Adoption and Usage of E-Banking Channels in Nigeria: Implication for Deepening Financial Inclusion

U. O. Oteh, N. I. Ibok, C. P. O. Nto


Increasing and/or lack of access to financial services has huge economic and social implications in Nigeria. The overall objective of this study is to reduce the prevalence of financial exclusion through adoption of technology-enabled e-banking channels. The aim is to guarantee greater access to financial access across the divide, hence the study sought to identify the various e-banking channels, and level of use of these channels. Analytically, the study adopted descriptive statistics and the results show a huge disequilibrium between available e-channels and use. The major channels identified are Debit card, video banking, e-payments, fund transfer, and mobile transfer. Debit card was identified as the most widely known and used of all the channels, besides e-payments which also shows a high level of use among respondents. Finally, poor infrastructure and telecommunication facilities and poor financial education were identified as major weaknesses in the adoption of e-banking channels and thus serves as hindrances to financial inclusion. The study highlighted that access alone cannot guarantee inclusion without commitment to addressing issues of constraints to availability and use with good policy framework. Given that financial exclusion persists due to illiteracy, the study therefore recommends multi-sectoral approach of integration among the government agencies, financial institutions, and telecommunication firms in terms of greater consumer awareness and literacy programme. Others are needed for infrastructure development especially in rural areas; improve security as an important policy and strategic branding tool to build confidence among consumer and a pathway to address exclusion.


Technology; Financial inclusion; Adoption; E-banking channels; Digital finance and usage

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