The Effect of Fintech Services on Financial Performance of Nigerian Deposit Money Banks

Abstract

In this study, which assesses the impact of Fintech services on Nigerian deposit money banks’ financial performance, five (5) banks were selected as the sample size during a five-year period (2018-2022). Analyses of the study’s data using descriptive and correlation techniques were performed. The descriptive statistics revealed that the median did not differ significantly from the mean, indicating that each variable was suitable for the study. In contrast, the standard deviation significantly differs from the mean, indicating that each variable was suitable for the study. This set of variables, which were all evaluated, all had values that are significantly higher than the p-value (p>0.05). All of the variables—EPS, NF, CB, BA, TA, ATM, and POS—had correlation coefficients that were either positive and where some are either larger or less than 0.9, according to the correlation study. According to the study’s findings, financial technology services have a favorable impact on the financial health of Nigerian deposit money institutions. The study’s conclusion consequently advised bank management to focus more on maximizing the benefits of mobile, internet, and point-of-sale transactions by increasing user friendliness, a fast network, and payment options for consumers.