Today, the advancement of mobile technologies has provided an opportunity for financial service providers in introducing new financial innovations. One of the emerging financial innovations introduced by financial providers is mobile banking or m-banking. This study evaluates the customer’s perspective of the adoption or introduction of m-banking in Nigeria. Questionnaires were administered to customers of banks to obtain their perspective on m-Banking. A sample of 90 customers selected at random was employed for this study and the statistical analysis was carried out using the SPSS software.
The customer’s perception was found to be overwhelmingly positive. The most appreciated feature was ubiquity and the overview over bank account. Fast reaction to market developments often cited as one of the most attractive feature of mobile banking did not find high appreciation. Several factors including technical and security standards, regulatory and supervisory issues and business and legal issues were found to be the main factors that might hinder mobile banking implementation in Nigeria. Connectivity and secure communication platform and encrypted messaging system were found to be the factors that would enhance mobile banking implementation in Nigeria.
1.1 Introduction
In this section, Prospects and Challenges of Mobile Banking in Nigeria is discussed, with relevant and recent citations. As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the aim and objectives of the study. Others are significance of the study, scope of work, research hypothesis and questions, limitation of the study and definition of terms.