Electronic Payment System and Bank Customers' Satisfaction in Ilorin Metropolis of Kwara State
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Date
2015
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Department of Banking and Finance, Nasarawa State University
Abstract
The e-payment system adopted in the Nigerian financial system is expected to address the challenges inherent in the manual settlement and payment system. Despite the series of technological innovation of the e-payment facilities, cash usage still represented over 99 percent of the total transactions as at December, 2012 as posited by the CBN in 2013. This study therefore examined the electronic payment system and bank customers' satisfaction in the florin metropolis of Kwara State. Primary data was obtained through the questionnaire for this study. Data obtained were subjected to dprobit, probit and logit regressions, using the Statistical Tool for Analysis (STATA 11.0). The major outcome of this study showed that Electronic Payment System has significant impact on customers' satisfaction, though with attendant challenges. The study therefore, recommends that; (i) the Central Bank of Nigeria should put in place all e-transact policy to encourage more customers to adopt the use of the e-platform; and (ii) the government should put in place enabling infrastructures, especially stable power supply. If the above recommendations are fully implemented, more users are likely to adopt the technology in carrying out their transactions, which will in-turn have positive effect on the Nigerian financial system
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Keywords
Electronic Payment System, Bank Customer, Customers Satisfaction, Technology