IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 9 NO. 5 2024
DOI: 10.56201/wjeds.v9.no4.2024.pg90.109

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The Relationship Between Electronic Banking and Performance of Small and Medium Scale Enterprises in Uyo Local Government Area of Akwa Ibom State.

Ele, Linus Egwu, Iteire, Curtis, Abighe Okolie, Onyeisi Kelvin

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Abstract

The study aims at examining the relationship between electronic banking and performance of small and medium scale enterprises in Uyo Local Government Area Akwa Ibom State. The study adopted survey research design. The convenience sampling technique was adopted for the study. Data for this research were obtained from primary and secondary sources. The research instrument used in the collection of data in this study is the questionnaire. The findings of the research revealed that transition to a cashless economy has a perceived impact on the performance of small business operators. However, significant challenges were identified, including the lack of access to electronic payment infrastructure and low levels of awareness and education on the benefits of cashless transactions. Furthermore, government policies and initiatives aimed at promoting a cashless economy have not been fully effective in supporting the growth of small business operators in Uyo Local Government Area Akwa Ibom State to benefit from the transition to cashless economy, including increased efficiency, cost savings and access to new markets. The study recommended that there is significant need for public education and awareness on the benefits of automated teller machine to enhance the adoption of cashless policy for business purpose in Nigeria. The banks must improve service quality and customer responsiveness in cases of lost or stolen cards, frauds, and other customer complaints in relation to point of sale and performance of Deposit money Banks in Nigeria.

keywords:

Automated Teller Machine, Bank performance, Mobile Banking, Point of Sale,

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