An Empirical Evaluation of Different Electronic Payment Channels in Nigeria

Fidelis Onyemaechi Nedozi; Chris Ikponmwen Omoregie

doi:doi:10.11648/j.jfa.20190705.13

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An Empirical Evaluation of Different Electronic Payment Channels in Nigeria

Fidelis Onyemaechi Nedozi, Chris Ikponmwen Omoregie

Published in Journal of Finance and Accounting (Volume 7, Issue 5)

Received: 30 August 2019 Accepted: 17 September 2019 Published: 29 September 2019

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Abstract

Payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. This study has tried to empirically evaluate the electronic-payment channels and their penetration level in Nigeria from 2012 to first quarter of 2019. The main research objective was to determine given the technology revolution the level of e-payment penetration in Nigeria. Concepts of e-payment, E-payment in Nigeria and the different E-payment platforms were reviewed. The data were obtained from the secondary sources like CBN, journals, and commercial banks quarterly bulletins. The study employed descriptive statistics to ascertain the level of penetration E-payment in Nigeria. The data were analyzed using percentages. From the study, it was found that ATM dominated the penetration of E-payment in terms of volume in Nigeria from 2011 to first quarter of 2019. In terms of value NEFT dominated in 2012 and 2013 while NIP dominated from 2014 to first quarter of 2019. It is recommended that more electronic channels should be open to deepen the electronic transactions in the economy to fast tract transaction as the world move into tech revolution. Also, the issue of fraud emanating from electronic transaction should be checked and reduce to give trust to consumers of such transactions.

Published in	Journal of Finance and Accounting (Volume 7, Issue 5) This article belongs to the Special Issue Financial Inclusion , Accounting Perspectives and Development
DOI	10.11648/j.jfa.20190705.13
Page(s)	146-152
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2019. Published by Science Publishing Group

Keywords

Payment. Electronic, Cheque, Cash, Money

References

[1]	Ojo, J. A. T. (1998). Improving the Nigerian payment system: Prospects and promises. Nigerian Journal of Banking and Financial Issues, 1 (1) 39-47.
[2]	Okifo, J., & Igbunu, R. (2015) Electronic Payment System in Nigeria: Its Economic Benefits and Challenges. Journal of Education and Practice 6. (16) 56-62.
[3]	Kelvin, O. (2012). Mobile Money for Financial Inclusion. Journal of Macro Finance, Africa, Nett, Lagos. 4: 14.
[4]	Damkwambo, I. H. (2009). Understanding the e-payment system in Nigeria. Paper at the workshop on in Abuja, 30th March.
[5]	Okafor, P. (2017). Electronic payment/transactions: E-payment in Nigeria. Online: http://www.naijatechguid.com/
[6]	Ayodele, T. D. (2014). Electronic banking in Nigeria: Challenges and prospects. Elixir International Journal of Finance management, 69, (22912-22915).
[7]	Oladayo, T. & Adeniyi, O. (2014). Automated Teller Machine Fraud in South West Nigeria: The shoe wearers perspectives, Nigerian Tribune, Ibadan, P. 2.
[8]	Ayodele, T. (2015). Nigeria payment systems through electronic banking: A review. International Journal of Transformations in Business management. 5 (11) 27-33.
[9]	Okafor, L., (2008) Nigeria payments system: The role of the banking industry. Paper Presented at the CBN Seminar on the Dynamics of Managing the Nigeria Payment System in the 21st Century.
[10]	Osang, F. B. (2017) E-banking: evaluating electronic payment channels in southern Nigeria. NOUN Journal of Physical and Life Sciences 1: 135-157.
[11]	Osibote, I. I. (2010). E-payment system: processes, procedures, challenges and prospects. Paper at workshop on in Abuja, 15th March. Online: http://financial.tmcnet.com//mergeracquisitions/news/2010//85073144.htm.
[12]	National Bureau of Statistics, (2012). Annual Statistical Reports, 13: 11.
[13]	National Bureau of Statistics, (2016) Electronic payment channels in the Nigeria banking sector Q3, Abuja, NBS.
[14]	Central Bank of Nigeria (2019) E-Payment Statistics. Abuja, CBN.
[15]	National Bureau of Statistics, (2018) Selected banking sector data: Sectorial breakdown of credit, ePayment channels and staff strength. Abuja, NBS.
[16]	First Bank of Nigeria (2018) Nigeria's electronic payment channels in 2018. Research Weekly 8 (12) 1-5.
[17]	Ayo, A. O. (2011). Emergence of Payment Systems in the era of e-commerce in Nigeria: Problems and Prospects. Delta Business Education Journal, 1 (6), 64-72.

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APA Style

Fidelis Onyemaechi Nedozi, Chris Ikponmwen Omoregie. (2019). An Empirical Evaluation of Different Electronic Payment Channels in Nigeria. Journal of Finance and Accounting, 7(5), 146-152. https://doi.org/10.11648/j.jfa.20190705.13

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ACS Style

Fidelis Onyemaechi Nedozi; Chris Ikponmwen Omoregie. An Empirical Evaluation of Different Electronic Payment Channels in Nigeria. J. Finance Account. 2019, 7(5), 146-152. doi: 10.11648/j.jfa.20190705.13

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AMA Style

Fidelis Onyemaechi Nedozi, Chris Ikponmwen Omoregie. An Empirical Evaluation of Different Electronic Payment Channels in Nigeria. J Finance Account. 2019;7(5):146-152. doi: 10.11648/j.jfa.20190705.13

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@article{10.11648/j.jfa.20190705.13,
  author = {Fidelis Onyemaechi Nedozi and Chris Ikponmwen Omoregie},
  title = {An Empirical Evaluation of Different Electronic Payment Channels in Nigeria},
  journal = {Journal of Finance and Accounting},
  volume = {7},
  number = {5},
  pages = {146-152},
  doi = {10.11648/j.jfa.20190705.13},
  url = {https://doi.org/10.11648/j.jfa.20190705.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20190705.13},
  abstract = {Payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. This study has tried to empirically evaluate the electronic-payment channels and their penetration level in Nigeria from 2012 to first quarter of 2019. The main research objective was to determine given the technology revolution the level of e-payment penetration in Nigeria. Concepts of e-payment, E-payment in Nigeria and the different E-payment platforms were reviewed. The data were obtained from the secondary sources like CBN, journals, and commercial banks quarterly bulletins. The study employed descriptive statistics to ascertain the level of penetration E-payment in Nigeria. The data were analyzed using percentages. From the study, it was found that ATM dominated the penetration of E-payment in terms of volume in Nigeria from 2011 to first quarter of 2019. In terms of value NEFT dominated in 2012 and 2013 while NIP dominated from 2014 to first quarter of 2019. It is recommended that more electronic channels should be open to deepen the electronic transactions in the economy to fast tract transaction as the world move into tech revolution. Also, the issue of fraud emanating from electronic transaction should be checked and reduce to give trust to consumers of such transactions.},
 year = {2019}
}

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TY - JOUR
T1 - An Empirical Evaluation of Different Electronic Payment Channels in Nigeria
AU - Fidelis Onyemaechi Nedozi
AU - Chris Ikponmwen Omoregie
Y1 - 2019/09/29
PY - 2019
N1 - https://doi.org/10.11648/j.jfa.20190705.13
DO - 10.11648/j.jfa.20190705.13
T2 - Journal of Finance and Accounting
JF - Journal of Finance and Accounting
JO - Journal of Finance and Accounting
SP - 146
EP - 152
PB - Science Publishing Group
SN - 2330-7323
UR - https://doi.org/10.11648/j.jfa.20190705.13
AB - Payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. This study has tried to empirically evaluate the electronic-payment channels and their penetration level in Nigeria from 2012 to first quarter of 2019. The main research objective was to determine given the technology revolution the level of e-payment penetration in Nigeria. Concepts of e-payment, E-payment in Nigeria and the different E-payment platforms were reviewed. The data were obtained from the secondary sources like CBN, journals, and commercial banks quarterly bulletins. The study employed descriptive statistics to ascertain the level of penetration E-payment in Nigeria. The data were analyzed using percentages. From the study, it was found that ATM dominated the penetration of E-payment in terms of volume in Nigeria from 2011 to first quarter of 2019. In terms of value NEFT dominated in 2012 and 2013 while NIP dominated from 2014 to first quarter of 2019. It is recommended that more electronic channels should be open to deepen the electronic transactions in the economy to fast tract transaction as the world move into tech revolution. Also, the issue of fraud emanating from electronic transaction should be checked and reduce to give trust to consumers of such transactions.
VL - 7
IS - 5
ER -

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Author Information

Fidelis Onyemaechi Nedozi

Department of Business Administration, School of Higher Education, Institute of Continuing Education, Benin City, Nigeria
Chris Ikponmwen Omoregie

Department of Computer Science, College of Education, Ekiadolor, Benin City, Nigeria

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APA Style

Fidelis Onyemaechi Nedozi, Chris Ikponmwen Omoregie. (2019). An Empirical Evaluation of Different Electronic Payment Channels in Nigeria. Journal of Finance and Accounting, 7(5), 146-152. https://doi.org/10.11648/j.jfa.20190705.13

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ACS Style

Fidelis Onyemaechi Nedozi; Chris Ikponmwen Omoregie. An Empirical Evaluation of Different Electronic Payment Channels in Nigeria. J. Finance Account. 2019, 7(5), 146-152. doi: 10.11648/j.jfa.20190705.13

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AMA Style

Fidelis Onyemaechi Nedozi, Chris Ikponmwen Omoregie. An Empirical Evaluation of Different Electronic Payment Channels in Nigeria. J Finance Account. 2019;7(5):146-152. doi: 10.11648/j.jfa.20190705.13

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@article{10.11648/j.jfa.20190705.13,
  author = {Fidelis Onyemaechi Nedozi and Chris Ikponmwen Omoregie},
  title = {An Empirical Evaluation of Different Electronic Payment Channels in Nigeria},
  journal = {Journal of Finance and Accounting},
  volume = {7},
  number = {5},
  pages = {146-152},
  doi = {10.11648/j.jfa.20190705.13},
  url = {https://doi.org/10.11648/j.jfa.20190705.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20190705.13},
  abstract = {Payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. This study has tried to empirically evaluate the electronic-payment channels and their penetration level in Nigeria from 2012 to first quarter of 2019. The main research objective was to determine given the technology revolution the level of e-payment penetration in Nigeria. Concepts of e-payment, E-payment in Nigeria and the different E-payment platforms were reviewed. The data were obtained from the secondary sources like CBN, journals, and commercial banks quarterly bulletins. The study employed descriptive statistics to ascertain the level of penetration E-payment in Nigeria. The data were analyzed using percentages. From the study, it was found that ATM dominated the penetration of E-payment in terms of volume in Nigeria from 2011 to first quarter of 2019. In terms of value NEFT dominated in 2012 and 2013 while NIP dominated from 2014 to first quarter of 2019. It is recommended that more electronic channels should be open to deepen the electronic transactions in the economy to fast tract transaction as the world move into tech revolution. Also, the issue of fraud emanating from electronic transaction should be checked and reduce to give trust to consumers of such transactions.},
 year = {2019}
}

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