Browsing by Author "Adeoti, Osuolale Olugbade"

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    An Assessment of the Factors Influencing the Use of Debit Card Electronic Payment System in Lagos State, Nigeria
    (2015-08-24) Adeoti, Osuolale Olugbade
    The study examined the impact of demographic and socio-economic characteristics of consumers on the use of debit cards in Lagos Slate. It also investigated consumer consumption patterns and payment choices and determined the motivational factors for using debit cards. This was with view to analyzing the extent to which debit cards serve as a method of behavioural restraints. Primary data were used for the study. The targeted respondents were super markets, fast foods, Restaurants, Recreation Clubs, Petrol Stations, Hotels, Pharmaceutical Stores and other business organisations that accept debit cards apart from cash as a mode of payment in the 20 Local Government Areas (LGA) of Lagos State. Three hundred respondents comprising 15 from each LGA were purposively selected for the study. The questionnaire was designed to elicit information on socio-economic characteristics, motivational factors, substitution patterns and payment choice drivers, and the extent to which debit cards serve as a method of behavioural restraints. The data generated were analyzed using descriptive and inferential statistics. The result indicated that cash constituted 65.3 percent as the commonest form of payment, followed by cheque (15.0%); debit card (8.0%) and credit card (2.0%). The motivational factors for using debit card were found to be: reduction in bulkiness (72%); reduction in armed robbery (71%); convenience (70%): time saving (70%); improvement of Bank Services (50%); and encouragement of disciplined spending (43%). The effect of behavioural restraints exhibited as a result of using debit cards revealed encouragement of prompt settlement of bills (76%); reduction in the abuse of the Naira (71%); discouragement of unplanned spending (53.6%); and curtailment in spending pattern (30%). The study also revealed some constraints militating against the use, of debit card by non-users, namely: non-availability (32.03%); lack of knowledge of its acquisition (24.18%); insecurity (15.69%); and lack of awareness about existence (5.22%). Results from the analysis of variance (ANOVA) indicated that six out of seven motivational factors: fear of armed robbery (F = 59.3. p < 0.05); time saving (F = 64.9, p < 0.05); improve bank services (F = 18.6, p < 0.05); conveniences (F = 72.6, p < 0.05): reduce bulkiness (F = 93.5, p < 0.05); availability (F = 59.1, p < 0.05) were significant. Also six out of seven behavioural restraints factors included in the model: over spending (F = 16.5. p < 0.05), reducing unplanned spending (F = 15.0, p < 0.05), reduce buying regret (F = 6.8, p < 0.05), encourage financial planning (F = 10.4, p < 0.03). prompt debit settlement (F = 16.8, p < 0.05), and disciplined social engagement (F = 7.2, p < 0.05) were statistically significant. The logit regression showed that consumer life-style and status characteristics such as education, income, employment status. home ownership, family size, age, work experience and external orientation) were found to significantly influence the odds of debt card use (P < 0.05, odd ratio of 3.84). The study concluded that the use of electronic payment system such as debit card improved banking services, transparency, financial discipline and cost effectiveness for the banking industry.
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    Determinants of consumers adoption of point of sale (Pos) terminals in Lagos State, Nigeria
    (Obafemi Awolowo University, 2011) Adeoti, Osuolale Olugbade
    The study examined the extent of availability of point of sale (POS) terminals; assessed the motivational factors influencing consumers’ use of POS terminals; determined the level of consumers’ satisfactions with POS terminals; and evaluated the challenges to the efficient use of POS terminals. This was with a view to providing information on factors determining consumers’ adoption of POS terminals in Nigeria, and guiding managers of financial institutions, policy makers and government to design, formulate and implement proactive strategic marketing techniques and policies aimed at ensuring consumers’ acceptance and use of this innovative technology. The study utilized primary data, sourced through administration of structured questionnaire to 650 randomly sampled respondents. Data were collected on respondents’ extent of availability, motivational factors, level of consumer’s satisfaction and challenges to the efficient use of point of sale terminals. The data generated were analysed using descriptive and inferential statistics such as frequency counts and probit model. The findings of the study indicated that POS terminals were not readily available to the consumers as majority (51.6%) of those who adopted the technology did not find it in all merchants stores patronized for transaction. Factors such as nativity (p = 4.29), security (p = -4.13), convenience (p = 5.28) and time saving (p = 2.63) were the significant factors influencing the adoption of POS at 5% level. Further, the results revealed that consumers were generally satisfied with the usage of POS terminals on the dimension of convenience (87.2%); service quality (83%); value provided (76%) and technological selection (85%), unavailability of the technology at all merchant stores (67%), infrastructural problems such as network failure (87%), frequent power outage (94%), limited number of POS per merchant store where available (79%) as well as privacy of data and security of communication over the network (67%). The study concluded that POS adoption is influenced by nativity, security, ease of use, availability of the technology as well as convenience of use. The adoption is found to be concentrated among the young and male genders. Also, lack of awareness is found among merchants who are supposed to be operators of the technology as well as supposed consumers of the POS service. High level of perceived insecurity, poor infrastructural facilities such as unstable power supply hinders efficient use of the innovative technology.