EFFECT OF ONLINE LOAN TECHNOLOGY ON INDIVIDUALS
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- NGN 3000
ABSTRACT
Online loan technology is a service provided by financial institutions in cooperation with mobile phone operators. It allows customers with busy lives to conveniently do their banking using their phones anytime. It is about getting banking services to the unbanked, those who do not have bank access or bank accounts, and those who are at the bottom of the economic pyramid often living in remote areas. The study sought to determine the effect of online loan technology on individual. Cross sectional descriptive survey was employed in this case. The data collected was cleaned, coded and systematically organized in a manner that facilities analysis using the Statistical Package for Social Sciences (SPSS). Data was analyzed on the basis of the mean and the F test statistic was computed at 5% significance level. To test for the strength of the model and the effect of mobile lending on the financial performance of commercial banks, the study conducted an Analysis of Variance (ANOVA). From the regression model, the study found out that there were mobile lending variables influencing the financial performance of commercial banks, which are; interest rates, capital adequacy and liquidity. They influenced it positively. The study found out that the 5 independent variables that were studied which included Total Mobile Loan Applicants, Total amount of mobile loans, interest rates, capital adequacy and liquidity explain 47.4% of financial performance of commercial banks as represented by adjusted R2. The study therefore concludes that mobile lending positively and significantly affects the financial performance of commercial banks. The study recommends that policy makers consider mobile lending in their formulation of policies because of the technological developments and the expected switch from physical branch networks to technologically supported banking services.
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