THE IMPACT OF INNOVATION DIFFUSION ON SUSTAINABLE DEVELOPMENT OF DEPOSIT MONEY BANKS IN SOUTH-SOUTH NIGERIA

Many deposit money banks in Nigeria are adopting new technologies to innovate products and services; however, concerns remain regarding customer trust, technical competence, and the banks’ capacity to sustain development. Grounded in the Diffusion of Innovation (DOI) theory, this study explores the relationship between innovation diffusion and sustainable development in deposit money banks, as well as the moderating role of entrepreneurial marketing. Using a quantitative cross-sectional survey design, data were collected from 44 respondents, comprising branch managers and marketing managers from 22 deposit money banks in South-South Nigeria. The questionnaire was validated for face, content, and construct validity, with reliability confirmed via Cronbach’s Alpha. Analysis using Pearson correlation revealed a positive and significant relationship between innovation diffusion—encompassing product and process innovations—and sustainable development. Partial correlation further showed that entrepreneurial marketing positively moderates this relationship. The findings suggest that facilitating innovation diffusion and fostering entrepreneurial marketing can enhance the sustainable development of deposit money banks. Consequently, the study recommends that banks promote the adoption and diffusion of innovations alongside entrepreneurial marketing strategies to support sustainable development goals in Nigeria.