Factors Influencing Payment Technology Deployment in Deposit Money Banks in Nigeria

Abstract

Payment technology encompasses a broad spectrum of digital tools and platforms aimed at facilitating fund transfers among individuals, businesses, and financial institutions. Research indicates that while payment technology holds promise for enhancing operational efficiency and customer satisfaction, its integration into current accounting practices poses notable hurdles. This study therefore sets out to examine the factors influencing payment technology in selected Nigerian Deposit Money Banks (NDMBs). The study employed survey design using well-structured questionnaire. The population of the study will consist of fourteen (14) NDMBs registered and listed on the floor of the Nigerian Exchange Group (NXG) while the sample of ten (10) NDMBs operating on the floor of Nigeria Exchange Group (NXG) was selected using purposive sampling technique. Three hundred and ninety four (394) copies of questionnaire were administered out of which two hundred and sixty (260) copies of questionnaire were returned for data analysis. Both descriptive and inferential statistics were employed for the purpose of the data analyse. Descriptive statistics involved the use of frequencies, tables, figure and percentage to analysis the socio-economic characteristics of the respondents while inferential statistics of Analysis of Variance (ANOVA) was used to examine the factors influencing payment technology in NDMBs. The results of the revealed that there is significant differences in factors influencing technology payment with variations in the comparison of means across the independents variables incorporated into the model  , as evidenced by the high Adjusted  R² value of 0.72% and a statistically significant p-value of 0.000. The result indicates that Independent variables incorporated into this model have been able to reveal that there are differences in factor influencing payment technology deployment   in selected sampled NDMBs. The study concluded that there is significant difference in the factors influencing payment technology deployment in deposit money banks in Nigeria. It is therefore recommended that continuous training and development programs should be implemented by NDMBs to ensure that accounting staff are proficient in using payment technology platforms and understand their impact on accounting procedures.