Financial Innovation and Financial Performance of Nigerian Listed Deposit Money Banks: Evidence from Panel Data Modeling

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Financial Innovation and Financial Performance of Nigerian Listed Deposit Money Banks: Evidence from Panel Data Modeling

Monday, James Unam and Dopemu, Olawale Samson and Ademola, Balogun Idris (2024) Financial Innovation and Financial Performance of Nigerian Listed Deposit Money Banks: Evidence from Panel Data Modeling. European Journal of Accounting, Auditing and Finance Research, 12 (9). pp. 32-52. ISSN 2053-4086(Print), 2053-4094(Online)

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Abstract

This study examined the impact of financial innovation on the financial performance of Deposit Money Banks (DMBs) in Nigeria, utilizing secondary data from 2008 to 2023. This data was sourced from the banks' annual financial statements and the Nigerian Exchange Group Factbook. Nine banks with international authorization were purposively selected for the study. Financial innovations in the banking sector include automated teller machines (ATMs), point of sale (POS) terminals, internet banking (WEB), and mobile money payments (MOB) transactions, while return on assets (ROA) and return on equity (ROE) were used as measures of bank financial performance. Panel data models were designed and estimated using the Feasible Generalized Least Squares (FGLS) regression technique. The findings indicated that financial innovations positively influenced the banks' financial performance. However, while ATM and POS transactions significantly impacted the banks’ ROA and ROE, WEB and MOB transactions had no significant impact on the financial performance of the deposit money banks.

Item Type:	Article
Subjects:	H Social Sciences > H Social Sciences (General)
Depositing User:	Professor Mark T. Owen
Date Deposited:	27 Sep 2024 16:12
Last Modified:	27 Sep 2024 16:12
URI:	https://tudr.org/id/eprint/3408

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