Nigerian Journal of Management Sciences Vol.
24, Issue 2a August 2023
IMPACT OF ELECTRONIC BANKING CHANNELS ON
PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
MANG, Niri
Department of Banking and Finance
University of Jos
JOHN, Blessing Abecan
Department of Business Administration
Faculty of Administration
Nasarawa State University, Keffi
JOHN, Emmanuel Kigbu
Department of Accounting, Faculty of Administration
Nasarawa State University, Keffi
ABSTRACT
This study examined impact of electronic banking (e-banking) channels on profitability of Guaranty trust
Bank (GTB). The study specifically assessed the impact of automated teller machine (ATM), point-of-sales
(POS), mobile banking (MB) and internet banking (INTBK) on the profitability of GTB. The study
collected data from bulletins of Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS)
covering a period of 8 years (2009- 2016). Multiple regression model was adopted to analyze data. Before
applying multiple regressions, the data was subjected to pre-diagnostic, normality and post-diagnostic tests.
The study found that ATM significantly contribute to profitability of GTB, while POS, MB and INTBK
does not contribute significantly to profitability of GTB. The study conclude that ATMs e-banking channels
impact profitability of GTB and recommends that GTB should invest more on e-banking channels (ATMs,
POS, MB, and INTBK), if they desire to improve the profitability of their operations.
Keywords: Automated teller machine, e-banking, point-of-sale, mobile banking, internet banking,
Profitability
INTRODUCTION
21st century banks operate in a highly competitive environment that is also highly dynamic and
unpredictable. Shifting economic factors, advances in technology and increased awareness and amplified
demands of consumers have made the operating environment extremely disruptive. Consequently, banks
seek ways of serving customers better with a view to enlisting their support, and also ways of improving
their efficiency. Adoption of electronic banking (e-banking) is one of the many ways banks have sought to
remain viable and competitive.
E-banking has reshaped the way banks operate, so much so that only banks that overhaul their payment and
delivery systems and apply information and technology to their operations are likely to survive and prosper
in the new millennium (Woherem, 2000). Similarly, the advent of globalization has electronic business
systems necessary component of business strategy and catalyst for economic development, as technology
becomes a major contributor to organizational effectiveness.
Deposit money banks (DMBs) provide financial services to individuals, corporate organization and
governments; and promote financial inclusion, that is, providing banking services to unbanked individuals
by providing various products that deliver customer satisfaction and improve banks’ profitability. Despite
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their effort DMBs have not been effective enough in satisfying customers and improving their own
profitability. It is suspected that the adoption of e-banking tools hold the key to solving this challenge of
DMBs. This is because e-banking offers the opportunity to increase DMBs’ efficiency, and satisfy their
customers by providing 24hours banking services.
E-banking tools such as point-of-sale (POS), automated teller machine (ATM), and mobile banking (MB)
and Internet banking (INTBK) are commonly used among DMBs to deliver banking service. However, the
extent to which these tools enhance DMBs’ profitability is yet to be fully examined. While previous studies
have investigated e-banking and DMBs’ profitability, studies using an integrated model encompassing
POS, ATM, MB and INTBK are scarce.
Rather, studies frequently examine these channels individually, thus ignoring the effect of integrated use of
these technology. Therefore, this study opts to investigate e-banking and DMBs’ profitability using an
integrated model, and focusing on Guaranty Trust Bank (GTB). Hence, the specific objectives of the study
are to examine the impact of POS, ATM, MB, and INTBK on profitability of GTB.
LITERATURE REVIEW
Theoretical Framework
Technology Acceptance Model (TAM) provides a foundation for this study. Fred Davis in 1985 proposed
TAM. TAM is an information systems theory that models how users come to accept and use a technology
that will encourage economic growth. The model suggests that when users are presented with a new
technology, many factors influence their decisions about how and when they will use it. The factors are
perceived usefulness (PU), perceived ease-of-use (PEOU), and attitude towards using the system.
According to TAM, one’s actual use of a technology system is influenced by the user’s behavioural
intentions, attitudes, perceived usefulness of the system, and perceived ease of the system.
The theory hypothesized that the attitude of a user towards a system is a major determinant of acceptance
or reject the system. The attitude of the user in turn, was considered to be influenced by two major beliefs;
perceived usefulness and perceived ease of use, with perceived ease of use having a direct influence on
perceived usefulness. Lai (2016) noted that the rate at which payment systems develop depends largely on
a struggle between rapid technological change and natural barriers to new products or service acceptance.
This research is anchored on TAM because it best explains the reasons users accept and use a technology
that will encourage economic growth mostly in developing economies like Nigeria, as economic growth is
one of the major reasons a country adopts a new technology.
E-Banking Channels
Abaenewe et al. (2013) states that e-banking is the conduct of banking business electronically, relying on
information and communication technology (ICT) to implement banking business. E-banking is an
innovative service delivery channel that offers financial services like cash withdrawal, funds transfer, cash
deposits, payment of utility and credit card bills, cheque book requests, and other financial enquiries,
(Onyedimekwu & Oruan, 2013). Imiefoh (2012), views electronic banking as an umbrella term for the
process by which a customer may perform banking transactions electronically without visiting a brick-and-
mortar institution. Timothy (2012) on the other hand, opined that e-banking is the use of the Internet as a
remote delivery channel for providing services, such as opening a deposit account, a Website and offer
these services to its customers in addition to its traditional delivery channels. Common e-banking channels
include ATM, POS, MB and INTBK.
ATM is one of the most prominent components of e-banking. ATM combines a computer terminal, record-
keeping system and cash vault in one unit, permitting customers to go into the bank’s book keeping system
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with a plastic card containing a Personal Identification Number (PIN) or by punching a special code number
into the computer terminal linked to the bank’s computerized records, 24 hours a day”. Once access is
gained, it offers several retail banking services to customers.
POS is an online system that allows customers to transfer funds instantaneously from their bank accounts
to merchant accounts when making purchases (at purchase points). A POS uses a debit card to activate an
electronic fund transfer process. Increased banking productivity results from the use of POS to service
customers shopping payment requirements instead of clerical duties in handling cheques and cash
withdrawals for shopping.
MB involves the use of phones and other smart devices for settlement of financial transactions. It supports
person-to-person transfers with immediate availability of funds for the beneficiary. Mobile payments use
the card infrastructure for movement of payment instructions as well as secure Short Message Service
(SMS) messaging for confirmation of receipt to the beneficiary. Mobile banking is meant for low value
transactions where speed of completing the transaction is key. Furst et al. (2002) notes the banks operating
profitably are mostly those that embrace e-banking after 1998. Jayawardhena (2000) showed that e-banking
improves efficiency. Hernando and Nieto (2005) on their part, argued showed that adoption of e-banking
improve banks’ financial performance.
Concept of profitability
According to Maheswari (2001), profitability is a relative concept whereas profit is an absolute connotation.
Despite being closely related to and mutually interdependent, profit and profitability are two different
concepts. However, each one of them has a distinct role in business. Profit refers to the total income earned
by the enterprise during the specified period, while profitability refers to the operating efficiency of the
enterprise. It is the ability of a firm to make profit on sales.
Profit in financial management is the test of efficiency and a measure of control, to the owners, a measure
of the worth of their investment, to the creditors the margin of safety and to the government, a measure of
taxable capacity and a basis of legislative action”, while “profitability is an outcome of profit. As an
absolute term, profit has no relevance to compare the efficiency of a business organisation. A very high
profit does not always indicate sound original efficiency and low profitability is not always a sign of
organisational sickness.
According to Pandey, (2002), profit is not the prime variable based on which the operational and financial
efficiency of an organisation can be compared. Firms having the same amount of profit may vary in terms
of profitability. Thus, Kuchhal (1993) stated that profit in two separate business entities may be identical
yet, many at times it usually happens that their profitability varies when measured in terms of size of
investment.
E-Banking and Profitability
Literature is replete with results of studies that show positive effects of e-banking on profitability of DMBs.
Amu and Nathaniel (2016) investigated e-banking and banks’ performance in Nigeria, using a cointegration
and causality. The study proxied e-banking with value of POS transactions and performance with
customers’ deposits. The study revealed that POS is not cointegrated with savings and time deposits but is
cointegrated with demand deposits.
Similarly, Okoro (2014) examined impact of e-banking instruments on intermediation efficiency of
Nigeria’s economy; and revealed that there is no significant relationship between Mobile service value and
intermediation efficiency of the Nigerian economy within the period under study. This means that the ATM,
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POS and Internet services (proxies of e-banking) are major instruments used by customers of deposit money
banks in Nigeria.
Also, Ogunlowore and Oladele (2014) studied e-banking and customer satisfaction in Nigeria, with focus
on customers of GTB Nigeria Plc. The study found that there is a significant relationship between e-banking
and customers’ satisfaction, and e-banking has become popular because of its convenience and flexibility,
and speed, efficiency and accessibility.
In addition, Abaenewe et al. (2012) studied e-banking and profitability performance of banks in Nigeria.
The profitability performance of banks was measured in terms of return on equity (ROE) and return on
assets (ROA). The study revealed that e-banking has positively and significantly improved profitability
performance Nigerian banks in terms of ROE, while ROA of the banks has not been significantly improved
by e-banking.
In view of the forgoing reports in literature, the following hypotheses are formulated to guide the study:
Ho1: Automated teller machine has no significant impact on profitability of GTB.
Ho2: Point of sales has no significant impact on profitability of GTB.
Ho3: Mobile Banking has no significant impact on profitability of GTB.
Ho4: Internet Banking has no significant impact on profitability of GTB.
E-Banking Channels
Automated Teller Machine (ATM)
Point of Sale (POS) Profitability
)
Mobile Banking (MB)
)
Internet Banking (IB)
)
Fig. 1: Conceptual framework of impact of e-banking on profitability
METHODOLOGY
This study adopted an ex post facto research design. This study focused on GTB Nigeria. This is because it
is one of the top users of e-banking channels according to Central Bank of Nigeria (CBN). The researcher
used secondary data, that is GTB’s Annual Financials that is their profitability and also report on the profit
from ATM, POS, MB and INTBK from CBN Bulleting and National Bureau of Statistics (NBS) were
obtained to analyze the extent to which e-banking has enhanced their profitability. Multiple regression
analysis was adopted in this study to determine impact of components of e-banking on profitability. Before
the application of multiple regressions, the data was subjected to pre-diagnostic tests, normality test and
post-diagnostic test. This study collected data for the variables from bulletins of CBN and NBS covering a
period of 8 years, specifically from 2009 to 2016.
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DATA ANALYSES AND RESULTS
Table 1: GTB’s Profitability from ATM, POS, INTBK, and MB from 2009-2016
Year Profit ATM POS INTBK MB
2009 23848061 548.6 11.03 84.15 1.27
2010 36511628 399.71 12.72 25.05 6.65
2011 51653000 1561.71 31.02 59.61 18.98
2012 85264000 1984.65 48.01 31.56 31.51
2013 85546000 2828.93 161.01 47.3 142.8
2014 89171000 3679.88 312.05 74.05 346.48
2015 94308000 3970.25 448.5 91.58 442.37
2016 126837000 4988.13 758.99 132.35 746.4
All measured in Billions of Naira
Source: Central Bank of Nigeria Statistical Bulletin (2016)
Normality Test
Data needs to follow a normal distribution in order to meet one of the assumptions of the Ordinary Least
Square (OLS).
4
Series: Residuals
Sample 2009 2016
Observations 8
3
Mean -3.05e-08
Median -365781.0
Maximum 10800636
2 Minimum -9237965.
Std. Dev. 6222270.
Skewness 0.293834
Kurtosis 2.424977
1
Jarque-Bera 0.225335
Probability 0.893448
0
-9999950 50.0000 1.0e+07
Fig. 2: Normality Test
Fig. 2 shows a Jarque-Bera test that was used to test for the normality of the data. The diagram shows that
the P-value of 0.893448 is greater than 0.05 level of significance. Hence, it be inferred that the data is
normally distributed and the assumption of normality achieved.
Model Specification
Following multiple linear regression model was formulated and used for the testing the hypothesis
Prof =f(ATM, POS, INTBK, MB)………………………………………………… (1)
The econometric function is given as:
Proft = bo + b1ATMt + b2POSt + b3INTBKt + b4MBt + e …………………………………… (2)
Where
Prof = Profitability at time t
ATM = Automated Teller machine at time t
POS = Point of Sale at time t
INTBK = Internet Banking at time t
MB = Mobile Banking at time t
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b0 = the constant, b1,b2, b3, and b4 are the coefficients of the explanatory variables and e= error term. The
signs of the coefficients are expected to be: b0>0, b1>0, b2>0, b3>0, and b4>0.
Pre-Diagnostic Tests
Pre-diagnostic tests are applied to this study to ensure that the data used are statistical and econometric
standard. That is, to test to know if the data used are stationary or not. Most times series data have the
tendency of being non-stationary.
Unit root test
It is expected that variable i.e. economic theory requires that variables be stationary (Gujarati, 2004). This
is to avoid misleading results that will result to economic or banking policy failure of break down in the
long-run. Unit root test was estimated using eviews 9 and the method of Kwiatkowski-Phillips-Schmidt-
Shin (KPSS). The result is presented in Table 2.
Table 2: Unit root result before differencing
Variables Stationarity at level Stationarity at first difference Level of significance 0.05
PROFt I(0) 0.490 I(1) 0.107* 0.463
ATMt I(0) 0.491 I(1) 0.282* 0.463
POSt I(0) 0.694 I(1) 0.381* 0.463
INTBKt I(0) 0.494 I(1) 0.327* 0.463
MBt I(0) 0.701 I(0) 0.374* 0.463
Source: E-views 9
The result of unit root test before differencing is shown in Table 2. It revealed that there is unit root for the
all the variables at level. This is because the critical values at 0.05 level of significance are lower than the
level value (i.e. 0.463 is less than 0.490, 0.491, 0.694, 0.494 and 0.701). This indicated that there is unit
root and the data need differencing (correcting). The data was differenced and the result showed that the
data for the variables became stationary because 0.107, 0.282, 0.381, 0.327 and 0.374 are all less than the
critical value of 0.463, signifying that there is no unit root in all the variables, hence, stationary (Appendix
A).
Table 3: Co-integration result
Series: PROF ATM POS INBK MB
Sample: 2009 2016
Included observations: 8
Null hypothesis: Series are not cointegrated
Cointegrating equation deterministics: C
Automatic lags specification based on Schwarz criterion (maxlag=1)
Dependent tau-statistic Prob.* z-statistic Prob.*
PROF -4.574407 0.2400 -11.21968 1.0000
ATM -4.960658 0.1841 -11.76501 0.9981
POS -3.821767 0.4294 -432.7765 0.9999
INBK -5.981535 0.0857 -11.19653 1.0000
MB -3.408041 0.5662 -78.62553 0.9999
Source: E-views 9
Table 3 shows the results of the co-integration test. It demonstrated since one of the p-values under internet
banking is less than 10% level of significance (i.e. 0.0857<0.1). Thus, indicating the existence of a long-
run relationship between the components of electronic banking and bank profitability.
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Table 4: Error Correction Model (speed of Adjustment)
Dependent Variable: D(PROF)
Method: Least Squares
Sample (adjusted): 2010 2016
Included observations: 7 after adjustments
Variable Coefficient Std. Error t-Statistic Prob.
D(ATM) 6332.625 29602.89 0.213919 0.8658
D(POS) 296278.7 187173.1 1.582913 0.3587
D(INBK) -119962.1 444231.5 -0.270044 0.8321
D(MB) -272085.5 167584.8 -1.623569 0.3514
ECM(-1) -0.849073 0.918819 2.012445 0.0236
C 9179370. 21245159 0.432069 0.7404
R-squared 0.909760 Mean dependent var 14712706
Adjusted R-squared 0.458562 S.D. dependent var 13551293
S.E. of regression 9971380. Akaike info criterion 34.83671
Sum squared resid 9.94E+13 Schwarz criterion 34.79035
Log likelihood -115.9285 Hannan-Quinn criter. 34.26368
F-statistic 2.016319 Durbin-Watson stat 1.228999
Prob(F-statistic) 0.487279
Source: E-views 9
Table 4 show the value of the error correction model is approximately 85%, meaning that the disequilibrium
is corrected (or adjusts to) its previous dis-equilibrium period at a speed of 95% in the following year. This
indicates that the rate of adjustment is high.
Table 5: Regression Result
Dependent Variable: PROF
Method: Least Squares
Included observations: 8
Variable Coefficient Std. Error t-Statistic Prob.
ATM 20813.94 6267.342 3.321016 0.0450
POS 335071.7 220001.5 1.523043 0.2251
INBK -358639.0 200284.5 -1.790647 0.1713
MB -304027.9 223901.7 -1.357863 0.2676
C 37966743 14900772 2.547971 0.0841
R-squared 0.966600 Mean dependent var 74142336
Adjusted R-squared 0.922067 S.D. dependent var 34046883
S.E. of regression 9504675. Akaike info criterion 35.24164
Sum squared resid 2.71E+14 Schwarz criterion 35.29129
Log likelihood -135.9665 Hannan-Quinn criter. 34.90676
F-statistic 21.70527 Durbin-Watson stat 2.985410
Prob(F-statistic) 0.014954
Source: E-views 9
Table 5 shows the result of the OLS (Multiple Linear Regression). The result was estimated with the
software EVIEWS 9. The output shown in Table 4 suggests that the value of the intercept 37966743 is the
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predicted value created if all the independent variables are equal to zero. This implies that without any
electronic banking activities, the profitability of GTB Plc. will be 37966743. Table 4 also shows that the
coefficient of ATM is positive and significant. This shows that increase in ATM usage will increase profit
of GTB by 20813.94. Similarly, Table 4 indicates that POS coefficient has a positive and insignificant
impact on profit of GTB bank PLC. A unit increase in POS will bring about an increase in profit of banks
by 335071.7.
However, the coefficient of INTBK shows that a negative and insignificant impact on profitability of GTB.
This indicated that a 1% increase in INTBK will decrease in profitability by-358639.0. The coefficient of
Mobile banking (MB) is negative and insignificant. This shows that increase in MB usage will decrease
profit of GTB by -304027.9.
The coefficient of determination r2= 0.97 shows that a 97% change in profitability of GTB is as a result of
the changes in ATM, POS, INTBK and MB; while the F- test with a value of 21.71 and p-value of 0.0114
shows that there is a strong linear dependency existing between the variables The result further revealed
that the problems of autocorrelation and heteroscedasticity since the Durbin-Watson is approximately 2.
Post-Analysis Tests
Table 6: Heteroskedasticity Test: White
Heteroskedasticity Test: Breusch-Pagan-Godfrey
F-statistic 0.502208 Prob. F(4,3) 0.7424
Obs*R-squared 3.208465 Prob. Chi-Square(4) 0.5236
Scaled explained SS 0.321468 Prob. Chi-Square(4) 0.9884
From Table 6, the P-value of the 0.7424 is greater than the level of significance of 0.05. This means that
there is no heteroskedasticity.
Table 7: Auto-correlation -Durbin-Watson test
Breusch-Godfrey Serial Correlation LM Test:
F-statistic 0.750532 Prob. F(2,1) 0.6323
Obs*R-squared 4.801361 Prob. Chi-Square(2) 0.0907
The P-value of the Breusch-Godfrey Serial Correlation LM Test is 0.6323 is greater than the level of
significance of 0.05. This implies that there is no serial correlation.
1.6
1.2
0.8
0.4
0.0
-0.4
2014 2015 2016
CUS UM of S quares 5% S ignific anc e
Fig. 2: Stability Test
Fig. 2 indicated that the model is stable since the middle line did not overlap between the two lines.
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DISCUSSION OF FINDINGS
For hypothesis one, the null hypothesis was rejected and the alternate hypothesis which states that
Automated teller machine has a significant impact on profitability of GTB is accepted indicating that the
better ATM services and performance are likely to generate more profit for GTB. This finding agrees with
previous study of Okoro (2014), who studied the impact of selected e-payment instruments on the
intermediation efficiency of the Nigerian economy. The study found that there is significant relationship
between ATM and intermediation efficiency.
In hypothesis two, we failed to reject the null hypothesis which states that POS has no significant impact
on profitability of GTB, while is rejected. This result is in disagreement the work of Okoro (2014), who
found that POS is significant relationship between ATM and intermediation efficiency.
Furthermore, for hypothesis three, the null hypothesis was upheld, which states that Mobile banking has no
significant impact on profitability of GTB. While alternate hypothesis was rejected. This finding is
consistent with that of Okoro (2014), who studied the impact of selected e-payment instruments on the
intermediation efficiency of the Nigerian economy. The study found that there is no significant relationship
between mobile banking and intermediation efficiency.
Finally for hypothesis four, the null hypothesis was not rejected which stated that internet banking has no
significant impact on profitability of GTB. But the alternate hypothesis rejected indicating that even though
there is a positive impact of internet banking on profitability, it is not significant to profitability for GTB.
This finding does corroborate with Okoro (2014), who studied the impact of selected e-payment instruments
on the intermediation efficiency of the Nigerian economy. The study found that there is significant
relationship between internet banking and intermediation efficiency.
Based on the findings, the study concludes that ATM, POS, MB and INTBK are the most used e-banking
channels by GTB to improve profitability and efficiency; that use of ATM significantly improve the
profitability of GTB, while POS, MB and INTBK do not contribute substantially to their profitability. The
study also concludes that GTB would achieve significant growth and boost their profitability, if they invest
more on e-banking channels and also integrate them to provide seamless service to customers. The study
therefore recommends that GTB should invest more in electronic banking channels such as ATM, POS,
MB and INTBK, and also create awareness and encourage customers on the use of these e-banking channels
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