Volume and Value of e-Payment System: Nigeria Banks in Perspective

Abstract

This research paper looks at the effect of e-payment transactions employing both volume and value of digital instruments currently applicable in the Nigerian financial market using the secondary data methodology. The study aims to highlight the quantum of use both in volume and value of new technological innovation, identify areas of deficiency and offer some solutions for improvement. The study’s span based on data availability is six years from 2012 to 2017. To facilitate understanding of the issue under study, the Ordinary Least Square Regression methodology was employed. Finding of the study reveals that there exist a positive relationship between value of e-payment channels and a negative relationship between volumes of e-payment channels to the percentage of financial institutions in real gross domestic product respectively. The paper concludes with a call for cooperation between government and private sector in Nigeria in order to raise the literacy level of e-payment users.