzed with descriptive statistics and the hypotheses regression analysis was carried out with the aid of E-Views 9.0 statistical software. The results revealed that mobile banking and point of sale have a positive but insignificant effect on gross domestic product in Nigeria.  Based on the findings, the study recommended among others that Nigerian deposit money banks should collaborate with phone service providers to checkmate and prosecute hackers in order to reverse the negative effect of mobile payment on banks’ profitability in Nigeria.