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 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.