Impact of Electronic Banking on the Operational Efficiency of Small
and Medium Scale Businesses in South-western Nigeria
OGUNWALE OLUROTIMI1, AKINTOYE RUFUS2, OGBEBOR IFEANYI1,
ADEMOLA OLUFEMI1
1Department of Finance, Babcock University,
Ilishan Remo,
NIGERIA
2Department of Accounting, Babcock University,
Ilishan Remo,
NIGERIA
Abstract: - This research aimed at studying electronic banking and how it has impacted the efficiency of
operations of SMSE in Nigeria. The research objective was to investigate the bearing of electronic
banking on operational efficiency of SMEs in South-western Nigeria, making use of Lagos and Ogun
States as a case study. The study relied on information gathered through surveys. Operational efficacy of
micro, small, and medium-sized businesses served as dependent variable while POS machines (point of sale),
Internet banking, ATMs, mobile banking apps, and SMS messages served as the independent variables.
Primary data was sourced through the use of questionnaire while the multiple linear regression model was used
to estimate the sourced data. The findings displayed that while ATM use ( = 0.20, p = 0.3114), MOP ( = 0.04, p
= 0.5631), and SMS ( 0.07, p = 0.4339) had no significant effect on operational efficiency of SMSEs in South-
western Nigeria, POS had an impact that is both favourable and considerable. Given the benefit of electronic
banking to SMSEs, it was recommended that SMSEs should be motivated and supported to adopt the POS
electronic banking platforms.
Key-Words: -Small and medium scale enterprises; Electronic banking; Internet banking; Mobile
banking application; Short messaging service; SMEs
Received: August 19, 2022. Revised: February 23, 2023. Accepted: March 14, 2023. Published: March 31, 2023.
1 Introduction
It has been reckoned that when it comes to
economic growth, small and medium-sized
enterprises (SMSEs) development have a huge role
to play. SMSEs provide businesses, employment
opportunities, and income to the majority part of
the population in any economy. They are
additionally an essential provider of new
opportunity positions having been confirmed as
center points for showcasing specialized abilities
including administrative skills for private sector
improvement.
Considering the subject matter, small and medium
scale enterprises (SMSEs) possessed an essential
feature of cultivating advancement, advancing
practical industrialization, accomplishing
reasonable monetary extension, and advancing
comprehensive turn of events. SMSEs also assist in
the sustenance of financial development objectives
through the arrangement of business, price
stability, decreasing income imbalances and
making helpful qualities for the creating
economies. This was in consonance with the
investigation from the study of [9] and that of [13]
who both stated that SMSEs played a significant
role for financial performance. This necessitated
the opinion that the degrees of advancement of
SMSEs in assisting a developed economy ought to
be uplifted with the end goal of diminishing
poverty. With the essential role that SMSEs play
towards economic development, there ought to be
practical methodologies that would zero in on
supporting SMSEs which viably would inspire the
economies, for this situation, Nigeria.
In any case, SMSEs face different difficulties
including cash-flow management, low deals and
deficient debt collection instrument, [14]. In recent
times, electronic banking has offered a huge chance
to develop the inadequacies of SMSEs. With the
coming of electronic banking, there have been
relative enhancements in proficiency, velocity of
administration conveyance and worth creation for
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.71
Ogunwale Olurotimi, Akintoye Rufus,
Ogbebor Ifeanyi, Ademola Olufemi
E-ISSN: 2224-2899
770
Volume 20, 2023
various SME clients. Also, SMSEs that have
enjoyed the benefit of improvements in
Technology, are described by undeniable degrees
of proficiency, simplicity of working together and
the comfort that accompanies business activity.
Obviously, the innovation of mobile technology is
crucial for SMSE growth in developing nations.
Therefore, the research investigated the adoption of
electronic banking by SMSEs and how this has
impacted of their efficiency over time.
1.1 Statement of Problem
It was believed that electronic banking would
impact the operational efficiency of small and
medium-sized businesses (SMSEs) in areas of
openness of transactions, capacity to quick track
exchange and affirmation of installments. It would
also help in saving tremendous costs that might be
related with one or various trade exchanges. This is
in support of the study of [2]. However, lovely as
the advantages seem to be, there are a couple of
difficulties that accompany electronic banking in
Nigeria and this study would in general investigate
the effect that the use of electronic banking has had
on the functional productivity of SMSEs that are
situated in Lagos and Ogun States.
It was planned that this research would be useful
for the improvement of approaches that are
expected for the development of SMSEs in South-
western Nigeria. From the proposal of this study,
policy frameworks for SMSEs including those of
Small and Medium Enterprises Development
Agency of Nigeria (SMEDAN) would work with
the formation of more positions, decrease of
destitution rate and the resulting enhancement of
the Gross Domestic Product (GDP) of any country.
1.2 Objectives of the Study
The research broad goal was to investigate the
bearing of electronic banking on operational
efficiency of SMEs in South-western Nigeria
making use of Lagos and Ogun States as a case
study. Other particular goals include the following:
To investigate impact of Point of Sale (POS)
Machine on SMSEs efficiency
To assess the impact of Mobile Banking
Applications (Mobile Apps) on SMEs
efficiency
To appraise extent to which Short Messaging
Services (SMS) affect the performance of
SMSEs
To examine if there is a connection between
Automated Teller Machines (ATMs) and the
development of SMSEs
1.3 Research Questions
In view of the problem statement and research
objectives, the following research questions are
what this study seeks to encapsulate in the course
of the research:
1. What is the impact of Point of Sale (POS)
Machine on SMSEs?
2. What is the impact of Mobile Bank
Applications (Mobile Apps) on growth of
SMSEs?
3. To what extent does Short Messaging
Services (SMS) affect the performance of
SMSEs?
4. What is the connection between
Automated Teller Machines (ATMs) and
the development of SMSEs?
1.4 Research Hypotheses
H0: Point of Sale (POS) Machine does not
significantly impact SMSEs
H0: Mobile Banking Applications (Mobile Apps)
do not positively affect the efficiency of SMSEs
H0: Short Messaging Services (SMS) does not have
any significant relationship with the performance
of SMSEs
H0: Automated Teller Machines (ATMs) does not
have any developmental connections with SMSEs
1.5 Research Scope
The research will focus on South-western Nigerian
SMEs especially those located in various parts of
Lagos and Ogun States.
2 Literature Review
Electronic Banking or E-banking might be
characterized as the ingenious, automated and
delicate conveyance of contemporary and
traditional financial transactions through electronic
channels. These comprise the frameworks that
customers use in transacting businesses with an
organization while also getting their trade records.
With this, the recipients can get hold of data
through media transmission networks like the web
and telecom companies. These telecom
organizations could be either public or private
ones. Electronic banking is, subsequently, a wide-
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DOI: 10.37394/23207.2023.20.71
Ogunwale Olurotimi, Akintoye Rufus,
Ogbebor Ifeanyi, Ademola Olufemi
E-ISSN: 2224-2899
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Volume 20, 2023
going articulation portraying the technique of
performing businesses without the need to actually
visit the financial institutions like bank. It is a
terminology for the cycle by which bank clients
might complete financial exchanges electronically
without visiting the bank.
In addition, the study of [15] defined the use of
electronic banking as the employment of personal
computers and media transmission to put into
action, financial transactions rather than human
collaborations at the bank. Hence, most customers
can get their records, do exchanges and acquire
most recent data on monetary items and
administrations from public or private
organizations, like the web. For instance, utilizing
smart gadgets like PC, robotized cash machines
(ATMs) including individual computerized
colleague also known as the PDA, clients access-
banking administrations and do their transactions
with less exertion when contrasted with physical
banking. The phrase, electronic banking could be
clarified in various ways and according to alternate
points of view. Regardless, analysts across the
world have put forth broad attempts to give an
exact and comprehensive idea of electronic
banking in their different ideas over the most recent
couple of years.
One may also describe it as the direct conveyance
of innovative & conventional financial services and
products to customers via an electronic, user-
friendly route of communication. Additionally,
electronic banking is defined by data-driven
business benefits with correspondence innovation
that includes coding, cards, an IC (incorporated
circuit), cards, and telecom organizations, [4].
In, [1], the authors designated the use of computers
to bank to include the following stages: internet
banking services, personal computer banking,
banking by phone, television-based banking, and
mobile phone banking. Indeed, e-banking involves
the usage of electronics & telecommunications
companies in providing an extensive selection of
important benefit-added into services and products
that are available to bank customers, [17]. In the
mean time, the clear helpfulness of an innovation is
the conviction by the client that the innovation will
further develop their work execution. The alleged
convenience checks out how effectively the client
can figure out how to utilize the new framework or
the innovation, [5]. As per the Technology
Acceptance Model, if the new innovation usability
is accomplished it is probably going to
emphatically prompt apparent value.
In order to investigate, regression analysis was
utilised in the findings of the study of [9] which
focused on the link between computerized banking
systems viz-a-viz the implementation of small and
medium-sized businesses within Anambra state.
Anambra State's mechanisedcash machine, retail
location administrations, short message
administrations (SMS) exchange cautions, flexible
banking, and the implementation of SMSEs were
shown to have a good correlation. With the
introduction of portable cash administration (PCA),
the authors in [8] focused on how Zimbabwean
businesses reacted to it. This commitment utilized
the quantitative exploration strategy with a distinct
examination plan. The outcomes demonstrated that
advantages of portable cash and difficulties in
customary monetary administrations impacted firm
reception of versatile cash administrations.
Indisputably, the review set up that resulting
reception of portable cash administrations impacts
the presentation of SMSEs. In, [7], the authors
examined effect of versatile putting money on
monetary execution of limited scope and medium
endeavours in Kakamega County. The discoveries
uncovered that SMSEs utilized portable financial
administrations to send and receive money, to look
up account balances, and to understand when to put
money in or take money out of their ledger.
Small and medium-sized businesses in Nairobi
County have adopted portable banking, according
to, [10], although the size of these businesses has
not been set in stone. An additional benefit of
flexible banking was found to be an increase in
customer base due to the ease of instalment
payments, increased chance of completion of
various other business activities and the ease of
access to bank assets through extended deals,
expanded benefits and improved business
productivity. SMEs performance within Anambra
state was examined by [17], to see how credit-only
financing impacted their growth. Automatic teller
machines have an important sway on the outcome
of SME growth in Anambra state, according to
these data. The point-of-sale machines have little
effect on expansion of SMEs in Anambra state.
Using the context analysis of Nigerian deposit
money banks, the study of [18], examined the
factors that boost e-banking reception in Nigeria
like long bank queues. The study opined that if
clients are increasingly active in e-banking
exchanges, the banks are more likely to extend
their displays and this would reduce bank queues.
Electronic banking role in boosting SMSE growth
in Kitui County was evaluated by [16], using the
chi-square method. The study believed that
improved mobile banking transactions would boost
the development of SMSEs.
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Ogunwale Olurotimi, Akintoye Rufus,
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In [12], the authors conducted a research to
determine how the use of portable cash exchanges
influences the financial standing as a whole of
SMEs within the CBD of Nakuru Town. The
findings showed that portable cash exchanges had a
considerable impact on the income from trades.
When it comes to Kenya's 100 most important
small and medium businesses, the authors of [11]
focused on the effects of financial institutions on
productivity. While the amount of credit supplied
to Kenyan SMSEs had no effect on the productivity
of the country's top 100, the value of SMSEs'
resources, obligation value ratios, monthly
investment funds and preparation for the SMSEs
influenced the benefit (ROA).
3 Methodology
3.1 Data Analyses Method
The study used the correlational descriptive
research design to examine how electronic banking
variables could impact the operational efficiency of
SMEs in Nigeria. Also, this study also adopted the
use of a well-structured survey to gather data from
the selected sample of the total population using 5-
point Likert scale items which were included
within the survey as (Strongly Agreed, Agreed,
Indifferent, Disagreed and Strongly disagreed). The
population of the study was the whole small scale
businesses located in Lagos and Ogun state,
Nigeria while the selected sample were small scale
businesses located only in Agege market in Lagos
and Sango Ota market in Ogun state Nigeria. These
two locations were selected based on easy
accessibility by the researchers. The survey data
was gotten from the two sample market through the
use of questionnaires.
There were four hypotheses formulated for this
study and would be tested using the ordinary least
square regression econometric technique. The
dependent factor was the operational efficiency of
SMSEs while the independent factors included use
of POS, Mobile App, ATM and SMS.
3.2 Model Specification
The model utilized in the study was adopted from
the studies of [3] and [4], and the model implicit
form was:
PSMSE = f(POS, MB, ATM, SMS) (1)
PSMSE = β0 + β1POS + β2MB + β3ATM + β4SMS
(2)
Where:
PSMSE = Operational Efficiency of SMSEs
POS= Point of Sales Machine
MB= Mobile Banking App
ATM= Automated Teller machine
SMS = Short Messaging Service
4 Data Analysis
The study utilized the regression technique of the
Ordinary Least Square (OLS) and this was
obviously preferred above the others like the
Analysis of Variance (ANOVA) regression due to
the fact that the OLS regression has a Best Linear
Unbiased Estimates “BLUE” property that is
efficient and stable, particularly when measured
against the ANOVA regression. The OLS
regression was used to examine the significant
impact of all the independent variables on the
dependent variable.
Before the OLS regression was carried out, a
multicollinearity test was carried out. This was
done as there should be no multicollinearity among
the predicting variables. Multicollinearity means
the incidence of high inter-correlations among the
independent variables in the model. Hence,
Variance Inflation Factor (VIF) was adopted as the
diagonistic test for multicollinearity. To indicate
the absence of multicollinearity, the coefficient
variance figures of all the variables must be
significant at 10% level of significance or must not
exceed 10. The results presented in Table 1 showed
that the coefficient variance figures of all the
variables were significant at 10% level of
significance with values of 0.043458, 0.005526,
0.039145, and 0.007509 respectively. This then
implied that all the variables had no
multicollinearity issues.
Table 1. Variance Inflation Factor Table
Variable
Coefficient
variance
Uncentered
VIF
POS
0.043458
197.2753
MOP
0.005526
11.12958
ATM
0.039145
175.4134
SMS
0.007509
15.31632
C
0.601483
124.6390
Source: Author’s Computations
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The existence or absence of autocorrelation in the
regression model was examined using the Durbin
Watson statistic. The durbin-watson result was
shown in table 2. The absence of autocorrelation
among the model's explanatory variables is shown
by a durbin-watson statistic value of 2. The durbin-
watson statistic for this study is within the limits of
the acceptable threshold, therefore there are no
autocorrelation issues. The result is presented in
Table 2.
Table 2. Ordinary Least Squares Regression Table
Variable
Coefficient
Std.
Error
t-
Statistics
Prob.
POS
0.684639
0.208467
3.284161
0.0028
MOP
0.043527
0.074339
0.585519
0.5631
ATM
0.204093
0.197851
1.031547
0.3114
SMS
0.068834
0.086653
0.794364
0.4339
C
0.099872
0.775553
0.128775
0.8985
R-Squared = 0.58
Adjusted R-Squared = 0.52
F-statistic = 9.236662
Prob.(F-statistic) = 0.000078
Durbin-Watson Stat = 2.012926
Source: Author’s computation
From table 2, the regression result was displayed.
From the coefficient values, the sign before the
figures were examined. The sign could be positive
or negative. A positive sign showed a positive and
direct relationship between the dependent and all
the independent variables while a negative sign
showed an inverse or negative relationship. From
table 2, the coefficient figures of all the variables
carry a positive sign to show the presence of a
positive relationship between the dependent
variable SME efficiency and all the independent
variables POS, MOP, ATM, and SMS.
Furthermore, the significance of each variable was
analyzed. A variable was significant if its
probability value was significant at 5% level of
significance or lower than 5. From table 2, only the
probability value of POS was significant at 5%
level of significance with probability value of
0.0028. Those of MOP, ATM, and SMS were not
significant as their probability values of 0.5631,
0.3114, and 0.4339 was higher than 5. Summarily,
one can say that POS was positively significant in
impacting SME efficiency while MOP, ATM, and
SMS were positively insignificant in impacting the
same SME efficiency. Therefore, the use of POS
had a positive coefficient of 0.6846 with a p-value
of 0.0028. It implies that a unit rise in the number
of people using POS should push up the
operational efficiency of the SMSEs by 0.6846
units. As this variable increases, it increases the
chances of the business performing better.
Furthermore, table 2 also showed that the R2 for the
model. The R2 represents the degree of variation of
the dependent variable that was caused by
independent variables. It is also known as the
coefficient of determination or goodness of fit test.
From table 2, the R2 of 0.58 implied that the
independent variables explained 58% variations in
dependent variable. Thus, the results of the model’s
fit are consistent with this conclusion.
After adjusting for the degree of freedom, the
adjusted R2 was 0.52 to show that all the
independent variables now explain 52% of the
dependent variable SME efficiency.
In addition, the overall or joint statistical
significance of the independent variables on the
dependent variable in the model was tested
utilizing the F-statistics. The probability value of
the F statistics must be significant at 10% or not
higher at 10 to show the joint significance of the
independent variables on the dependent variable.
From table 2, the f-statistics value was 9.2367 and
its probability figure was 0.0000. Since this
probability value was less than 0.10, it was agreed
that the independent variables were all statistically
significant when taken together in impacting
dependent variable. This was done since the value
was statistically significant.
4.1 Test of Hypotheses
Based on the model in equation (3), the POS was
the only significant variable in predicting
operational efficiency of SMSEs.
PSMSE = 0.10 + 0.68POS* + 0.04MB + 0.20ATM
+ 0.07SMS (3)
The coefficient was 0.68 and was significant at
95% confidence degree. The other three variables
of Electronic Banking, namely Mobile Banking
App, ATM and SMS were also positively related
to the operational efficiency of SMEs but not
statistically significant. Therefore, since POS was
the only variable with a probability figure lesser
than 0.05, the research rejected the first null
hypothesis and accepted all other null hypotheses.
4.2 Discussion of the Findings
From the subject matter, it was observed that
electronic banking has huge impact on the
functional effectiveness or execution of SMEs in
Southwestern Nigeria. This lines up with
discoveries of the studies of both, [6], and, [9].
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.71
Ogunwale Olurotimi, Akintoye Rufus,
Ogbebor Ifeanyi, Ademola Olufemi
E-ISSN: 2224-2899
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Volume 20, 2023
Specifically, the utilization of POS was seen to be
the principle driver of SME efficiency. This may
be due to its simplicity of ensuring a cashless
transaction takes place. Additionally, the POS
gadget mitigates the danger of money exchanges
like stealing and lack of smaller denominations to
give as “change”. In [6] the authors found that
customers use Point of Sale Machines (POS) to
make instalment payments instead of cash as they
found it easier, more beneficial, and that it greatly
boosted SME performance. Hence, the financial
regulatory authorities should make policies that
would favour the adoption of POS in an economy
like reduction in transaction costs. This would
increase the POS acceptance and usage among
business owners.
Moreover, in [9] the authors revealed that there
was a positive connection between Automated
Teller Machine, Point of Sale Machines, Short
Message Services (SMS), Mobile Banking and the
exhibition of SMSEs in Anambra State. Hence, the
authors concluded that the Point of Sale Machines
must be made available to SME owners either
freely or at a reduced and subsidized cost.
5 Conclusion
The study examined how electronic banking had
impacted the operation efficiency of SMEs in
Nigeria. Electronic banking variables of point-of-
sale (POS) machine transactions, mobile banking
applications, short message services, and
automated teller machine were examined against
the SME efficiency. The research used the ordinary
least square econometric technique to analyze the
data and found that only point-of-sale machine
positively and significantly impact SME efficiency.
The study concluded that the importance of POS
machine transactions in an economy cannot be
overemphasized as it was proven to positively and
significantly impact SME performance. This was
because POS benefits both the bank and the SME
owners. For the banks, POS allows the bank to
have access to new customers especially those in
the rural areas and it also allows the banks
introduce more banking services to its customers,
and so on. All these then have significant impact on
the efficiency and effectiveness of bank services
rendered. Also, for the SME business owners, POS
is an avenue for them to earn income from POS
services like payment income, interest charged on
cash withdrawal from the POS business, and cash
transfer services. Therefore, POS business
development is vital to increase the flow of
investment funds and SME businesses and also
improve the efficiency of the SME businesses in
Nigeria.
Moreover, receiving POS type of electronic
banking in Southwest Nigeria would reduce the
amount of money printed by the money regulatory
organisation responsible for printing; as a result,
this will reduce the amount of cash passed through
in real money by executives, which in turn will
reduce the amount of cash that could be diverted to
a variety of jobs. It will also hasten the transfer of
capital for the establishment of small and medium-
sized enterprises in Nigeria, which would be a
direct benefit to those firms.
5.1 Recommendations
1. It was recommended that SMSEs should be
motivated and supported to adopt the POS
electronic banking platforms.
2. The security of the POS electronic banking
platforms should also be enhanced for the benefit
of SMSEs while improving the required regulatory
framework that would guide their deployment.
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Ogunwale Olurotimi, Akintoye Rufus,
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Management, Vol. 14, No. 6, 2017, pp. 173 -
186.
Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
-Ogunwale Olurotimi carried out the introduction
and literature review.
-Akintoye Rufuscarried out the references and
edited the work.
-Ogbebor Ifeanyi did the conclusion,
recommendation, and abstract.
-Ademola Olufemigathered the data and did the
analysis and interpretation.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study.
Conflict of Interest
The authors have no conflict of interest to declare
that is relevant to the content of this article.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.e
n_US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.71
Ogunwale Olurotimi, Akintoye Rufus,
Ogbebor Ifeanyi, Ademola Olufemi
E-ISSN: 2224-2899
776
Volume 20, 2023