Nigerian Journal of Banking and Financial Issues (NJBFI): Cashless Economy Initiatives In Enhancing Profitability Metrics Of Nigeria Deposit Money Banks

This study investigated the impact of cashless economy initiatives on profitability metrics of Deposit Money Banks (DMBs) in Nigeria. Ex-post facto research design was adopted while data for the study were sourced from Central Bank of Nigeria (CBN) annual report and statistical bulletin, annual account and reports of 14 purposively sampled banks based on consistencies and comparability of their annual accounts and reports between 2017 and 2022 from the population of 16 DMBs listed on the Nigeria Exchange Limited. The objective was to ascertain the impact of Automated Teller Machine, Point of Sale, Internet Banking, NEFT and NIP on profitability of DMBs in Nigeria. Inferential statistics, Augmented Dickey Fuller tests for Unit roots and Pool regression data analysis were applied on profitability of listed DMBs. Findings showed that ATM has a positive and significant effect on ROA of listed banks in Nigeria while, POS, ITB, NEF and NIP had positive but insignificant effect on ROA. The study concluded that cashless economy has positively influenced profitability of DMBs. The study recommends provision of robust digital infrastructures to enhance profitability of DMBs in Nigeria

Nigerian Journal of Banking and Financial Issues (NJBFI): Impact Of Service Recovery On Customer Satisfaction Among Money Deposit Banks In Ado-Ekiti Metropolis

The study examined the impact of service recovery on customer satisfaction among money deposit banks in Ado-Ekiti metropolis. Specifically, the study investigated the effect of distributive justice, procedural justice and interactional justice on customer satisfaction among money deposit banks in Ado-Ekiti metropolis. The study adopted descriptive survey research design. The population of the study comprised the customers of four money deposit banks namely, Access Bank, First Bank, United Bank for Africa and Wema Bank; out of which 161 respondents were sampled using convenience sampling technique. Data were collected through the administration of structured questionnaire. Data gathered were analysed using multiple regression. The results showed that distributive justice had significant influence customer satisfaction (Adj R2 = 0.598,β = 0.931, p = 0.000). Procedural justice had significant influence on customer satisfaction (Adj R2 = 0.842,β = 0.995, p = 0.000). interactional justice had significant influence on customer satisfaction (R2 = 0.658, β = 0.614,p = 0.000). The study concluded that service recovery is significantly and positively related to customer satisfaction among money deposit banks in Ekiti State

Nigerian Journal of Banking and Financial Issues (NJBFI): Employee Retention Strategies And Organisational Performance Among Academic Staff Of Selected Private Universities In Osun State Nigeria

The study examined the relationship between employee retention strategies and organizational performance of academic staff in selected private universities in Osun State, Nigeria. The strategies for retaining highly qualified staff in the universities in relation performance were reviewed. The study used a survey research design. The questionnaire was administered to three hundred and eighty-seven (387) respondents while only three hundred and fifteen (315) were completed and returned. For data classification, descriptive statistics of tables and percentages were used as well as inferential statistics of ordinary least square (OLS) in hypothesis testing. The results revealed that opportunities for advancement, competitive compensation plan and good work-life balance positively affect the performance of academic staff in the selected private universities. The study recommends that the management of private universities should invest heavily in the areas of opportunities for advancement, competitive compensation plan and good work-life balance for their employees in other to reduce labour turnover

Nigerian Journal of Banking and Financial Issues (NJBFI): Pension Reforms And Its Implications On Retirees’ Welfare; Experience From The Investment Performance Of Selected Pension Administrators In Nigeria 2014- 2023

Pension reform is pivotal in shaping the economic stability and welfare of retirees in Nigeria. This study explores how pension fund assets, pension fund expenditures, and pension fund contribution density induced retiree welfare. The analysis with the aid of panel data, underscores that robust pension fund assets, characterized by diversified and well-managed investments, enhance financial security for retirees by ensuring consistent and adequate disbursements. Conversely, inefficient management and allocation of these assets can exacerbate financial vulnerabilities among the enrollee. Moreover, pension fund expenditure, encompassing both administrative costs and benefit payouts, significantly influences the sustainability and efficacy of pension schemes. High administrative costs can erode the fund\u27s value, reducing the benefits available to retirees. On the other hand, prudent expenditure management enhances fund longevity and benefit adequacy. Lastly, pension fund contribution density, referring to the regularity and monetary value or amount of contributions made by workers, directly correlates with the size of retirement benefits. Higher contribution density typically results in more substantial pension benefits, thereby improving retirees\u27 welfare. In Nigeria, enhancing retiree welfare through pension reform necessitates strategic management of fund assets, cost-efficient expenditure practices, and policies that encourage consistent and substantial contributions. This holistic approach can mitigate poverty among the retirees, promote economic stability, and foster a dignified post-retirement life. In support of this idea, Onaolapo (2022) described financial inclusion as a practice that ensures that all participants in an economy can easily access, be available, and use the formal financial system. According to Kassim (2023), A financial system that is inclusive provides credit to all "bankable" persons and enterprises, insurance to all eligible individuals and businesses, and savings and payment services to everyone. Financial inclusion, in Kassim\u27s opinion, is just the availability of financial services to all people, not their likelihood of using them all. People ought to have access to a variety of financial services as their standard of living grows

Nigerian Journal of Banking and Financial Issues (NJBFI): The Impact Of Sustainability Accounting On The Commitment To Corporate Social Responsibility Of Listed Oil And Gas Companies In Nigeria

This study examines the impact of sustainability accounting on the commitment to Corporate Social Responsibility (CSR) of listed oil and gas companies in Nigeria. The purpose of this research is to establish the influence of the Global Reporting Initiative (GRI) provisions on the commitment to corporate social responsibility among listed oil and gas firms in Nigeria. An ex post facto research design was employed while data was sourced from the annual reports of 7 listed oil and gas firms in Nigeria for a period of 6 years (2017 – 2022). The data was analyzed using descriptive statistics and Pearson correlation analysis while the hypotheses were tested using multiple regression analysis with the aid of E-views Statistical Package. The empirical results revealed that compliance to Global reporting Initiative (GRI) social provision has a negative but significant effect on commitment to CSR, compliance to GRI governance provision has a positive but significant effect on commitment to CSR and compliance to GRI environmental provision has a positive but insignificant effect on commitment to CSR. It is recommended that standard setters develop guidelines to meet local context, country differences and it is suggested that future research should consider other sectors, regions and factors that can influence CSR practices

Nigerian Journal of Banking and Financial Issues (NJBFI): Perceptions on organization culture and employee retention among staff of commercial banks in ado-Ekiti metropolis, Ekiti State, Nigeria

This study sought to find out the effects of organization culture on employee retention among banks in Ado-Ekiti, Ekiti state, Nigeria. This research adopted qualitative descriptive research design with use of face to face interview with participants. The population of the study consists of all bank employees in Ado-Ekiti metropolis; with target participant of twenty (20) staff from four different banks in Ado-Ekiti Metropolis, however, only six (6) were available for interview. Convenience sampling method was used to select the participants, with the sampling size of the study being four (4) staff of banks. Data was collected using structured interviews question recordings and analysed using thematic analysis. The study found out that organization beliefs, organization norms, organization value had significant effect on employee retention and towards helping employees achieve organizational goals and objectives. The study thus concludes that organization norms promote the retention of employees

Nigerian Journal of Banking and Financial Issues (NJBFI): RETIREMENT PLANNING AND DEMAND FOR LIFE INSURANCE: EVIDENCE FROM ACADEMIC STAFF OF LAGOS STATE-OWNED TERTIARY INSTITUTIONS Abiodun Rashidat SULAIMON; Samuel Oladipo FAGBEMI

This research explores the relationship between retirement planning and the demand for life insurance, particularly among the academic staff of Lagos State-owned tertiary institutions in Nigeria. Life insurance policies can be used to serve many purposes including life protection, wealth protection, investment purposes among others. While every individual actively involved in wealth creation will get to a point where they are unable to go about their daily activity which thereby result in their inability to create wealth as they used to while younger. The population considered in this study encompassed all academic staff of Lagos State-owned tertiary institutions comprising: LASU, LASUED and LASUSTECH, their total number amounted to two thousand hundred and ten (2110). The Taro Yamane formula was used in determining the sample size which giving a total of three hundred and thirty- six (336) respondents. Using questionnaires, it was administered among a sample size of three hundred and thirty-six (336) respondents, 81 percent of the questionnaires were returned. The multistage sampling technique was comprising quota and convenience sampling techniques using a five-point Likert scale at a 95 per cent confidence level. The independent variables tested include: financial planning, lifestyle planning, and health insurance planning while the dependent variables tested were: claims settlement, government regulation, financial ability, risk consciousness, reasonable premium payment. Using the Statistical Package for Social Sciences (SPSS), descriptive and inferential statistics were employed in analyzing the data. It was found that, while 34.5 percent disagreed with the use of life insurance for financial planning, 37.6 percent agreed. For life style planning, only 26.3 percent supported the use of life insurance policy to plan their life styles.  A total of 39.1 percent agreed with the use of life insurance policy to plan for their health. Compared with the predictors, 30.4 percent agreed that prompt claims payment positively influences demand for life insurance while 33.0 percent agreed that government regulations in place also influences the request for life insurance and a total of 40.6 percent agreed to the use of life insurance policy to gain financial stability. The research therefore found that a relationship exist between the independent and independent variables considered in the study

Nigerian Journal of Banking and Financial Issues (NJBFI): The Nexus Between Debt Factors And Economic Development In Sub-Saharan African Countries

The study is an attempt to investigate the causal influence running from debt factors to economic development in sub-Saharan African countries. The study employed quantitative research design. A random technique was adopted to select the countries with sufficient observations that will cover the scope of this study. Panel data estimation technique was adopted because it takes care of heterogeneity associated with individual countries by allowing for individual specific variables. The dependent variable for this work is economic development and it is proxy by GDP per capita/income per head. And the independent variables are external debt, total of debt service on external debt and long-term external debt stocks. Data on these variables are collected from the World Bank Indicator for a period of 35 years which spans from 1985 to 2019. The data were de-trend by taking the log form. Mean group and pooled mean group models are employed to analyze the hypotheses of this study. The study concluded that in the long run external debt, total of debt service on external debt and long-term external debt stocks have a negative influence on economic development in sub-Saharan African countries. It is recommended that any projects that the government want to finance with external borrowing should be properly appraised, technically and financially viable before the government will embark on such project. This will enhance the proper management of the borrowed funds

Nigerian Journal of Banking and Financial Issues (NJBFI): Financial Inclusion Through Digital Channels And The Growth-Inequality-Poverty Triangle: Evidence From Africa

This study investigates the causal relationship between digital financial inclusion (DFI) and the growth-inequality-poverty triangle in a panel of 42 African countries for the period 1995 to 2018. Simultaneous-equations models, the two-step system generalized method of moments (GMM) versus the default one-step approach, and Toda Yamamoto causality test are used to investigate this relationship. The main results provide evidence that digital financial inclusion has significant negative effects on poverty and inequality, but significant positive effects on growth of GDP per capita, implying that increase in DFI is associated with reduction in poverty and inequality, but increase in economic growth. The implication is that DFI can promote economic growth, as well as alleviate poverty and stem the tide of inequality. The empirical results further show that there is unidirectional causality flowing from DFI to growth and inequality while bi-directional causality exists between DFI and poverty. Interestingly, there is bi-directional causality between growth and inequality, growth, and poverty, as well as between inequality and poverty. Overall, the findings imply that improving digital access to financial services across the continent is essential to increasing income levels, alleviating poverty, and aiding more even distribution of income. Future studies can improve on the extant literature by exploring whether the established findings withstand empirical analysis within country-specific settings

Nigerian Journal of Banking and Financial Issues (NJBFI): Effect Of Monetary Policy On Deposit Liabilities Of Commercial Banks In Nigeria

This study examined the effect of monetary policy on the financial performance of deposit money banks in Nigeria over a period of 19 years between 2000 and 2018. Specifically, the study established the effect of interest rate (INT) and cash reserve ratio (CRR) on the financial performance of deposit money banks. Secondary data were sourced from CBN statistical Bulletin. Being a time series data, the Autoregressive Distributed Lag Model (ARDL) regression technique was employed. The findings of the study indicated that interest rate and cash reserve ratio influenced the performance of banks in terms of their deposit liabilities.  The study recommends that governments should ensure good and stable monetary policy in Nigeria such that deposit money banks’ performance can be enhanced in Nigeria