Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria

Abstract

This study was motivated by the need of the identification of the ICT devices used in the Nigerian microfinance sector and the formulation of infusion models for each identified ICT device. 126 Structured questionnaires were used to collect information regarding the use of the ICT devices used among respondents of nine (9) microfinance institutions selected from South-Western Nigeria. The different ICT devices identified consisted of smartphones, SMS, e-mails, computer hardware, telephone banking, magnetic ink character recognition (MICR) cheque, bank websites or mobile banking applications, teleconferencing, electronic point-of-sale (E-POS) services and financial ERP software applications. The results showed that majority of respondents who used ICT tools were customers who were traders with a majority age group of around 21-30 years. The results of the study also showed that all ICT tools were adopted in the same year (1999) by bank staffs. The results showed that although all the ICT devices identified were adopted in the same year, it was observed that about 65% of the respondents adopted smartphones and SMS while less than 16% of the respondents acquainted themselves with the other devices. Polynomial functions of degree, m were used to formulate the infusion model for each ICT devices identified based on the yearly cumulative distribution of the number of users. The infusion models formulated can be used to estimate the number of users of ICT devices for any given year from the year of adoption of the ICT device.

Legal Strengthening of Credit Agreement Based on Information Technology in Financial Technology Companies in Supporting Industry 4.0

“…However, the rapid development of IT technology has greatly improved the sharing of customer data on the network and broke the traditional banking industry boundaries and regional structure". 34 The link between finance organized via the Internet and commercial banks must compete competitively as both are engaged in finance. Banks and financial technology are both financial intermediaries that provide loans to borrowers.…”