This research project critically explores the impact of technology in the banking and marketing of financial services with a special reference to the United Bank for Africa Plc., Bauchi Branch.

Chapter one comprises the background of the study, statement of research problems, aims, and objectives of the study, research hypothesis, significance of the study, limitations of the study, historical background, and definition of terms.

Chapter two involves literature review and how the topic is being broken down to sub-topics that are relevant to the success of the project and where the contribution of the following authors, authentic are reviewed.

Chapter three consists of the research design, population of the study, sample technique, sample of the study, sources of data and method of data presentation, and techniques of analysis which are used for the reliability and validity of the research work.

Chapter four consists of the questionnaire administration, analysis of responses from the questionnaire, and test of hypothesis.

Chapter five, the final chapter also concludes the Summary, Conclusion, and Recommendations of this special assignment.




Over the years, the financial market has being struggling to meet needs, and attain the desired goal. This struggle resulted to inaccuracy, delay in delivery, misplacement of records, etc. The introduction of technology has had a tremendous impact on the economic development, specifically, in the activities of Nigerian Financial Market.

Nigeria as a developing country have witnessed a rapid growth and widespread of internet, together with its usage. Internet is the center of IT within businesses as well as many homes. A vast market has leveraged on the Internet, online purchasing, etc. Organizations, businesses have been swift to recognize and exploit the niche. The range product on-line is nearly impossible and puts the Internet at the top of the list of appropriate good, alongside ready-made meals. In this fast evolving modern society in which we all are part of, comfort has become extreme important to survive the ever increasing pace of life. Specifically, online business a major IT applications with the highest impact upon the global economy, is crafting and developing a new business platform. As a growing number of companies launch new Internet-based business lines, numerous new technology advances occur as a result of their using the Internet to enhance business processes. This most times involves using the Internet to carry out business transactions. Online business has completely changed the business sector in a way way that has not been experienced before in past years. It has encouraged a new set of economic and social correlations. A critical use of the Internet is to develop and experiment with new business models. It is not technology by itself that makes or breaks an Internet venture, but the underlying innovation and adequacy of the adopted business approach. IT and online banking have now become the major factors for strengthening the competitiveness of the national economy and enhancing the productivity and efficiency of both private and government banks. However, access to and use of these technologies remains extremely unequal. Under developed economies are being left behind in the enhancement and increase of a global economy where knowledge is a key factor driving productivity growth. 

The financial system is designed and introduced to remit funds from excess economic units to deficit economic units for the purpose of producing goods and services and to make investment in new equipment and facilities so as to smoothen and foster the development of the economy and enhance the standard of living of its citizens. Traditionally, it is acknowledged that financial system plays a catalytic role in the process of economic development. The financial system of any nation defines how well or bad the economy functions. A growing economy places more responsibilities on the financial sector to bring together the required capital to better and smoothen production, yield employment and income. Any economy that does not experience consistent growth is most likely to have a very passive financial sector as there are no incentives for investment. Through the process of growth, financial system provides a wide range of portfolio options for savers and issuable instruments for investors, a function often referred to as financial intermediation. The Nigerian financial system envelops institutions too numerous to mention, markets and operations that are in the business of rendering financial services. These institutions can be broadly be sectioned into money and capital markets while money market is a market in which short term financial instrument are traded, the capital market on the other hand has to do with long term transactions. The keyparticipants in the money market are the banks and discount houses. The intermediation role of banks assures the mobilization of dormant funds from the excess units to the deficit sector. Just like the money market, the capital market is a keymedium for mobilizing long-term funds. The main institutions are the Securities and Exchange Commission (SEC) which is the apex regulatory body, the Nigerian Stock Exchange(NSE), the issues houses, stock broking firms and the registrars. Howbeit, with characteristics of liberalization of licensing of banks coupled with the introduction of Structural Adjustment Programme (SAP) in the mid-1980s, the scope of banking in Nigeria expanded both in size and operation. According to Ochejele (2003) this tremendous growth strengthened the rate of competition among banks. The level of competition has also been morestrengthened in this eradue to the huger impact of globalization and integration of the banking industry into the global system. In addition, management of Nigerian financial institutions is been faced with heightened difficulties and as such, should get ready and be prepared to face and confront these challenges. Therefore, only those institutions that are well positioned will be needed and will be able to withstand the storm of competition. It is based on the foregoing that the paper wishes to examine the impact of technology towards economic development in the Nigerian Financial Market activities, and and to discover the difficulties faced by the Nigerian financial markets in the deployment of ICT-based services.


The Nigerian financial market was hitherto dominated by small assets-based banks that were not internationally competitive. Ovia (2002) noted that in repositioning the Nigerian financial market for competitiveness will involve the deployment of information technology to play dominant catalytic role in growing the market. Thus in the face of the keen competition in the industry, market players must devise new survival strategies. Financial institutions world-wide are compelled by the emergence of information technology to fast-forward to more radical transformation of business systems and models. It is in the same spirit that Bill Gates (2001) noted that: “the successful companies of the next decades will be the ones that use digital tools to re-invent the way the work. These companies will make decisions quickly, act efficiently and directly touch their customers in positive ways. Going digital will put on the leading edge of the shock wave of change. That will shatter the old ways of doing business”.We are now in a new era of technological revolution. Countries are beginning to compete and fight over control of information rather than natural resources. The vogue today is E-platform which implies offering financial services through electronic media to various customers irrespective of place, time and distance. A customer friendly environment with high quality service delivers needs to be created in order to enhance high patronage. To this end, improvement in banking technology and institutional arrangements for transmission mechanism as well as other operational areas of banking operations to ensure operational efficiency has become a compelling necessity. This encompasses electronic money, internet banking, telephone/mobile banking, reduction of cash transaction, smart card. ATM transactions and capacity to process high volume of transactions among others.


This study seeks to examine the impact of technology towards economic development in the Nigerian financial market activities. Specific objectives are:

1. To find out the exact Stage of Commercial Banking, Technology Application is most ideal.

2. To know how Long Customer’s waitthe Customer Service Centre.

3. To know if Fraud in Banking is Best Facilitated by Technology Application.

4. To find out how banks plan for an eventual global technology Problem.

5. To point out the importance of technology in the Nigerian financial market system.


Theoutcome of this study will be of immense help to the Nigerian Government, the banking sector and the society at large. It will help shape the economy to align with the original goal of the financial sector. 

The outcome of the study will also assist scholars, researchers in their research and also, in making them better citizens of the country.  


The study centers on the topic which is the Impact of Technology towards Economic Development in the Nigerian Financial Market activities (A Case Study of United Bank for Africa, Wunti Branch, Bauchi Metropolis).


1. Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

2. Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.


1. How does the use of technology affect economic development in the Nigerian financial market activities?

2. At What Stage of Commercial Banking, Do You Think Technology Application is most ideal.

3. Specifically, in which of these Areas, Do You Mostly Need Technology Application.

4. How Long is Your Customer’s Waiting Time at the Customer Service Centre.

5. Fraud in Banking is Best Facilitated by Technology Application.

6. How do you Plan for an Eventual Global Technology Problem in Your Bank.

7. Do you think countries are Beginning to Compete and fight Over Control of Information Technology rather Than Natural Resourcesin the New Era of Technological Revolution?

8. Do you think Financial Institutions are now compelled by the Emergence of Information Technology to Fast Forward to More Radical Transformation of Business Systems and Models?


Ho: Technology does not have any significant impact on Economic Development and the Nigerian Financial Market Activities.

H1: Technology has a significant impact on Economic Development and the Nigerian Financial Market Activities.


Technology:The use of science in the industry, engineering, etc., to invent useful things or to solve problems.

Economy:the state of a country or region in terms of the production and consumption of goods and services and the supply of money

Economic development:as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.

Financial market: is a market in which people tradefinancial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural products.


Atutu, F. and Bello, T. (1999) “Bracing up for the Banking Challenges of the Twenty-first Century. Business Time July, pp. 22. 

Bill, G. (2001) “Information Technology: Challenges and Opportunities for Business Managers” in Ochejele (2003). The Nigerian Financial Markets and the Challenges of the Twenty First Century. Unpublished Paper.

Dabwor, T. D. (2008) “Corruption and its Effects on the Development of African Countries: The Nigerian Experience Anambra State University”, Journal of Applied Economics Vol. 1 (1) Pp 136 – 151. 

Dabwor, T. D. (2009) “The Impact of Capital Market on Economic Growth in Nigeria: A Causal Analysis in Journal of Business Management, Benue State University. Vol. 3 (1 & 2) Pp 15 – 40. 

Goldsmith, R. W. (1969) “Financial Structure and Development”.New Haven Yale University Press.

Jao, Y.C., 1976. Financial deepening and economic growth: A cross-section analysis. Malayan Economic Review, 21(1): 47-58. 

Jayaratne, J. and P.E. Strahan, 1996. The finance-growth nexus: Evidence from bank branch deregulation. The Quarterly Journal of Economics, 111(3): 639-670. 

Kaminsky, G. and C.M. Reihnart, 1999. The twin crises: The causes of banking and balance of problem. American Economics Review 89: 473-500. 

King, R.G. and R. Levine, 1993. Finance and growth: Schumpter might be right. Quarterly Journal of Economic 108: 717-738. 

King, R.G. and R. Levine, 1993. Finance entrepreneurship and growth: Theory and evidence. Journal of Monetary Economics, 32(3): 513-542. 

Lamoreaux, N., 1994. Insider lending: Banks, personal connections, and economics development in industrial New England. New York: Cambridge University Press. Levine, R., 1997. Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2): 688-726.

McKinnon, R. I. (1973) “Money and Capital in Economic Development” Washington, D. C. There Brooking Institutions. 

Nwaogwugwo, I. C. (2008) “Stock Market Development and Economic Growth in Nigeria; The Causal Linkage”. Nigerian Journal of Securities and Finance Vol. 13(1) Pp 115-124. 

Ochejele, J. J. (1999) “Challenges for Managers of Banking Industry in the Twenty-First Century. A Paper Delivered During First Quarter Budget Review of Lion Bank Training Centre. Jos, 22nd July. 

Ochejele, J. J. (2003) “The Nigerian Financial Market and the Challenges of the Twenty-First Century.Unpublished Paper.



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