MODERN PAYMENT PLATFORMS AND THE NIGERIAN FINANICAL SERVICE ACCESSIBILITY: A RURAL BANKING MODEL
DOI:
https://doi.org/10.51594/farj.v4i3.381Abstract
The study examined the effect of modern payment platforms on financial service accessibility in Nigeria: a rural banking model. Specifically, this study examined the effects of Automated Teller Machines-ATM operations, Mobile Banking operations-MOB, Internet Banking-INB operations, and Point of Sale-POS operations on the Number of Account Holders-NAH in Nigeria. The study spanned from 2009 to 2021. The study adopted the robust least square estimate. Meanwhile, the study sourced data principally from Central Bank of Nigeria Statistical Bulletins, and World Bank Data Bank from 2009 to 2021. The study disclosed that, ATM and INT had negative/adverse significant effect on numbers of account holders in Nigeria. However, both MOB and POS had positive/direct significant effect on numbers of account holders-NAH in Nigeria. Hence, the study concludes that mobile banking and Point on sale increased the level of financial service accessibility while ATM and INB widened the level of financial exclusion in Nigeria to a large extent. As such, banks should increase their ATM booths or terminals. Lastly, there is need for public enlightenment on the benefit that is accruable from the usage of Mobile transfer transaction.
Keywords: Modern Payment Platforms, Nigerian Financial Service Accessibility, Rural Payment Model.
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Copyright (c) 2022 EDOJAIMONI, L.E. (MSc. Candidacy), OSUJI, C.C. (PhD)
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