Department of Finance

This study investigates the impact ofdigital banking channels specifically Point ofSale (POS),Mobile Banking, Automated Teller Machines (ATM), andInternet Banking onfinancial inclusion in Nigeria over the period 2009 to 2024. Employing the Robust Least Squares (RLS) estimation technique, the analysis addresses issues of serial correlation and model misspecification to provide reliable estimates of the relationship between digital banking tools and the level of financial inclusion. The findings reveal that POS transactions significantly promote financial inclusion, while mobile banking exhibits a positive but statistically weak influence. In contrast,ATM usage has a significant negative effect, and internet banking shows no meaningful contribution to inclusion outcomes. These results suggest that while digital banking is a potent enabler offinancial inclusion, its impact is not uniform across platforms. It is therefore recommended that policymakers prioritize investment in scalable, low-cost digital banking channels like POS and mobile banking, while simultaneously addressing infrastructural, trust,and literacy barriers that hinder the effectiveness ofinternet and ATM-basedfinancial services in reaching underservedpopulations

This study examines the impact of key macroeconomic variables interest rate, inflation rate, and exchange rate on Nigeria’s economic development over the period 2015 to 2024. The research is driven by the persistent macroeconomic instability Nigeria has faced since the Structural Adjustment Programme (SAP) era, which has contributed to fluctuating development outcomes. While several studies have explored macroeconomic factors and economic growth, limited empirical evidence directly links these variables to economic development using recent data. This study addresses this gap by analysing how macroeconomic volatility influences Nigeria’s development performance. An ex-post facto research design was adopted, using secondary annual data obtained from the Central Bank of Nigeria, National Bureau of Statistics, and World Bank. GDP growth rate was used as a proxy for economic development, while inflation, interest rate, and exchange rate served as the explanatory variables. The data were analysed using descriptive statistics, correlation analysis, and Ordinary Least Squares (OLS) regression, supported by diagnostic tests to ensure model robustness. Findings reveal that both inflation and interest rates have significant negative effects on economic development, suggesting that rising price levels and borrowing costs hinder productive investment and economic performance. Conversely, exchange rate movements exert a significant positive influence, indicating that currency dynamics play a key role in shaping development outcomes. The model demonstrates strong explanatory power and reliability. The study concludes that Nigeria’s economic development is highly sensitive to macroeconomic volatility and emphasizes the need for stronger policy coordination, institutional reforms, financial-market strengthening, and economic diversification to support sustainable developmen

The study examined the macroeconomic determinants of banking sector development in Nigeria over the period 2000 to 2023. The specific objectives of the study were to examine whether exchange rate (EXRT), inflation rate (INFL),money supply (M2), interest rate (INTR), and real gross domestic product (RGDP) significantly affect banking sector development. The ordinary least square econometric technique was utilized in the analysis of data. The results from the analysis revealed exchange rate (EXRT) has significant negative effect on banking sector development (BSD) in Nigeria; money supply (M2) had a significant positive impact on banking sector development; while inflation rate (INFL) had a weak positive effect, real gross domestic product (RGDP) had a weak negative effect on banking sector development in Nigeria. The study therefore conclude that these variables should not be ignored by the Nigerian government and policy makers. They must place special attention on them in order to constantly sustain the current development of the Nigerian banking sector. The study recommends among others that, the government sand indeed monetary authority should formulate appropriate investment policy that will encourage investors to invest more in the economy. This can be achieved by lower the current high level of interest rate or banks’ lending rate in the country. By so doing, more people will be able to access loans for onward investment in the economy, and thereby boost the general economic activities in the country.

This study examines the impact of digital payment technologies on financial inclusion in Nigeria, focusing on Automated Teller Machine (ATM) transactions, Point-of-Sale(POS) transactions, Web Pay transactions, and mobile payments. Despite significant advancements in digital payment infrastructure, approximately 40%of adult Nigerians remain financially excluded, revealing persistent challenges inachieving universal access to financial services. The research addresses this gap by empirically investigating how different digital payment channels contribute to broadening financial participation in the formal economy. The study adopts an Ex-Post-Factoresearch design, utilizing quarterly time series data spanning from2009Q1to2023Q4,yielding 60 observations. Secondary data were obtained from the Central Bank of Nigeria Statistical Bulletin and the Nigeria Inter-Bank Settlement System. Financial inclusion was operationalized as total savings as a ratio of GDP, while independent variables captured transaction volumes across the four digital payment channels. The analytical framework employed Augmented Dickey-Fuller unit root tests, Johansenco integration analysis, and the Autoregressive Distributed Lag (ARDL) bounds testing approach to examine both short-run dynamics and long-run equilibrium relationships. Results indicate that only mobile payment transaction volume demonstrates a statistically significant positive effect on financial inclusioninNigeria.ATM, POS, and Web Pay transaction volumes show no significant impact, attributed to infrastructure constraints, urban concentration of services, digital literacy gaps, and limited accessibility in rural areas. The superior performance of mobile payments stems from widespread mobile phone penetration, USSD technology compatibility with basic phones, minimal entry barriers, and distributed agent networks reaching underserved populations. The study concludes that mobile payments represent the most effective digital channel for advancing financial inclusion inNigeria.Recommendations emphasize prioritizing mobile payment infrastructure development,addressing electricity and telecommunications constraints, enhancing financial and digital literacy programs, reforming regulatory frameworks, including tiered KYC requirements, expanding agent networks into rural areas, and leveraging mobile platforms for government-to-person payments. Policymakers should adopt comprehensive strategies integrating supportive ecosystems that enable access, build capability, and foster trust to maximize mobile payments' potential in achieving sustainable financial inclusion. Keywords: Digital Payment Technologies, Financial Inclusion, Mobile Payments

This study examined the effect of financial technology on the performance of deposit money banks in Nigeria. Quarterly time series data for the period 2009Q1–Q4 to 2023Q1–Q4 was generated from the Central Bank of Nigeria Statistical Bulletin and global financial index of the World Bank. The study used the ordinary least squares multivariate regression estimation method to analyze the data generated. The findings reveal that Internet banking, ATM usage, and POS terminal usage have significant impact on deposit money banks’ performance in Nigeria, while mobile banking has no significant effect on deposit money bank performance. According to the study's findings, financial technology (FINTECH) variables play a significant role in Nigeria's deposit money bank performance. Based on the findings, the study recommends that deposit money banks should improve their security on mobile transactions and also reduce the various charges associated with mobile transaction usage in Nigeria. It is also important to address Nigeria's poor internet access. In order to gain consumers' trust, network communication security should be strengthened. Concerns about security when using internet banking should be addressed by banks in order to reverse the negative impact on their performance. Furthermore, deposit money banks should upgrade ATM technology to include features such as cardless transactions, biometrics, and improved security measures to enhance user experience and attract more customers; with increased usage, this will improve bank performance. In addition, the adoption rate of point-of-sale (POS) terminals in Nigeria should continue to be improved so that it will contribute positively to deposit money bank performance. This can be achieved by reducing excessive transaction fees and improving the infrastructure required to operate POS systems, such as network access, which will further enhance the performance of banks in Nigeria.

This study examined the effect of financial technology on the performance of deposit money banks in Nigeria. Quarterly time series data for the period 2009Q1-Q4 to 2023Q1-Q4 was generated from the Central Bank of Nigeria Statistical Bulletin and global financial index of the World Bank. The study used the ordinary least squares multivariate regression estimation method to analyze the data generated. The findings reveal that that Internet banking, ATM usage and POS terminal usage have significant impact on deposit money banks performance in Nigeria while mobile banking has no significant effect on deposit money bank performance. According to the study's findings, financial technology (FINTECH) variables play a significant role in Nigeria's deposit money bank performance. Based on the findings, the study recommends that deposit money banks should improve their security on mobile transaction and also cut down the various charges associated with mobile transaction usage in Nigeria. Also, It's also important to solve Nigeria's poor Internet access. In order to gain consumers' trust, network communications security should also be strengthened. Concerns about security when using internet banking should be addressed by banks in order to reverse the negative impact on their performance. Furthermore, deposit money banks should upgrade ATM technology to include features like cardless transactions, biometrics, and improved security measures to enhance user experience and attract more customers and with more customers using this platform it will improve the performance of deposit money banks. In addition, the adoption rate of point-of-sale (POS) terminals in Nigeria should continue to be improved so that it will continue to contribute positively to deposit money bank performance. This can be done by lowering the excessive transaction fees and making improvements to the infrastructure needed to run POS, such as network access. This will further improve the performance of banks in Nigeria.

This study examined the effect of financial technology on the performance of deposit money banks in Nigeria. Quarterly time series data for the period 2009Q1-Q4 to 2023Q1-Q4 was generated from the Central Bank of Nigeria Statistical Bulletin and global financial index of the World Bank. The study used the ordinary least squares multivariate regression estimation method to analyze the data generated. The findings reveal that that Internet banking, ATM usage and POS terminal usage have significant impact on deposit money banks performance in Nigeria while mobile banking has no significant effect on deposit money bank performance. According to the study's findings, financial technology (FINTECH) variables play a significant role in Nigeria's deposit money bank performance. Based on the findings, the study recommends that deposit money banks should improve their security on mobile transaction and also cut down the various charges associated with mobile transaction usage in Nigeria. Also, It's also important to solve Nigeria's poor Internet access. In order to gain consumers' trust, network communications security should also be strengthened. Concerns about security when using internet banking should be addressed by banks in order to reverse the negative impact on their performance. Furthermore, deposit money banks should upgrade ATM technology to include features like cardless transactions, biometrics, and improved security measures to enhance user experience and attract more customers and with more customers using this platform it will improve the performance of deposit money banks. In addition, the adoption rate of point-of-sale (POS) terminals in Nigeria should continue to be improved so that it will continue to contribute positively to deposit money bank performance. This can be done by lowering the excessive transaction fees and making improvements to the infrastructure needed to run POS, such as network access. This will further improve the performance of banks in Nigeria.

This study investigated the effect of digital payment systems on the profitability of deposit money banks in Nigeria using quarterly time-series data from 2012Q1 to 2022Q4. Five electronic payment channels such as Automated Teller Machines (ATM), Point of Sale (POS), Web payment platforms, Mobile payment systems, and NIBSS Electronic Fund Transfer (NEFT) were examined. The Fully Modified Ordinary Least Squares (FMOLS) technique was employed to estimate the long-run relationship between digital payment adoption and bank profitability. The empirical findings revealed that ATM and Web payment transaction values exerted a statistically significant and positive influence on bank profitability. In contrast, POS, Mobile payment, and NEFT transaction values showed no significant long-run effect on profitability during the study period. These results suggest that while some digital channels have matured into profit generating platforms, others remain operationally essential but financially under-optimized. Based on the findings, the study recommends that banks strengthen and expand ATM and Internet banking infrastructure to sustain profitable digital operations. In addition, banks should re-evaluate fee structures, improve service reliability, and increase merchant and customer adoption of POS and mobile payment platforms to unlock profitability potential. Collaboration with regulators and payment stakeholders is also essential to enhance NEFT efficiency, reduce operational costs, and support wider digital financial ecosystem stability. Overall, a balanced multi-channel digital strategy is crucial for long-term profitability and competitive resilience in Nigeria’s evolving financial technology landscape

This study examines the effect of exchange rate volatility and macroeconomic variable instability on foreign portfolio investment in Nigeria. The data for this study was collected from World Bank Economic Indicator database and the Nigerian Security and Exchange commission Statistical Bulletin covering 1981 to 2024. The longitudinal research design was adopted by this study. The dynamic least sqaures regression technique was utiized and the E-view 9.0 econometric software was used for the
analysis. This study found that exchange rate volatility, growth in gross domestic product negatively and signficantly affect forign portfolio investement, while inflation rate and interest rate positively and significantly infleunce forign portfolio investement. The study recommend among others that the Nigerian government, particularly the Central Bank of Nigeria should intensify effort gear towards stabilizing exchange rate; and that government should deepen current reforms directed at reducing general price level (inflation), as doing so will stimulate foreign portfolio investment inflows into the country

This study investigates the Financial regulations in reducing systemic risk amongst
deposit money banks in Nigeria, spanning 10 years from 2015 to 2024. The ex-post facto research design was adopted for this study. The population of this study consists of the 24 listed Deposit Money Banks licensed to operate in Nigeria. A simple random sampling technique was adopted to select 5 banks categorized as domestic systemically important banks (D-SIBs) from the 24 licensed banks, enhancing the generalizability of the findings. Using the panel regression model analysis, the findings reveal that financial regulations such as capital adequacy ratio, reserve requirement, liquidity regulations, and asset quality have a systemically significant impact in reducing systemic risk amongst deposit money banks in Nigeria. Additionally, these regulations help prevent excessive risktaking, reduce the likelihood of bank failures, and promote public confidence in the financial system. The study recommends that regulators should continue to align with global standards like Basel III by enforcing stricter capital adequacy and liquidity requirements, and banks should adopt robust internal risk management frameworks. The research contributes to the critical understanding and evidence on which regulations are most effective in curbing systemic risk in Nigeria, providing insights for policymakers and banking industry stakeholders.