An Assessment of the Relationship Between the Volume and Value of Ict Transactions in the Nigerian Deposit Money Banks: 2007-2017

This paper summarizes the arguments and counterarguments within the scientific discussion on the benefit of using Information and Communication Technology for banking operations. The main purpose of the research is to examine the effect of Information and Communication Technology (ICT) on profit performance of Deposit Money Banks in Nigeria. A systematization literary approach for solving the problem is Regression Analysis. In the Regression Equation, Value of transactions is the dependent variable and Volume of transaction is independent variable. Secondary data was sourced from Central Bank of Nigeria Financial Stability Report and Central Bank of Nigeria Draft Annual Report and Financial Statement. The results of findings within the years of analysis (2007-2017) indicated that there was no significant relationship between the value of ICT transactions and the volume of ICT transactions from January to June. It was discovered that there was no significant relationship between the value of ICT transactions and the volume of ICT transactions from July to December. It was also revealed there was an overall significant relationship between the value of ICT transactions and the volume of ICT transactions from January to December. The study therefore recommends that Banks should create a bi-annual or annual workshop on educating their customers on how to use the available banking ICTs successfully in order to increase bank patronage, volume of ICTs transactions and profitability, Banks should improve their ICTs service delivery in order to enhance efficiencies in the banking operation in Nigeria, Banks should discover more of new banking ICTs on a yearly basis in order to meet up with their foreign counterparts which will further strengthen the Banking industry in Nigeria.