| 1 |
Author(s):
Olubukola A. Austin-Olowo, Ikpefan O. Ailemen (Ph.D), Akinrinola Olalekan Oladipo, Itai Muktar Monday.
Page No : 1-20
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The Impact of Digital Financial Services on the Nigerian Economy
Abstract
This paper investigated the impact of digital financial services on the Nigerian economy, a study of Nigerian deposit money banks (DMBs). An expo-facto data analysis was carried out on independent variables of digital financial services: volume of ATM transactions (VATM), volume of POS transactions (VPOS), volume of WEBPAY transactions (VWBP) and volume of mobile banking (VMOB) regressed on Gross Domestic Product (GDP) as a dependent variable. These were obtained from the 2017 Central Bank of Nigeria (CBN) Statistical Bulletin using the ordinary least square regression (OLS). Findings from the study revealed that the volume of mobile banking, point of sales, and volume of automatic teller machines transactions have positive impact on the economy of Nigeria with the volume of automatic teller machines having the highest impact on the gross domestic product of Nigeria as a proxy of economic growth while the volume of web services has a negative impact on the Nigerian gross domestic product. The study therefore recommends improvement on the operationalization of the independent variables: (ATM, POS, WEB PAY and MOB) by the monetary authorities, Fintech (financial technology), and the DMBs (Deposit money banks) to enhance the dependent variable of gross domestic product in Nigeria as a global economy while putting more effort on the security, safety, and literacy of these innovations to eliminate or reduce the negative impact of the web services innovation on the Nigerian economy.
| 2 |
Author(s):
Marshal Iwedi (PhD), Nkeiruka Faith Owakah, Oroma King Wofuru-Nyenke.
Page No : 21-36
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Effect of Financial Technology on Financial Inclusion in Nigeria
Abstract
This study examined the effect of financial technology on financial inclusion in Nigeria. This study used quarterly secondary data and all the data were extracted from Central Bank of Nigeria (CBN) Statistical Bulletin (2021) from 2009-2019. In this study, financial technology was proxy using point of sale, automated teller machine, web banking technology and mobile banking technology, while financial inclusion in Nigeria was proxy using deposit ratio. Time series data were analyzed using the vector auto regression (VAR) estimation technique. The results show that web banking technology has a positive and significant effect on financial inclusion in Nigeria, whereas point of sale, automated teller machine and mobile banking technology have a positive but not significant effect on financial inclusion in Nigeria. This suggests that an increase in the usage of financial technology (ATM, POS, WEB and mobile technology) will cause more Nigerians to be financially included. Based on the findings, the study recommends that policymakers should encourage the development of affordable and accessible 3G and 4G mobile networks in order to provide rural and remote customers with better access to mobile banking and other financial technologies. Finally, banks should seek to improve the financial literacy of their customer base by offering regular educational programmes on topics such as money management and financial planning.
| 3 |
Author(s):
Appah Ebimobowei (PhD), Awuji Charles Evans (PhD).
Page No : 37-62
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Forensic Audit and Mitigation of Financial Crimes in Nigeria
Abstract
This study investigated the relationship between forensic audit and mitigation of financial crimes in Rivers and Bayelsa States of Nigeria. The study employed primary and secondary sources of data collection. The primary data were collected with a well-structured questionnaire with an average reliability of 0.87. The data collected were analyzed with statistical packages for social sciences using univariate, bivariate and multivariate analysis. The multivariate analysis revealed a positive and insignificant relationship between investigative review and safeguarding of assets misappropriation in MDAs in Nigeria; a positive and insignificant relationship between investigative review and control of occupational fraud in MDAs in Nigeria; a positive and insignificant relationship between investigative review and control of payroll fraud in MDAs in Nigeria; a positive and insignificant relationship between litigation support services and safeguarding of assets misappropriation in MDAs in Nigeria; a positive and insignificant relationship between litigation support services and control of occupational fraud in MDAs in Nigeria; and a positive and insignificant relationship between litigation support services and control of payroll fraud in MDAs in Nigeria. The study concluded that forensic audit mitigates financial fraud in Nigeria. On the basis of the conclusion, the following recommendations were made: Ministries, department and agencies should formulate others means of investigating financial crimes rather than proactive forensic audit because this study’s finding indicated proactive forensic audit has negative and insignificant relationship with the measures of financial crimes; forensic audit practitioners in Nigeria should be aware that investigative review as technique of forensic audit has positive association with the measures of financial crimes. Hence, they should employ more investigative review when carrying out the forensic auditing process; forensic auditors should also apply litigation support services as a method of forensic audit in carrying out financial crimes investigation in government establishments because the results showed that litigation support has positive influence in mitigating financial crime amongst others.
| 4 |
Author(s):
Fijabi L. K. (Ph.D), Lasisi O. R. (Ph.D).
Page No : 63-82
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Accounting Practices in A Digitalized World: Nigerian Perspective
Abstract
This paper reviewed the digitalization of accounting practices with emphasis on Nigeria. The survival and competition to remain afloat in business exerted pressures on several businesses to adopt digitalization. The accounting industry is not different from other industries that lagged behind in digital innovation. This study examined the accounting practices in a digitalized world from a Nigerian perspective through a survey method; a questionnaire was administered to obtain respondents’ opinion. The hypotheses were tested and established with the use of ANOVA through SPSS version 23.0. The findings revealed that digitalization had a direct effect on accounting practices in Nigeria in the areas of audit practice efficiency in Nigeria, tax services performance in Nigeria, financial advisory performance in Nigeria, and that accounting practices have significant relationship with digitalization in Nigeria. The study recommended that professional accountants should seek more training so as to enhance their performance
| 5 |
Author(s):
Andabai Priye Werigbelegha (PhD), Owei Pamela Oyinmiebi.
Page No : 83-95
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Impact of Insurance Sector Investment on the Capitalisation of Nigerian Exchange Group (1999-2021)
Abstract
This study investigates the impact of insurance sector investment on the capitalisation of the Nigeria exchange group; for the period 1999-2021. Secondary data are collected from the Central Bank of Nigeria (CBN) statistics bulletin; 2021. The study uses the capitalisation of the Nigerian exchange group as the dependent variable. In contrast, total insurance investment, Total income of insurance companies, and total insurance premiums from the Nigerian exchange group are used as the explanatory variables to measure insurance sector investment. Hypotheses are formulated and tested using time series econometric techniques. The study indicates that total insurance investment has a significant positive impact on the capitalisation of the Nigerian stock market group. The total income of insurance companies has no significant impact on the Nigerian exchange group's capitalisation. The study reveals that total insurance premiums have a significant negative impact on the capitalisation of the Nigerian stock market group. The coefficient of determination indicates that changes in insurance sector investment variables can explain about 64% of the Nigerian exchange group's capitalisation variations. The study concludes that insurance sector investment has a significant impact on the capitalisation of the Nigerian exchange group. The study, therefore, recommends that there should be further consolidation in the Nigerian insurance market in conjunction with the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC). Insurance businesses should increase stock market investments to get a better return on such assets. For the growing number of premiums traded on the Nigerian Stock Exchange, the premiums of insurance firms listed on the floor should be reasonable to the policyholders.
| 6 |
Author(s):
Chude Daniel Izuchukwu, Chude Nkiru Patricia.
Page No : 96-115
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The Influence of Ethical Environment on Managers’ Opportunistic Behaviour
Abstract
The broad objective of this study is to examine the influence of an ethical environment on managers’ opportunistic behaviour. The study specifically addressed the following, the influence of the ethical environment on the reliability and quality of financial information, the influence of the ethical environment on managers’ responsibility for corporate actions and whether a corporate ethical culture can boost investor confidence in the financial activities of the company. This study utilised a survey research design and the sample comprised ninety-four employees from selected firms. The data were analysed descriptively and the t-test was used to test the hypotheses. The analytical results showed that the ethical environment influences the reliability and quality of financial information; it also influences managers’ responsibility for corporate actions. Lastly, corporate ethical culture can boost investor confidence in the financial activities of the company. Based on this, the study recommends that corporations should create an ethical culture that encourages all corporate governance participants including directors, officers, auditors, financial advisors, employees, and others to do the right thing and understand that this is vital to the company’s sustainable financial performance. The promotion of ethics in accounting professions remains critical for maintaining high standards. The use of judiciary orders to discover, trace and freeze benefits accruing from bad conduct should be possible. There is a need for stricter monitoring of stockbrokers to ensure that depositors’ funds are protected. Investors should be enlightened on their rights and encouraged to seek redress where their rights have been violated.
| 7 |
Author(s):
Appah Ebimobowei (PhD), Tebepah Sekeme Felix.
Page No : 116-143
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Financial Inclusion and Financial Performance of Deposit Money Banks in Nigeria
Abstract
This study investigated the relationship between financial inclusion and financial performance of deposit money banks in Nigeria from 2011 to 2021. The specific objectives were to investigate the relationship between customers loan and return on assets of deposit money banks in Nigeria; determine the relationship between customers deposit and return on assets of deposit money banks in Nigeria; evaluate the relationship between bank branches spread and return on assets of deposit money banks in Nigeria; ascertain the relationship between online banking and return on assets of deposit money banks in Nigeria; and investigate the relationship between agent banking and return on assets of deposit money banks in Nigeria. The study employed ex post facto and correlation research design with secondary data obtained from the Central Bank of Nigeria and financial institutions of deposit money banks. The population of the study consisted of all listed deposit money banks and a sample size of ten (10) was employed for data analyzing using univariate, bivariate and multivariate analysis. The results indicated a positive and significant relationship between loans to customers, deposits by customers, bank branches, mobile banking and agency banking on return on assets of deposit money banks. The study concluded that financial inclusion positively influences the level of financial performance of deposit money banks. On the basis of the conclusion, the paper recommended amongst others that financial inclusion innovation methods should be stressed in the financial sector through Central Bank of Nigeria (CBN) regulatory and advisories since it leads to improved financial performance and efficiency. In addition, the study also recommends that deposit money banks in Nigeria should invest more on agency, internet banking and ATM services to include the excluded people in financial services and products throughout the country since they provide significant influence on the financial performance of deposit money banks.
| 8 |
Author(s):
Mohamed Aymen Ben Moussa, Adel Boubaker.
Page No : 144-154
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The Impact of Capital on Bank Lending: Case of Tunisia
Abstract
Capital and lending are two important variables in the banking industry. On the one hand, capital increases the financial solidity of a bank whereas lending is essential to generate revenue from interests and satisfy the needs of customers. In this article, we studied a sample of 11 banks in Tunisia for the period (2005-2020). We used a method of panel static. We found that capital has a positive and significant impact on bank lending.
