Empirical Analysis of Retail Customers' Adoption of Internet Banking Services in Nigeria

There are ample evidences that the external environments have always thrown challenges even to the best business organisation. And the various stories from around the world of business give credence to these challenges. Today, as always, the increasing speed and scale of changes, which has become part of every business cycle, means threats and opportunities arise faster and more often. As rising competitive intensity forces even the best businesses to return to basics, the old adage that past successes has never guaranteed future success is never truer than now. This study investigated and analysed the factors affecting the adoption of internet banking services by retail customers in Nigeria. The objectives, among others, were to explore the reasons for the usage ad non-usage of internet banking services by these groups. The theoretical model utilised was the Technological Acceptance Model (TAM), a model which have been used to explain consumers’ intention to use a technology. Subjects for the study were bank managers, bank customers and students. The study found all the beliefs especially security, privacy and infrastructures to be significant factors affecting the adoption of internet banking services in Nigeria. The deduction from the findings was that for internet banking to assume a developmental dimension in Nigeria and for the country to be fully integrated and respected in the global financial environment, the prevalent level of frauds in Nigeria (and among Nigerians) must be addressed.