FINANCIAL TECHNOLOGY AND PERFORMANCE OF DEPOSIT MONEY BANK 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.