IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 9 2024
DOI: 10.56201/jafm.v10.no9.2024.pg187.198

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Impact of Financial Technology (FINTECH) in Profitability of Listed Deposit Money Banks in Nigeria

Aniekan Nwayen, Dr. Eno Ukpong, Dr. Uwem E. Uwah

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Abstract

In order to investigate the relationship between financial technology (FINTECH) and listed deposit money banks in Nigeria, this study used an ex-post facto research design, utilising annual reports and accounts of listed deposit money banks on the Nigerian Stock Exchange (NSE) as well as secondary data obtained from the Central Bank of Nigeria Bullentin for the independent variables. Profitability, as determined by Return on Assets, was taken from the audited financial reports of five listed deposit money banks out of eleven banks quoted on the Nigerian Exchange Group, with the five listed deposit money banks chosen through judgemental sampling techniques over a ten-year period (2010-2019). Among the banks are Zenith Bank Plc, Unity Bank Plc, Fidelity Bank Plc, United Bank for Africa Plc, and Wema Bank Plc. With SPSS 20 statistical software, the data are analysed using descriptive statistics, regression analysis, and correlation analysis. The outcome demonstrated that mobile pay and automated teller machines had a statistically negligible effect on the profitability of Nigeria's listed banks. The study suggests that banks concentrate on developing and enhancing their mobile payment services because there is room for growth in this market based on its results. Banks might potentially enhance their profitability by drawing in more clients and increasing usage through the provision of more user-friendly interfaces, robust security, and new features.

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