Analysis of the Negative Effects of the Automated Teller Machine (ATM) as a Channel for Delivering Banking Services in Nigeria

Ogbuji, Chinedu N.; Onuoha, Chima B.; Izogo, Emeka E.

doi:10.5539/ijbm.v7n7p180

Cited by 13 publications

(6 citation statements)

References 11 publications

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“…The existence of technological innovation such as EFTPOS and ATMs is beneficial to economic agents because they provide payment systems that are cost effective and efficient in delivering bank services to customers (Ogbuji, Onuoha, & Izogo, 2012). With increased availability of ATMs, it would be less time consuming to request bank account statement, withdraw or deposit cash at an ATM rather than visiting the bank in person.…”

Section: Introductionmentioning

confidence: 99%

Financial Sector Innovation and Economic Growth in the Context of Botswana

Motsatsi¹

2016

IJEF

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The objective of this study is to examine the role of financial sector development on economic growth using quarterly time series data for the period 2006-2014. We used Autoregressive Distributed Lag (ARDL) model to estimate the impact of technological innovation (Automated Teller Machines {ATMs} and Electronic Funds Transfer at Point of Sale{EFTPOS}), business innovation (bank deposits and credit to private sector) and other determinants of economic growth (inflation, trade and interest rate) on economic growth. The results show that both the technological and business innovation variables have a positive impact on economic growth. Therefore, policies aimed at promoting more distribution and nationwide spread of ATMs and EFTPOS more particularly in rural areas where they are scarce would boost the growth of the economy. In addition, The Global Competitiveness Report (GCR) asserted that Botswana's financial market is still undeveloped and fall short to the development level of middle income countries. GCR identified the quality of the education system as the main factor dragging the development of the financial sector down. It is focused more on academic achievement rather than equipping learners with practical skills and work experience that can support the national innovative initiatives.

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Section: Introductionmentioning

confidence: 99%

Financial Sector Innovation and Economic Growth in the Context of Botswana

Motsatsi¹

2016

IJEF

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“…Ogbuji, et al [3] postulate that ATM allows a bank customer to conduct his/her banking transactions from almost every other ATM machine in the world. However, the spread of the machines has been generating a lot of heat, as customers face a splurge of frustration in using it; either the machines will not dispense cash, or debit transactions when cash is not dispensed or cards get stuck in them.…”

Section: Introductionmentioning

confidence: 99%

Effects of Automated Teller Machine on the Performance of Nigerian Banks

Jegede¹

2014

AJAMS

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This study investigates the effects of ATM on the performance of Nigerian banks. Available studies have concentrated on the significant dimensions of ATM (automated teller machine) service quality and its effect on customer satisfaction with a bias against ATM producers. The study is motivated by the astronomical challenges confronting the proliferation of ATM infrastructure and attendant financial losss to banks which are often underreported. Also, there are serious debate on the relevance of ATM technology as most countries in the world are moving away from the virus technology to the more secured chip cards free of credit and debit frauds. Questionnaire was used to collect the data from a convenience sample of 125 employees of five selected banks in Lagos State with interswitch network. Therefore, data collected through the questionnaire were analyzed statistically by using the Software Package for Social Science (SPSS Version 20.0 for Student Version) and chi-square technique. The results indicate that less than the benefits, the deployment of ATMs terminals have averagely improved the performance of Nigerian banks because of the alarming rate of ATM fraud. Similarly, ATM service quality is less correlated to security and privacy of users and providers.The conclusion therefore is that banks should strive to increase their security layers to subvert the tricks of web scammers, limit the amount which customers may be allowed to withdraw at a time and provide electronic alerts to customers'phone for all transactions carried out on their bank accounts through ATMs and the provisions of extra security layer that can prevent third party to make use someone else's ATM card for unauthorized withdrawals electronically.

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“…Babalola [12] identified seven different electronic payment channels in Nigeria, Automated Teller Machines (ATM), points of sales terminals, mobile voice, web, inter-bank branch and kiosks. Ogbuji et al [13] noted that ATM allows a bank customer to conduct his/her banking transactions from almost every other ATM machine in the world. In this type of economy, the amount of cash in one's wallet is not relevant.…”

Section: The Mechanics Of the Cashless Policy In Nigeriamentioning

confidence: 99%

Point of Sale and Cashless Policy in Nigeria: Challenges and Prospects

Anyanwu

Anumaka

2020

AJEBA

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The study examined the impact of Point of Sale (POS) on cashless policy, issues and prospect in Nigeria economy; research questions were formulated and distributed to the sample population of 500 drawn from various POS operating centers in line with the objectives of the study. Four hundred and fifty responses were returned while fifty copies were not returned; the responses were categorized according to strongly agreed, agreed, strongly disagreed, disagreed and neutral with weight of (5,4,3,2,1) assigned to each category respectively to generate acceptable raw data for econometric analysis. The raw data were analyzed using cointegrated, ordinary least squares, autoregressive distributed lag, unit root and Grange causality; the result shows that POS has significant and positive impact on cashless policy in Nigeria. We therefore recommend that POS should be deployed to various areas to facilitates exchange transactions and ultimately reduces cash based related transactions in the economy.

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Analysis of the Negative Effects of the Automated Teller Machine (ATM) as a Channel for Delivering Banking Services in Nigeria

Cited by 13 publications

References 11 publications

Financial Sector Innovation and Economic Growth in the Context of Botswana

Financial Sector Innovation and Economic Growth in the Context of Botswana

Effects of Automated Teller Machine on the Performance of Nigerian Banks

Point of Sale and Cashless Policy in Nigeria: Challenges and Prospects

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