GASPRO International Journal of Eminent Scholars

ABSTRACT

The study sought to assess the prospects of electronic payment systems and customers’ satisfaction in Nigeria. Correlational survey was adopted for the study. The area of study was Nigeria. The population of the study comprised of all bankers and customers in Nigeria. Stratified sampling technique was used to select 10 banks from South-west Nigeria. From each bank 5 bankers and 15 customers were randomly selected and this gave 50 bankers and 150 customers which gave a total of 200 respondents that constituted the sample size for the study. The Instrument used in this study for data collection was a questionnaire titled “Electronic Payment System and Customers’ Satisfaction Questionnaire (EPSCSQ).” Face and content validation of the instrument was carried out by one expert in banking and finance and one expert in statistics from Lagos State Polytechnic to ensure that the instrument has the accuracy, appropriateness and completeness for the study. Cronbach Alpha technique was used to determine the reliability of the instrument. The reliability coefficient obtained was 0.89 and this was high enough to justify the use of the instrument. The researcher subjected the data generated for this study to appropriate statistical techniques such as simple regression analysis. The test for significance was done at 0.05 alpha levels. The reveals that there is significant influence of electronic funds transfer on customers’ satisfaction in Nigeria. There is significant influence of card service on customers’ satisfaction in Nigeria. Also that there is significant influence of internet banking on customers’ satisfaction in Nigeria. The study concluded that Nigerian banking system has passed through many stages of development that have fundamentally affected the life of the citizens, the business environment and the nation’s economy. One of the recommendations was that Nigerian banking system should improve on the use of electronic payment system to reduce the operating cost and long queue in the banks.

KEYWORDS: Electronic Payment Systems, Customers’ Satisfaction and Nigeria