Ffect of Electronic Banking on the Economic Growth of Nigeria [2009-2018]

This study examines the impact of electronic banking on economic growth in Nigeria over the period of 2009 – 2018 using quarterly data. Secondary data were collected from the CBN statistical Bulletin and the Nigerian Bureau of Statistics so as to establish the relationship between the dependent variable (Real GDP) and the independent variables (Automated Teller Machines, Point-of-Sale, Internet Banking and Mobile Banking). The research adopted the Vector Error Correction Model (VECM) and the results of the analysis show that electronic banking has significantly impacted on the economic growth of Nigeria. The VECM result shows that R2 is 0.5897, which shows that the model explains about 58.97% of the total variations in Economic growth as explained by the independent variables during the period of the study, while 41.03% is explained by variables not included in the model. The result of the analysis shows that Electronic Banking has a significant relationship with Nigeria's economic growth, while Point of Sales, Internet Banking and Mobile Banking, individually have no significant effect on Nigeria's economic growth, while Automated Teller Machine has significant effect on economic growth in Nigeria for the period under consideration. The research recommends that the government should reduce the charges on the use of electronic means of transactions so as to encourage people to use them more often.