FINANCIAL TECHNOLOGY AND ITS IMPACT ON THE EFFICIENCY OF BANKING SERVICES IN NIGERIA

The study investigated the impact of financial technology on banking service delivery in Nigeria for the period 2005-2022. The specific objectives of the study were to determine the impact of point-of-sale technology on banking service delivery in Nigeria, to evaluate the effect of online web payments technology on banking service delivery in Nigeria, to find out the impact of ATM technology on banking service delivery in Nigeria, and to investigate the impact of mobile banking technology transactions on banking service delivery in Nigeria. The study adopted ex post facto method, and employed the autoregressive distributed lag (ARDL) to estimate the model. The major findings of the study Automated Teller Machine (ATM) transaction at 5% level of significance has positive impact on bank performance in Nigeria; Point of Sale (POS) terminal at 5% level of significance has significant impact on bank performance in Nigeria; and online internet banking (ONLIT) transaction at 5% level of significance has significant impact on bank performance in Nigeria. While at 90% level of confidence we conclude that the effect is negative and significant. The policy recommendations based on the findings are: the policy maker should design a strategy toward enhancing the automated teller machines in term of its availability not only the cities also in the rural areas, improve on its networking and its ability to dispense different Naira denomination. Point of Sale instrument have been found to be significant on its positive effect to Banks in Nigeria, the Central Bank of Nigeria should make it more accessible to all businesses in Nigeria; and the Internet banking over the period of the study has no significant effect on performance of Nigerian banks. Effort should be made by the government through the network provider to improve in its networking for effective uses of internet banking. There should be a campaign by the banks to their customers to educate them on how to use the services