Cryptocurrency, Block chain Payment Systems and Deposit Money Banks Performance in Nigeria

Abstract

The study investigated the influence of cryptocurrency and blockchain payment systems on the level of deposit money banks performance in Nigeria. Survey design was employed and structured questionnaire was the major instrument of data collection. Structured questionnaire was administered to respondents in four deposit money banks such as Ecobank, Zenith Bank, United Bank for Africa and Fidelity Bank. The study used a sample of ninety respondents drawn from the employees of the selected deposit money banks with branches in Delta State. Data obtained were analyzed via descriptive statistics (standard deviation, simple percentage, frequency count) and inferential statistics (multiple regression models). The result of multiple regression models revealed that there is significant positive influence of cryptocurrency and blockchain payment systems on the level of deposit money banks performance in Nigeria. The study recommends among others, the need to strengthen adoption policies of digital technologies; this can be achieved if deposit money actively invests in blockchain infrastructure to fully benefit from its potential in areas such as payments, record keeping, and security. Also, there is need for continuous training programs should be implemented to ensure employees understand and can efficiently use blockchain systems. Overall, deposit money banks and regulatory agencies should develop clear guidelines that encourage safe and legal adoption of blockchain technologies, especially cryptocurrency.

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