Assessment of the Use of E-Banking among Rural Dwellers in Southeast Nigeria

Abstract

This study sought to examine the status, challenges and prospects of e-banking amongst rural dwellers in southeastern Nigeria. The researchers amongst other things asked questions such as what is the current status of e-banking in rural areas in eastern Nigeria. What are the challenges bedeviling e-banking in rural areas in rural areas in Nigeria? The study is anchored on Technology Acceptance Model and Diffusion of Innovation theory. The researchers adopted the mixed method research design by combining survey and interview methods. The population of the study consists of the five states in southeast Nigeria with a total of 24,738,393 from which a sample size of 399 for the survey aspect of the study was derived using Taro Yaemeni. As for the qualitative aspect of the work, the sample size of 20 respondents was purposively arrived at. The interview guide and questionnaire were used by the researchers to elicit data from the rural dwellers in the selected communities. Findings of the study revealed that rural dwellers make use of e-banking apps and platforms. Findings also revealed that 75.1% of rural dwellers make use of Point of Sale (POS) platform for their financial transactions. Further analysis also revealed that 72.85 of the respondents are afraid of that, as there are fraudulent situations attached to e-transactions. The researchers concluded that rural e-banking is more than just an abstract concept as many banking tools are breaking the boundaries of literacy, space and time to reach virtually all rural areas in southeastern Nigeria.