Big Data Analytics Adoption by Microfinance Banks in Ibadan Metropolis, Oyo State, Nigeria

Abstract

Micro Finance Banks (MFBs) generate enormous amounts of data from their daily business transactions, which has the potential to help them make better decisions. There is, however, a dearth of information on how well MFBs in Nigeria have adopted BDA. The present study investigated the level of adoption of big data analytics (BDA) by MFBs in Ibadan, the capital of Oyo State, Nigeria. Using a descriptive survey design, the study collected data from twenty-eight licensed microfinance banks in the metropolis. Data was analyzed using Microsoft Excel 2019 and Statistical Package for the Social Sciences (SPSS) Version 20. Findings, amongst others, revealed that the BDA adoption index of MFBs in Ibadan is low (1.93 on a scale of 1 to 4). It was recommended that the Central Bank of Nigeria could make policies that would promote, encourage, and mandate proper big data adoption among MFBs in Nigeria.