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Sustainable Banking in Nigeria: Empirical Perspective

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  • Obiekwe, Chinelo Jenevive (Ph. D)

    (Department of Banking and Finance, College of Management Sciences, Michael Okpara University of Agriculture, Umudike (MOUAU), Umuahia, Abia State, Nigeria)

  • Njoku, Ben .O (Ph.D)

    (Department of Banking and Finance, College of Management Sciences, Michael Okpara University of Agriculture, Umudike (MOUAU), Umuahia, Abia State, Nigeria)

  • Okoro, Okoro Kelechi

    (Department of Banking and Finance, College of Management Sciences, Michael Okpara University of Agriculture, Umudike (MOUAU), Umuahia, Abia State, Nigeria)

Abstract

The quest to increase the share of green sectors to the GDP as well as invest in products and services that reduce climate change has led to adoption of sustainable banking in different countries. This study examined sustainable banking in Nigeria with emphasis on determining whether ATM usage, POS usage and commercial banks’ credit to the agricultural sector, as instruments of sustainable banking, had contributed to the Nigeria economy. Quarterly data collected from the Central Bank of Nigeria (CBN) for the period 2012-2018 was adopted for the study and the data was analyzed using the Ordinary Least Squares (OLS) method. Findings revealed that ATM usage, POS usage and commercial banks’ credit to agricultural sector had led to increase in Nigeria’s economy. However, the effect of these instruments on the Nigerian economy had not been significant. The implication of this is that although sustainable banking had increased economic growth in Nigeria, but its effect on Nigeria’s economy had not been significant. The study recommended that the Central Bank of Nigeria should make policies that would eliminate frivolous charges on ATM and POS usage as a way of increasing ATM and POS usage which would reduce the use of paper and ensure clean environment in Nigeria.

Suggested Citation

  • Obiekwe, Chinelo Jenevive (Ph. D) & Njoku, Ben .O (Ph.D) & Okoro, Okoro Kelechi, 2020. "Sustainable Banking in Nigeria: Empirical Perspective," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 4(7), pages 228-231, July.
    • Handle: RePEc:bcp:journl:v:4:y:2020:i:7:p:228-231
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    References listed on IDEAS

    as
    1. I. Omosebi Ayeomoni & Saheed A. Aladejana, 2016. "Agricultural Credit and Economic Growth Nexus. Evidence from Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(2), pages 146-158, April.
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