Deposit Money Banks Research Articles

Financial Development and Real Sector Growth: An Empirical Investigation of Nigerian Economy (1970-2022)

The implementation of several banking sector reforms in Nigeria were undertaken to enhance accessibility of finance to especially, the real sector of the Nigerian Economy, but surprisingly the sector is still bedevilled with inadequate access to finance especially from the deposit money banks that warehoused about 90% of the total financial sector assets. High nominal interest rate is the major cause for many firms to avoid bank-borrowing. These myriad financing challenges facing the real sector calls for the assessment of finance-growth nexus in Nigeria. In this regard, this study examines the long run relationship between selected financial development indicators and real sector growth in Nigeria over the period 1970-2022. Based on the nature of the study, correlational research design was adopted while secondary data source was mainly employed. Johansen and Juselius’ (1990) approach to cointegration and Vector’s Error Correction Modelling (VECM) was used to determine the extent of the relationship between the variables. The findings of the study revealed that in the short-run, liquid liabilities of deposit money banks, trade openness and credit to the private sector exert statistically significant influence on the real sector of Nigerian Economy while in the long-run, liquid liabilities of deposit money banks, trade openness, credit to the private sector, interest rate spread and government expenditure exert statistically significant influence on the real sector of Nigerian Economy. Conclusively, the study affirmed that the Mckinnon and Shaw (1973) theory of Financial Liberalisation can explain the paucity of funding to the real sector of the Nigerian economy. The policy implications of the study are; financial reforms should focus providing low-cost credit and liberalising the interest rate. Also, government and deposit money banks should direct their on-lending activities and credit facilities towards encouraging and financing entrepreneurs to increase investment and in turn real sector growth.

Foreign Exchange Income and Financial Performance of Deposit Money Banks in Nigeria

The study examined the effect of foreign exchange income on financial performance of deposit money banks in Nigeria. The specific objectives of the study were to ascertain the effect of nominal exchange rate, real exchange rate, and exchange rate on return on asset of deposit money banks in Nigeria. nominal exchange rate, real exchange rate, and exchange rate were the independent variables, while return on asset was the dependent variable. The study adopted an ex-post-facto research design, covering the period between 2011 and 2020. Secondary data were extracted from the annual reports and accounts of sampled deposit money banks in Nigeria. Multiple regression techniques were used for test of hypotheses. From the data analysis, it was revealed that nominal exchange rate has a significant negative effect on return on asset of deposit money banks in Nigeria. real exchange rates have a significant positive effect on return on asset of deposit money banks in Nigeria. However, exchange rate has a nonsignificant negative effect on return on asset of deposit money banks in Nigeria. This implies that among the foreign exchange income variables, nominal exchange rate and real exchange rate can be used to predict return on asset of deposit money banks in Nigeria. The study, therefore, recommends that federal money the sources of deficit financing. They should reduce their public debt so as to allow foreigners invest in securities with naira denomination. They should reduce the extent the deplete our foreign exchange reserve because such moves increase the exchange rate, which affects banks performance negatively. The central bank of Nigeria and the ministry of finance should reduce the rate they give out dollars to politicians because it affects our exchange rate and banks’ performance negatively.

Impact of Strategic Change on Employee Performance: The Moderating Role of Organizational Learning

Organizations around the world are face with series of challenges in recent times and are forced to take on phases of strategic actions to change into flexible organizations that will be able to deliver quality service at low cost. Owning to inconclusive results of prior studies on the relationship between strategic change and employee performance in the context of Nigeria banking industry. It is this gap that this study aimed to achieve by investigating the impact of strategic change on employee performance in deposit money banks, Abuja, Nigeria. . The study adopted a quantitative cross-sectional survey research design using closed-ended questionnaire of 5-point Likert scale, collecting data from three levels of staff, the corporate managers, business unit managers and the frontline employees. The data collected yielded a 56.4% response rate. SPSS version 27 was utilized to analyze the data collected for descriptive statistics and multiple linear regression analysis was employed to test hypotheses for this study. The results from the testing of the hypotheses led to the rejection of all null hypotheses with p-value of 0.003 (Technology innovation), 0.007 (Organizational culture) and 0.019 (Organizational Learning) based on the significance level of 5% (0.05). Thus, it indicates that the impact of strategic change on employee performance is statistically significant. The result also revealed that organizational learning has a strong influence, as 99% changes in employee performance (adaptive performance) is caused by organizational learning. It is, therefore, recommended that future focus strategic changes should be discussed by professional bodies at every forum so the banks are proactively ready for any change in their business environment. Lastly, the management of deposit money banks should create a generative learning culture that will improve the adaptive capacity of employees to withstand the pervasiveness of the dynamic environment, improve performance and reduce the probability of strategic transformation failure.

Digital Marketing and Consumer Behaviour of Selected Deposit Money Banks in Lagos State, Nigeria

The banking sector is a service-based industry that offers a variety of financial services to customers. To improve their market share, banks often fight for consumers. The boundaries between sectors are being blurred by digital technologies. With the introduction of digital marketing by banks and the ability for deposit money institutions to effectively listen to and track brand discussions, a substantial new potential for achieving desired consumer behavior has emerged. Traditional cash transactions and physical banking remain popular in Nigeria, despite the growing use of the internet in the banking industry. The study, therefore, examined the effect of digital marketing on consumer behavior of selected deposit money banks in Lagos State, Nigeria. The research design for this study was survey research design. Convenience sampling was used to select 377 respondents. The data gathered was analysed using regression analysis. The results of the simple linear regression analysis revealed digital marketing (β = 0.569, R2 = 0.363, t = 15.993, p<0.05) had a positive and significant effect on consumer behaviour of selected deposit money banks in Lagos State. The study concluded that digital marketing is a relevant factor in determining consumer behaviour of selected deposit money banks in Lagos State, Nigeria. Based on the findings, the study recommends that deposit money banks should continuously improve their digital banking services and provide more services that can be done via mobile phones and networks as this would allow customers are constantly exploring these platforms which would eventually trigger consumer behaviour of existing and potential customers to transact with their banks.

Green Banking Practices and Green Financing of Listed Deposit Money Banks in Nigeria

This study examined the nexus between green banking practices and green financing sources of listed deposit money banks in Nigeria. The study anchored on the institutional theory and cross sectional survey research design was adopted with a population consisting of listed banks in Nigeria. The study used stratified random sampling of seven hundred and fifty (750) bank employees with questionnaire as the primary source of data collection from the respondents while only five hundred (500) were used for data analysis using univairate, bivariate and multivariate methods of data analysis. The results from the regression analysis disclosed that banks’ employee-related practices of green banking positively and significantly influence sources of green financing of deposit money banks in Nigeria; banks’ daily operations-related practices of green banking positively and significantly affect sources of green financing of deposit money banks in Nigeria; banks’ customers-related practices of green banking positively but significantly influence sources of green financing of deposit money banks in Nigeria; banks’ policy-related practices of green banking positively and significantly influence sources of green financing of deposit money banks in Nigeria and banks’ green investment related practices of green banking positively and significantly impact on sources of green financing of deposit money banks in Nigeria. Consequently, on the basis of the findings the study concluded that green banking practices positively influences the sources of green financing of deposit money banks in Nigeria. Therefore, the study recommends amongst others that banks’ in Nigeria should adopt contemporary banking practices that are ecofriendly as a means of enhancing the sources of green financing in Nigeria.

Assessing the Impact of Naira Policy Redesign on Nigeria's Economic Development

This research investigated the impact of the Naira Redesign Policy on Nigeria's Economic Development by administering structured questionnaires to 800 participants across 3 Deposit Money Banks and 3 Tertiary institutions in the South East region of Nigeria. Of these, 160 respondents, representing 20%, either did not return or submitted incomplete questionnaires. Utilizing Cluster Mean Analysis based on Likert’s Five Point Scale, the study addressed its research inquiries. Additionally, it critically reviewed existing theoretical analyses related to the subject matter. The results indicate that the Naira redesign policy did not curtail illegal activities or corruption, stabilize exchange rates, facilitate easy access to production and investment loans, prevent vote buying or monitor campaign funding, lower interest rates, or increase financial inclusion while reducing the unbanked population. However, the policy did reveal currency holdings previously outside commercial bank vaults, aided security agencies in combating banditry and ransom incidents, but contributed to low savings and investment, resulting in citizen poverty. The study recommends a necessary redesign, production, and circulation of the Naira, aligning with globally accepted Central Banking standards. This call is particularly crucial considering the lack of such an exercise by the CBN for almost two decades. Moreover, this redesign process should occur concurrently with the withdrawal of the old currency. Keywords: Naira Redesign, Likert’s Five Point, Cluster Mean Analysis, Economic Development

Impact of Corporate Governance on Sustainability Reporting: A Study of Deposit Money Banks in Nigeria (2012-2021)

This study examined the impact of corporate governance on sustainability reporting of deposit money banks in Nigeria. Specifically, the study assessed the effect of Audit Committee Activities (ACA), Independent Directors (IND), and Gender Diversity (GDT), respectively, on sustainability reporting of deposit money banks in Nigeria. The dependent variable of the study is Social Sustainability Reporting (SSR), used to proxy sustainability reporting, while corporate governance mechanisms are the independent variables. Ex post facto research design was used with a sample of ten (10) deposit money banks in Nigeria obtained from annual time series data of NSE facts books from 2012 to 2021. Data was analyzed with the use of descriptive statistics. At the same time, a multiple regression model was applied to determine the extent of the effect exerted on sustainability reporting by these corporate governance mechanisms. Findings revealed that audit committee activities have a positive and significant effect on social sustainability reporting, while both independent directors and gender diversity have insignificant effects. The study concluded that corporate governance promotes social sustainability reporting. It was recommended that the shareholders of deposit money banks should appoint experienced independent directors with shareholding interests and include more females on the board as they boost social sustainability reporting.

Capital Structure Effects on Corporate Finance Base Performance of Named Nigerian Based Banks

Capital structure is critical and crucial for business organization. This study investigated capital structure effects on corporate finance base performance of named Nigerian based banks. The Ex- post facto research design was employed, with a study population consisting of twenty- two deposit money banks that were dully registered by CBN and were dully licensed to operate as at 2017. The purposive sampling technique was employed in choosing sample frame from 2006 to 2017 with four selected banks. The study concentrated on secondary data obtained from published finance base statements of sampled deposit money banks; generated from NSE fact books, official list of NSE, annual report and accounts of banks. For clarity sake, interest are; total assets, STD, LTD, shareholders’ funds, dividend value, market price and profit figure for each finance year from 2006-2017. Panel data structure from 2006 to 2017 which is twelve observations years as stated in annual reports and accounts of sampled banks was used and analyzed using Eview 9 statistical package, correlogram test, panel unit root, panel co-integration, error correction model, panel OLS method and panel granger casuality test. Econometric method used followed this step; First, test for panel unit root was conducted which is necessary because of presence of unit roots in used series, secondly, co-integration association between used proxies in long run was tested with panel co-integration test. Finally, conditional on co-integration, for such causal association between parameters was explored through employing Granger causality test. The result also showed that, all parameter shows negative coefficient indicating positive relationship and movement with criterion parameter with exception of short term debt and equity financing thus affecting proposed apriori expectation. It was concluded that, there is a strong positive links and connection between selected variables

Private Sector Investments: The Implication of Deposit Money Banks’ Credits in Nigeria

Reported in this article is the empirical effect of deposit money banks’ credits on Nigeria’s private sector’s investments. The study was evaluated empirically over a period of forty-one years, from 1981 to 2021. Deposit money banks’ credits is proxied by bank credits, with interest rate and money supply moderating regressors while private sector investments is measured as private investments. Utilized for analysis are sourced secondary data from the Central Bank of Nigeria statistical bulletin and the applied methods of analysis include descriptive statistic technique, Augmented Dickey-Fuller’s Unit Root test, Auto regressive Distributed Lag technique. The findings obtained showed clearly that private investments and banks’ credits were stable at levels, as cost of credit (interest rate) and money (liquidity) supply were stationary at first difference. In addition, banks’ credits had direct and significant effects on the regress and (private investments) in Nigeria, cost of credit had negative but significant bearing on private investments while money supply had positive and significant effects the independent variable. Lastly, there exists long-run equilibrium rapport among private investment, banks’ credits, interest (credit) rate and money supply at 5 percent critical level. Sequel to these findings, it is therefore concluded that deposit money banks’ credits had significant-positive effects on private sector investments in Nigeria in both short run and long run. It is thus, recommended among others that deposit money banks need encouragement to expand credit extensions to private sector operators for sustainable enhancement of investments in this sector of the economy.

Knowledge management practices and sustainable competitive advantage in deposit money banks in Nigeria

Sustaining competitive advantage is critical in a dynamic business environment. However, this has become challenging for Deposit Money Banks (DBMs) in Nigeria. Despite their drive to maintain competitiveness, literature has revealed low competitive advantage among deposit money banks in Nigeria. Empirical evidences support the link between Knowledge Management Practices (KMP) (knowledge creation, knowledge sharing, knowledge utilisation) and Sustainable Competitive Advantage (SCA) (financial performance, learning and growth, internal business process, customer satisfaction). Extant studies have focused on other factors that independently influenced sustainable competitive advantage without in-depth attention to the activities in knowledge management practices. Therefore, this study investigated the influence of KMP on SCA in DMBs in Nigeria. Survey research design was adopted for the study. The population comprised 4,300 management staff of eight DMBs, sample size was 366 determined using Taro Yamane’s formula. Proportionate and simple random sampling techniques were used to select the respondents. A structured and validated questionnaire was used for data collection. Cronbach’s alpha reliability coefficients for the constructs ranged from 0.70 to 0.85. Findings reveal that indicators of KMP (Adj.R2 = 0.74, F(3, 304) = 287.30, p < 0.05) had significant influence on SCA in DMBs however, knowledge sharing did not. The study concluded that knowledge management practices enhanced sustainable competitive advantage in deposit money banks in Nigeria. The study recommended that the management of deposit money banks in Nigeria should encourage knowledge sharing practices at all levels as this will enhance knowledge creation, reduce knowledge loss due to employee turnover and sustain competitive advantage.

Impact of External Factors on Customers’ Choice of Deposit Money Banks in Akure, Ondo State

The study investigated the influence of external factors on customers’ choices of Deposit Money Banks in Akure, Ondo State. With the population of 22 deposit money banks in Akure, Ondo State, Nigeria, a survey research design was used. Ten bank clients from each of the 11 deposit money banks in Akure that were chosen (50%) out of the 22 deposit money banks in Akure were taken into consideration using the random sampling technique. Information from respondents was gathered via the primary data source, and the study’s hypotheses were tested using linear regression. The study’s conclusions showed that customers’ choice of bank in Akure is significantly influenced by organizational factors (p=0.28<0.005) and that physical factors and customers’ choice of bank have a positive relationship (p=0.032< 0.005). Furthermore, the results demonstrated that, in Akure, Ondo State, customers’ choice of bank is positively influenced by technological factors (p=0.17< 0.005). The study came to the conclusion that customers’ decisions about depositing Money in money banks in Akure, Ondo State, are influenced by outside factors. The study also concluded that banks should cater to the social needs of their customers in order to draw in more of them and that they should operate with little to no bank interest to influence customers’ choices. According to the study, banks should determine which external factors influence customers’ choice of bank and address them appropriately.

Impact of Liquidity Management on Capital Adequacy Ratio of Listed Deposit Money Banks in Nigeria.

The study examines the impact of liquidity management on Capital Adequacy Ratio of listed deposit money banks in Nigeria during the period 2012-2022. Proxy used to measure liquidity management are loan to deposit ratio and liquidity ratio, while capital adequacy ratio was the dependent variable. Panel data was used to analyse the data sourced from the individual financial reports of the listed deposit money banks in Nigeria. The sample adopted twelve (12) listed deposit money banks out of the fifteen (15) deposit money banks traded in the Nigerian exchange group (NGX). The study employed panel regression model to estimate the key relationship between liquidity management and Capital Adequacy Ratio. The result showed that loan to deposit ratio has insignificant effect on capital adequacy of listed deposit money banks in Nigeria, while liquidity has significant effect on capital adequacy of listed deposit money banks in Nigeria. The study recommended that managers of deposit money banks should ensure not to exceed the LDR regulatory limit so as to avoid sanction by the regulatory authority. The study also recommended that managers of deposit money banks should manage their liquid asset efficiently, in order to meet up their day to day financial obligations which will increase capital adequacy ratio.

Effect of Financial Technology on Financial Performance of Deposit Money Banks in Southwest, Nigeria

Financial Technology in the recent times, has significantly intensified competition in Nigerian Banking Industry, hence Deposit Money Banks (DMBs) face persistent pressures from a wide and diverse range of competitors, while the regulatory environment becomes less protective of the financial institutions. This study therefore examined the effect of financial technology on the financial performance of deposit money banks in southwest, Nigeria. The study employed an Ex-Post Facto research design to establish functional relationship among customers and employees of the DMBs branches in the South West geopolitical zone in Nigeria. The descriptive statistics, which involved the current levels of financial performance on deposit money banks showed an improvement in the return on assets due to the deployment of financial technology with the weighted average of 216 or 35.94% while more than 97% of respondents perceive the level of improvement in equities of banks in Nigeria as moderate followed by the rate of improvement in net income margin of banks with weighted mean of 192 or 31.9%. The empirical results showed that the deployment of automated teller machine, mobile banking, internet banking and point of sales on the financial performance of banks have significantly and positively improve banks’ return on asset, equity and the net income. This is an indication that the financial performance of Nigerian banks’ are highly sensitive to changes in the alternative banking channels as 1%, rises in automated teller machine increase the return on asset by 0.18%. In the same vein, increase in mobile banking to the tune of 1% raised the level of return on asset by 0.29%. Thus the study concludes that the deployment of mobile banking and internet bank drive virtually all the indicators of bank financial performance in Nigeria. However, the paper recommends that, the deployment of mobile banking was more pronounced, and particularly in the area of banks’ return on equity although all the alternative banking channels contributes to bank financial performance in Nigeria.

Human Resource Outsourcing and Performance of Deposit Money Bank in Anambra State, Nigeria

The study investigates human resources outsourcing and performance of deposit money bank in Anambra State, Nigeria. Four research questions and four hypotheses guided the study. Relevant conceptual, theoretical and empirical literature were reviewed taking cognizance of the problem of the study. The study is anchored on resources-based view theory of outsourcing. Survey research design was adopted in this study. The study was carried out in Anambra State. The population of the study comprised of 2633 employee of money deposit bank in Anambra State, Nigeria, while the sample consists 517 employee of money deposit bank in Anambra State. Borg and Gall was used to obtain the sample size. Face and content validity method was used to ensure validity of the instrument. The reliability of the instrument was achieved through test re-rest method and Cronbach’s Coefficient of 0.73 was obtained. Simple percentage analysis was employed to answer the research questions. Linear regression analysis was used in testing the hypotheses. The result of the analyses showed that human resource outsourcing for reduction of cost has a significant positive effect on return on net profit of deposit money bank. Human resource outsourcing for employee competence has a significant positive effect on return on owner equity in deposit money bank. Human resource outsourcing for knowledge transfer has a significant positive effect on operational effectiveness in deposit money bank in Anambra State Nigeria. Therefore, the study concluded that human resource outsourcing has a significant positive effect on the performance of deposit money bank in Anambra State Nigeria. The study recommended that banking industries should offer better terms of service and proper training to help improve employee competence and reduce costs of outsourcing its human resources functions for better performance. Banking industries should outsource only necessary aspects of business to avoid reduction in profit levels. Banking industries should investigate background check before knowledge transfer outsourcing and organizations should have a backup system to avoid losing vital data as a result of incompetence on the part of the external supplier.

Drivers of Voluntary Integrated Reporting in the Nigerian Listed Deposit Money Banks

The advent of integrated reporting has attracted the attention of scholars globally to fill the gap in Nigeria in general, and Nigerian deposit money banks in particular. This study investigates the drivers of voluntary integrated reporting in Nigerian banking industry. The study crafted in the Nigerian listed Deposit Money Banks (DMBs) and all 13 banks listed on the Nigerian Exchange Group were taken as samples, and data were generated from the annual reports and accounts of the bank for the period of eight years from 2014 to 2021; descriptive statistics, correlation, and regression analysis were used for data analyses. The findings reveal that the factors that drive a bank to voluntarily report integrated reporting framework are the size of the bank, the age of the bank, the level of growth, the banks audited by the big international audit firms, and the board dominated by male directors; the findings also reveal that the average level of integrated reporting in the industry is 55%. The study recommended that the Nigerian exchange group should encourage listed companies to adopt integrated reports, especially the premium board, the Financial Reporting Council (FRC) should provide a framework for voluntary integrated reporting in Nigeria and finally the Central Bank of Nigeria (CBN) should provide technical support that would ease the implementation of the IR framework by the Nigerian Deposit Money Banks (DMB).

Promoting organisational citizenship behaviour through corporate governance

Corporate governance is a major topic of debate among scholars from different parts of the world, but little has been empirically investigated on the impact of corporate governance on the discretionary work behaviour of employees in selected deposit money banks in Nigeria. Therefore, the purpose of this study is to examine the impact of corporate governance on the organizational citizenship behaviour of employees in deposit money banks. A cross-sectional survey design was used, which supports the use of questionnaire to collect data from the participants. Data were collected from 224 participants from 18 deposit money banks operating in south-east Nigeria. The study employed frequency distribution and linear regression to analyse respondents’ profiles and research hypotheses. Results of the study revealed that corporate governance dimensions predicted organisational citizenship behaviour indicators. The practical significance of this study lies in the possibility of improving organizational citizenship behaviour in organizations by integrating the main recommendations of this study into the corporate governance of organizations. This study concludes that corporate governance (measured in terms of leadership quality, accountability, board size, board effectiveness, and board independence) influences and improves organizational citizenship behaviour that is driven by altruism, integrity, sportsmanship, courtesy, and civic virtue.

The Effect of Regulatory Risk Management Strategies on the Financial Performance of Listed Deposit Money Banks in Nigeria

Studies on risk management have gained increasing focus as several regulators and other related bodies such as the Basel accord, International financial reporting standard authorities and various country’s central banks had formulated several frameworks for effective regulation and management of risks by financial institutions across the world with the expectation of improvement in the performance of the financial institutions. This study focuses on the effect that regulatory risk management strategies, measured with independent variables of strategic, reputational, legal/regulatory and operational risk has on the financial performance of the Nigerian deposit money banks. This study used a population of fourteen (14) banks listed on the Nigeria exchange from which a sample of twelve (12)banks to extract data for a period of ten years and conducted a multivariate regression analysis using capital adequacy and market values as financial performance measurement in which it was observed that the regulatory risk management strategies have an overall positive and significant effect on both capital adequacy and market values of the banks and thus concludes that the adoption of effective regulatory risk management strategies would further lead to maintenance of stable and improved financial performance of the banks. Consequently, the study recommends the need for executive management of deposit money banks to pay attention to the level of compliance with these regulatory risk management codes to ensure the optimum financial performance of the banks.

Corporate Tax and Liquidity of Deposit Money Banks in Nigeria

This paper assesses the effect of corporate tax and liquidity of listed deposit money banks in Nigeria from 2018 to 2022.The entire fourteen listed DMBs served as population of the study. Data are obtained from annual reports and accounts of these banks. The study used descriptive statistics, inferential statistics, and correlation analysis. While panel generalized least square regression was used to analyze the dependent variable, liquidity, measured by cash ratio and independent variable corporate tax, measured by effective tax rate and tax expense, while control variables used was bank size. The result reveals that, effective tax rate has significant negative effect on liquidity at a coefficient of (-0.1245) and a significant p-value of (0.0436) and tax expense has a significant negative effect on liquidity with a coefficient value of (-0.1065) and a p-value of (0.0394). On the other hand, the control variable bank size indicated a positive significant effect on liquidity with a coefficient value of (2.9703) and a p-value of (0.0028) among listed DMBs in Nigeria. The study recommends that, tax authorities should review the current corporate tax policy and come up with more favourable policy that will increase the liquidity of listed DMBs in Nigeria. This will improve bank’s patronage and thereby encouraging the banking sector’s growth and development.

Effect of Deposit Money Bank Activities on Financial Sector Development in Nigeria

The specter of non-performing loans (NPLs) looms as a critical concern within the context of Deposit Money Bank (DMB) activities in Nigeria. This apprehension is particularly pronounced when DMBs partake in risky lending practices, resulting in a substantial build-up of non-performing loans. The ramifications of such a scenario extend beyond the individual banks, impacting their financial health and, consequently, casting shadows on the overall stability of the financial sector. Given this foregoing, this study examines the effect of deposit money bank activities on financial sector development in Nigeria using time series data spanned over a period of eleven (11) years 2012 to 2022. The study adopted the ex-post-facto research design and secondary data used in the study was sourced from CBN annual statistical bulletin for relevant years. Descriptive statistics, Augmented Dickey Fuller Test (ADF), error correlation model, ordinary least square (OLS) regression techniques and post estimation test were the main statistical tools used to analysis the data with the help of E-view 10 statistical package. The finding of this study revealed that loans and advances and deposit liability exerts a positive and significant effect on financial sector development while interbank placements have negative and insignificant effect on financial sector development in Nigeria. The study recommended that deposit money banks should advocate for and enforce responsible lending practices among financial institutions, this involves ensuring that loans are extended based on sound risk assessment, with proper consideration given to the borrower’s creditworthiness and ability to repay.

Security Awareness Programs and Behavioral Patterns in Nigeria Deposit Money Banks: Adopting a Robust Cybersecurity Culture.

In an era marked by evolving cybersecurity threats, understanding the interplay between Security Awareness Programs, Behavioral Patterns, and Cybersecurity Culture is essential for safeguarding organizational assets and maintaining trust in financial institutions. This study investigated this relationship within Nigeria’s Deposit Money Banks, employing a comprehensive analysis of key variables such as Compliance Adherence, Security Policy Acknowledgements, Training Completion Rate, Risk Awareness and Management, Behavioral Analytics, Employee Feedback and Engagement, and Incident Response Time.Utilizing data gathered from a field survey, the study employed multiple regression analysis and tested for hypotheses. Specifically, the study revealed that Compliance Adherence, Training Completion Rate, and Risk Awareness and Management significantly influenced Employee Feedback and Engagement. Compliance Adherence increased Employee Feedback and Engagement by 0.065 (t-stat: 0.750, p = 0.014), Training Completion Rate by 0.397 (t-stat: 3.846, p < 0.001), and Risk Awareness and Management by 0.237 (t-stat: 2.031, p = 0.028). Similarly, Compliance Adherence, Security Policy Acknowledgements, Training Completion Rate, and Risk Awareness and Management significantly impacted Incident Response Time. Compliance Adherence increased Incident Response Time by 0.067 (t-stat: 0.721, p = 0.041), Security Policy Acknowledgements by 0.087 (t-stat: 0.911, p = 0.033), and Training Completion Rate by 0.188 (t-stat: 1.118, p < 0.001). However, Risk Awareness and Management didn’t show significant impact on Incident Response Time. Moreover, Compliance Adherence, Security Policy Acknowledgements, Training Completion Rate, and Risk Awareness and Management significantly contributed to Cybersecurity Culture. Compliance Adherence increased Cybersecurity Culture by 0.523 (t-stat: 0.101, p < 0.001), Security Policy Acknowledgements by 0.041 (t-stat: 0.279, p = 0.011), Training Completion Rate by 0.188 (t-stat: 1.139, p < 0.001), and Risk Awareness and Management by 0.239 (t-stat: 1.453, p = 0.041). These findings offered valuable insights for policymakers, bank management, cybersecurity professionals, and employees, informing the development of effective cybersecurity strategies and risk management policies. By understanding the intricate relationship between Security Awareness Programs, Behavioral Patterns, and Cybersecurity Culture, stakeholders could better navigate the complexities of the cybersecurity landscape and safeguard organizational interests.