EFFECT OF ICT ON THE PERFORMANCE OF DEPOSIT MONEY BANK IN NIGERIA, A STUDY OF ZENITH BANK 2010-2024
Abstract
Information and Communication Technology (ICT) has transformed the Nigerian banking industry by improving operational efficiency, enhancing customer service, and increasing profitability. Deposit Money Banks (DMBs) have invested heavily in technologies such as Automated Teller Machines (ATMs), internet banking, mobile banking, Point of Sale (POS) terminals, and electronic payment systems to remain competitive. Zenith Bank has emerged as one of the leading technology-driven banks in Nigeria through continuous investment in digital banking infrastructure. Its digital transformation strategy, including migration to a next-generation core banking platform, reflects the increasing importance of ICT in banking operations.
This study examines the effect of ICT on the performance of Deposit Money Banks in Nigeria using Zenith Bank as a case study for the period 2010–2024. The study adopts an ex-post facto research design and relies on secondary data obtained from Zenith Bank annual reports, the Central Bank of Nigeria (CBN), and other relevant publications.
Data are analyzed using descriptive statistics and Ordinary Least Squares (OLS) regression techniques. The findings indicate that ICT adoption positively influences operational efficiency, profitability, customer retention, and service quality.
The study concludes that ICT remains a strategic tool for enhancing banking performance and competitiveness. It recommends sustained investment in digital infrastructure, cybersecurity, employee training, and innovation.
Keywords: ICT, Banking Performance, Zenith Bank, Deposit Money Banks, Nigeria.
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