Gusau Journal of Accounting and Finance (GUJAF) Vol. 5 Issue 1, April, 2024 ISSN: 2756-665X A Publication of Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State -Nigeria Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 ii © Department of Accounting and Finance Vol. 5 Issue 1 April, 2024 ISSN: 2756-665X A Publication of Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State -Nigeria All Rights reserved Except for academic purposes no part or whole of this publication is allowed to be reproduced, stored in a retrieval system or transmitted in any form or by any means be it mechanical, electrical, photocopying, recording or otherwise, without prior permission of the Copyright owner. Published and Printed by Ahmadu Bello University Press Limited, Zaria, Kaduna State, Nigeria. Tel: 08065949711 e-mail: abupress@abu.edu.ng info@abupress.com.ng abupress2013@gmail.com Website: www.abupress.com.ng mailto:abupress2013@gmail.com http://www.abupress.com.ng/ Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 iii EDITORIAL BOARD Editor-in-Chief: Prof. Shehu Usman Hassan Department of Accounting, Federal University of Kashere, Gombe State. Associate Editor: Dr. Muhammad Mustapha Bagudo Department of Accounting, Ahmadu Bello University Zaria, Kaduna State. Managing Editor: Umar Farouk Abdulkarim Department of Accounting and Finance, Federal University Gusau, Zamfara State. Editorial Board Prof.Ahmad Modu Kumshe Department of Accounting, University of Maiduguri, Borno State. Prof Ugochukwu C. Nzewi Department of Accounting, Paul University Awka, Anambra State. Prof Kabir Tahir Hamid Department of Accounting, Bayero University, Kano, Kano State. Prof. Ekoja B. Ekoja Department of Accounting, University of Jos. Prof. Clifford Ofurum Department of Accounting, University of PortHarcourt, Rivers State. Prof. Ahmad Bello Dogarawa Department of Accounting, Ahmadu Bello University Zaria. Prof. Yusuf. B. Rahman Department of Accounting, Lagos State University, Lagos State. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 iv Prof. Suleiman A. S. Aruwa Department of Accounting, Nasarawa State University, Keffi, Nasarawa State. Prof. Muhammad Junaidu Kurawa Department of Accounting, Bayero University Kano, Kano State. Prof. Muhammad Habibu Sabari Department of Accounting, Ahmadu Bello University, Zaria. Prof. Okpanachi Joshua Department of Accounting and Management, Nigerian Defence Academy, Kaduna. Prof. Hassan Ibrahim Department of Accounting, IBB University, Lapai, Niger State. Prof. Ifeoma Mary Okwo Department of Accounting, Enugu State University of Science and Technology, Enugu State. Prof. Aminu Isah Department of Accounting, Bayero University, Kano, Kano State. Prof. Ahmadu Bello Department of Accounting, Ahmadu Bello University, Zaria. Prof. Musa Yelwa Abubakar Department of Accounting, Usmanu Danfodiyo University, Sokoto State. Prof. Salisu Abubakar Department of Accounting, Ahmadu Bello University Zaria, Kaduna State. Prof. Sunusi Sa'ad Ahmad Department of Accounting, Federal University Dutse, Jigawa State. Prof. Isaq Alhaji Samaila Department of Accounting, Bayero University, Kano State. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 v Dr. Fatima Alfa Department of Accounting, University of Maiduguri, Borno State. Dr. Nasiru A. Ka’oje Department of Accounting, Usmanu Danfodiyo University Sokoto State. Dr. Aminu Abdullahi Department of Accounting, Usmanu Danfodiyo University Sokoto, State. Dr. OnipeAdebenege Yahaya Department of Accounting, Nigerian Defence Academy, Kaduna State. Dr. Saidu Adamu Department of Accounting, Federal University of Kashere, Gombe State. Dr. Nasiru Yunusa Department of Accounting, Ahmadu Bello University Zaria. Dr. Aisha Nuhu Muhammad Department of Accounting, Ahmadu Bello University Zaria. Dr. Lawal Muhammad Department of Accounting, Ahmadu Bello University Zaria. Dr. Farouk Adeza School of Business and Entrepreneurship, American University of Nigeria, Yola. Dr. Bashir Umar Farouk Department of Economics, Federal University Gusau, Zamfara State. Dr Emmanuel Omokhuale Department of Mathematics, Federal University Gusau, Zamfara. State Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 vi ADVISORY BOARD MEMBERS Prof. Kabiru Isah Dandago, Bayero University Kano,Kano State. Prof A M Bashir, Usmanu Danfodiyo University Sokoto, Sokoto State. Prof. Muhammad Tanko, Kaduna State University, Kaduna. Prof. Bayero A M Sabir, Usmanu Danfodiyo University Sokoto, Sokoto State. Prof. Aliyu Sulaiman Kantudu, Bayero University Kano, Kano State. Editorial Secretary Yazid Kabir Ibrahim Department of Accounting and Finance, Federal University Gusau, Zamfara State. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 vii CALL FOR PAPERS The editorial board of Gusau Journal of Accounting and Finance (GUJAF) is hereby inviting authors to submit their unpublished manuscript for publication. The journal is published in two issues of April and October annually. GUJAF is a double-blind peer reviewed journal published by the Department of Accounting and Finance, Faculty of Management and Social Sciences, Federal University Gusau, Zamfara State Nigeria The Journal accepts papers in all areas of Accounting and Finance for publication which include: Accounting Standards, Accounting Information System, Financial Reporting, Earnings Management, , Auditing and Investigation, Auditing and Standards, Public Sector Accounting and Auditing, Taxation and Revenue Administration, Corporate Governance Issues, Corporate Social Responsibility, Sustainability and Environmental Reporting Issue, Information and Communication Technology Issues, Bankruptcy Prediction, Corporate Finance, Personal Finance, Merger and Acquisitions, Capital Structure, Working Capital Management, Enterprises Risk Management, Entrepreneurship, International Business Accounting and Finance, Banking Crises, Bank’s Profitability, Risk and Insurance Issue, Islamic Finance, Conventional and Islamic Banks and so forth. 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Finally, manuscript should be send to our email address elfarouk105@gmail.com and a copy to our website on journals.gujaf.com.ng http://www.gujaf.com.ng/ Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 viii PUBLICATION PROCEDURE After receiving a manuscript that is within the similarity index threshold, a confirmation email will be send together with a request to pay a review proceeding fee. At this point, the editorial board will take a decision on accepting, rejecting or making a resubmission of the manuscript based on the outcome of the double-blind peer review. Those authors whose manuscript were accepted for publication will be asked to pay a publication fee, after effecting all suggested corrections and changes made on the manuscript. All corrected papers returned within the specified time frame will be published in that issue. PAYMENT DETAILS Bank: FCMB Account Number: 7278465011 Account Name: Gusau Journal of Accounting and Finance FOR INQUIRY The Head, Department of Accounting and Finance, Federal University Gusau, Zamfara State. elfarouk105@gmail.com +2348069393824 FOR MORE INFORMATION, CONTACT The Editor-in-Chief on +2348067766435 The Associate Editor on +2348036057525 OR visit our website on www.gujaf.com.ng or journals.gujaf.com.ng http://www.gujaf.com.ng/ http://www.gujaf.com.ng/ Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 ix CONTENTS Impact of Audit Quality on Earnings Management of Consumer Goods Firms in Nigeria Sirajo Bappah, Auwal Saad, Shehu Usman Hassan PhD, Saidu Adamu PhD Board Characteristics and Corporate Social Responsibility of Listed Oil and Gas Companies in Nigerian. Aliyu Abubakar, Yunusa Nasiru PhD, Dr. Umar Abubakar Board Characteristics and Audit Quality of Listed Consumer Goods Firms in Nigeria Aliyu Shehu Usman, Danson Andrew, Abdullahi Bala Ado PhD, CEO Characteristics and Financial Reporting Quality in Listed Consumer Goods Companies in Nigeria Okika Nkiru Philomena, Oyeneye Temitope Esther, Adedeji Daniel Gbadebo Liquidity Risk and Financial Performance of Listed Deposit Money Banks in Nigeria Bashir Abdulrauf Mohammed, Aliyu Ahmed Abdullah PhD, Prof. Salisu Mamman Ibrahim Yusuf PhD, Suleiman Salami PhD Information Asymmetry and Cost of Capital: A Review of Empirical Evidence Sunusi Ridwan Ayagi PhD, ACA, Rashida Lawal, PhD Ownership Structure and Female Inclusion of Listed Financial Firms in Nigeria Gbemigun Catherine Omoleye , Alade Muyiwa Ezekiel Phd CSR Initiatives and Sustainability Resilience in Nigeria's Oil and Gas Industry: A PLS-SEM Approach from Local Communities' Perspective Tajudeen Alaburo, Rofiat Bolanle, Abdussalam, Abdulrahman Abubakar, Tajudeen, Akeem Olamilekan Babatunde Capital Structure and the Financial Performance of Listed Information and Communications Technology Firms in Nigeria Nasiru Adamu Kanoma, Nurudeen Usman Miko, Augustine Ayuba, Idris Mohammed, Mark G, Tagwai Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 x Profitability and Turnover Appraisal of Listed Deposit Money Banks in Nigeria Odogu, Terry Keme Zuode (PhD) and Koroye, Amapamo Stephen Board Attributes and Timeliness of Financial Reports of Listed Non-Financial Firms in Nigeria Rashida Lawal PhD and Prof. Kabir Hamid Tahir Board Independence and Financial Reporting Quality of Listed Oil and Gas Companies in Nigeria: Moderated by Firm Size Adamu Lawal Bello, Prof. J. Okpanachi, Prof. T. Nyor and Lateef Olumude Mustapha (Ph.D) Does ESG Investment Impact the Financial Sustainability of Nigerian Energy Companies: A Panel Regression Approach? Tajudeen Alaburo, Abdulsalam and Adedeji Daniel Gbadebo Board Attributes and Sustainability Reporting of Listed Firms in Nigeria Idris Mohammed, Bejamin K, Gugong PhD, Rofiat Adedokun, Abdulrahman A, Olorunloga and Mark, G, Tagwai Mediating Effect of Internal Auditors’ Ethical Conduct on The Relationship Between Usage of Information Technology, Management Support for Internal Audit Department, and Internal Audit Effectiveness: A Conceptual Framework Nura Badamasi, Adura Binti Ahmad Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 216 PROFITABILITY AND TURNOVER APPRAISAL OF LISTED DEPOSIT MONEY BANKS IN NIGERIA Odogu, Terry Keme Zuode (PhD), Accounting Department, University of Africa, Toru-Orua, Bayelsa State, Nigeria. Email: odoguterry@gmail.com; 08088555157 Koroye, Amapamo Stephen, Accounting Department, Federal University, Otuoke, Bayelsa State, Nigeria. Abstract The study seeks to appraise the performance of deposit money banks in Nigeria, given the mounting pressure for cashless transactions and the increasing digitization and automation of financial services around the globe. Appropriately, the ex-post facto/casual comparative research design was adopted to obtain relevant and desirable secondary data from the Annual Bulletins of the Central Bank of Nigeria and E-payment Statistics Platforms from 2012 to 2020, to empirically appraise the profitability and turnover of all the 15 Nigerian deposit money banks quoted as at January 1, 2021, in the light of the non-bank led theory. Specifically, the study interrogates the effect of point of sale and online loans on the profitability and turnover of Nigerian deposit money banks, using Pearson Product Moment Correlation and Linear Regression Analysis. The conclusions from findings from E-View 9.0 (inferential) statistical results at 0.05 level of significance are that, while the increasing use and patronage of point-of-sale terminals significantly improves the profitability of Nigerian deposit money banks, it adversely affects their turnover insignificantly; and the flexibility of and increasing preference for online loan facilities adversely affect the profitability, but improves the turnover of deposit money banks in Nigeria. The study recommends that deposit money banks should be operationally flexible and competitive, and fully automate their financial products and services. Keywords: Deposit money banks, profitability, turnover, digital non-banking financial services, point of sale terminals, online loan facilities. 1. Introduction The digitization and automation of financial services is gradually emptying the counters and banking halls of deposit money banks in Nigeria, to artificial intelligence gadgets and internet financial facilities and agents. The irony is, while mailto:odoguterry@gmail.com Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 217 some smart innovative individuals and firms are busy crafting and creating new strategies and jobs offered by the technology that drives the current industrial era, most deposit money banks in Nigeria seem to be obliviously moving to the graveyard of irrelevance and outmodedness. Taiwo and Agwu (2017) rightly observed that some deposit money banks in Nigeria have already been pressured by digital financial innovations into merger and acquisition, and have severally changed their names, logos and brands. They regrettably remarked that, despite the rejig and reorganization, many deposit money banks in Nigeria are not still like those of China and other developed nations that are driven by modern automated systems. The increasing use and patronage of some digital-financial services and products particularly point of sale (POS) and on-line loans (OLL) seem to have affected the volume of transaction and profitability of deposit money banks in emerging economies like Nigeria. Digital-financial services such as point of sale (POS) and on-line loans (OLL) are increasingly made available and being patronized by both the educated and the uneducated in Nigeria. Unlike, conventional banks that have operating hours and operate in cities and towns, POS terminals are operated and increasingly patronized anytime, every day and everywhere that has mobile network in Nigeria. This is largely due to the cost implication and its flexibility in its establishment and operation. Inarguably, unlike the automated teller machine (ATM) that is mostly operated by deposit money banks in Nigeria, the establishment of POS business does not require much capital outlay and big-luxurious office space; and its operation does not require high educational qualification or background. Similarly, OLLs are at the beck and call of the average android mobile phone user that has a steady source of income and a bank account. On-line loan apps and platforms are very many and available and persuasively advertised on the internet. Like point of sale, they can be flexibly applied for and seamlessly granted in few minutes, hours or days, anytime, every day and everywhere that has mobile network, without manual documentation. Obviously, the emergence of these digital non-banking financial services has made financial transactions and undertakings very flexible, fast and cost effective. The problem however is, while banks in advanced nations are increasingly counting the gains of digitization, the attitude and operational ineptitude of deposit money banks in Nigeria present a case of oblivion or pretense. Deposit money banks in Nigeria seem not to appraise and evaluate the effect of digital-financial agents and services on their annual profit and turnover. They seem to be competitively insensitive and are still struggling to actualize the reality of the past industrial revolution. An empirical examination on the effect of contemporary Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 218 digital non-banking financial services on the annual profit and turnover (transactional volume) of conventional banks is incontrovertibly required to challenge deposit money banks in Nigeria. Consequently, this study seeks to obtain ten years’ data made up of aggregate annual profit-after-tax of deposit money banks, transactional volume and value of deposit money banks, point of sale operators and on-line loans, to econometrically analyze the profitability and turnover of a number of deposit money banks in Nigeria, to challenge deposit money banks to the realities and competitive activities of their phantom digital rivals in the new banking world. Significantly, this is an expos-facto expository study designed to challenge deposit money banks to wake up to the realities of the current digital age. It is emphatically intended to reveal and re-echo the competitive strategies and advantages of the new (phantom) competitors of deposit money banks, and would definitely spur them to innovatively re-strategize to fit into the current digital space and appreciate the gains therein. It is further envisioned to improve banking services and the banking sub-sector of the economy, and would ultimately restore and increase the satisfaction, confidence and patronage of dissatisfied customers, and therefore, increase the profitability and turnover of deposit money banks in Nigeria and her neighbouring developing economies. The indisputable contributions of digitization to the definition of efficiency and service delivery is subtly daring the banking sector of Nigeria. The emergence of digital-non-bank firms and financial services seem to have challenged deposit money banks in emerging economies to an inescapable technological duel. Despite the availability and apparent flexibility of the automated teller machine (ATM) at deposit money banks in Nigeria, most people seem to prefer point of sale (POS) to the ATM, due to the conspicuous inability of conventional banks to effectively operate and optimize the ATM to earn its propitious advantages and returns. More so, unlike deposit money banks and the ATM that are strategically located in cities and towns, POS machines and operators are available and accessible both day and night in all nooks and crannies in cities, towns and villages. Above all, most of these POS machines are owned by Chinese mobile banks that also have on-line platforms for financial deposits and withdrawals at near zero cost. Worrisomely, these mobile banks unlike deposit money banks in Nigeria offer very flexible, fast and collateral-free on-line loans at very low interest rate. The concern is, given the technological indifference and complacency and poor customer relationship of deposit money banks in Nigeria, and the gearing competitive advantages of speed, Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 219 flexibility and cost effectiveness of digital-on-line-banks, how is the turnover and profit margin of deposit money banks in Nigeria? Besides, a cursory look at existing studies in this respect reveals that the perceived effect of digital non-banking financial services on the turnover and profit margin of deposit money banks in Nigeria has not been adequately investigated, and therefore, requires an empirical enquiry. Accordingly, the objectives of the study are to ascertain the effect of the increasing use and patronage of point-of-sale terminals on the profitability and turnover of Nigerian deposit money banks, and establish the effect of the flexibility and increasing preference for online loan facilities on the profitability and turnover of Nigerian deposit money banks. Drawing from the objectives of the study, the first question is, to what extent do the increasing use and patronage of point-of-sale terminals affect the profitability of Nigerian deposit money banks? The second question is, to what extent do the increasing use and patronage of point-of-sale terminals affect the turnover of Nigerian deposit money banks? The third question is, to what extent do the flexibility and increasing preference for online loan facilities affect the profitability of Nigerian deposit money banks? The last question is, to what extent do the flexibility and increasing patronage of online loan facilities affect the turnover of Nigerian deposit money banks? Bank Profitability and Turnover Succinctly, profit generally refers to total revenues less expenses (Kenton, 2022). Profit is the heart-beat of investors, directors and almost every stakeholders of business entities because it is the secret of financial stability and the first line of defense against impairment and or risk (Guindos, 2019). However, risk in the banking sector is a function of market supremacy. Congruently, Das, Hu and Xu (2019) opined that banks with greater market power have lower risks. But contemporary market supremacy in the digital era is a function of operational automation cum availability, visibility, accessibility and flexibility of products and services in the internet. A substantial percentage of banks’ profit comes from fees charged for services and interest earned from assets. But then, most of the revenue yielding services rendered by banks are being competitively and seamlessly offered by digital non-banking financial institutions with sophisticated applications and machines such as the POS. Again, a major interest-earning asset of banks is loan, which is presently offered effortlessly to individuals and small and medium entreprises by non-banking financial institutions at comparatively low interest rates (Thismatter, 2016). The competitive activities of digital non-banking financial Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 220 institutions seem to have grave implications on the profitability, turnover and capital of conventional banks (Kayshap & Stein, 1994; Van den Heuvel, 2002). Bank turnover is the amount of revenue banks generate over a period of time (Findling, n.d.). Precisely, the term turnover is “an accounting concept that calculates how quickly a business conducts its operations” (Kenton, 2022). Turnover in the accounting parlance, particularly in this context is how rapidly and competitively the financial services and products of deposit money banks deliver are purchased and or sold, given the existence of mobile, flexible and less expensive alternatives from digital non-banking financial institutions. It is used to evaluate how effectively banks perform their businesses, and can be partly ascertained from the annual volume and value of annual cheques issued, received and processed by DMBs. This implies that a quick turnover rate generates more commissions and or revenue to deposit money banks (Findling, n.d.). Specifically, bank turnover comprises total deposits and advances from and given to customers (Sanker, n.d.). Prior to the 21st century, most bank transactions and deposits were made by cheque. Similarly, most advances and short-term loans were granted and processed with cheques. But the emergence and introduction of POS and online loans in contemporary time seem to have reduced the use and relevance of cheques in the financial circle, and may affect the turnover of deposit money banks, thereby necessitating an empirical enquiry on the extent and nature of effect. Point of Sale This though, not self-dispensing, functions like the Automatic Teller Machines (ATM), and can be best described as a micro-ATM (Okonkwo & Ekwueme, 2022). Like the ATM, the POS machine reads and captures relevant and desirable details of users contained in special cards, issued by deposit money banks and some digital non-bank financial firms. Remarkably, these cards are inserted into the POS terminal which electronically relates with users’ financial institutions through intermediary service providers to confirm users’ identity, financial status and approval for payment (Ugbede etal., 2019). This is achieved by electronically transferring a desired amount from the account (electronic purse) of a payer to the account of a payee by completing a specific programmed procedure in the POS terminal, via the internet (Chukwuma, 2018). Accordingly, the POS terminal as it were, is a mobile-flexible, user-friendly micro automated sophisticated machine that intelligently identify, read, confirm details and transfer money in electronic purse of bank account holders with the aid of a silicon chip on an automated teller card which contains circuit elements. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 221 Historically, the POS system, according to Heinig (2020) was first invented and used as a cash register in 1879 in the US by Saloon owner, James Ritty, and was sold to the National Cash Register Corporation in 1884. It was modified in the early 1900s with a cash drawer and receipt-paper roller to perform additional functions. It was further modified into a digital machine with an LCD screen, credit card magnetic strips and thermal printing component in the mid-1900s. Progressively, the card register was further automated and computerized, and referred to as electronic cash register for use in restaurants by IBM in 1973. The electronic cash register was further improved with a graphic touchscreen interface component in New York by Gene Mosher in 1986 (Heinig, 2020). Mosher’s innovation was amplified, commercialized and introduced to restaurants by Microsoft in 1990, and was regarded as electronic point of sale (Athow, 2023). The POS became exceptionally efficient and universally adopted as an electronic payment/transaction machine and system in the 21st century with the advent of the internet and the eventual digitalization and globalization of the commercial world and its activities. Contemporarily, the POS system is cloud based and is accordingly referred to as cloud point of sale by some scholars (Rivera, 2023). The current status of the POS unarguably facilitates business and financial transactions and is increasingly used and patronized by bank account owners despite the associated transaction cost of 1.25% (Omose, 2011). Deposit money banks also generate revenue from POS transactions (Omose, 2011). The assumption however, is that the increased use and patronage of the POS affects DMBs, and the question is to what extent does it affect their profitability and turnover. Online Loan Facilities An online loan is a kind of loan that is not directly obtained from traditional deposit money banks, but seamlessly through online alternative lenders without physical documentation and collateral (Han & Greene, 2007). Online loans as it were, can be defined as loans from technology firms that are not traditionally part of the financial institution, where lenders use different methods to communicate and transact with their clients, and where clients and their requests are electronically verified and approved via the internet. The operation of online loans does not require much tangible fixed assets, human labour, paper work and overhead costs, and therefore, offers both conventional banks and contemporary online lenders the opportunity to substantially reduce cost, but denies conventional banks the opportunity to secure and retain loan customers, due to the hassles and stringent conditions associated with conventional bank loans (Han & Greene, 2007). Consequently, young and small firms are increasingly diverting attention from Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 222 traditional bank loan providers to online alternative lenders, because the Federal Reserve Bank of Philadelphia (2015) passionately remarked that some obstacles to younger, smaller and less profitable firms were application, documentation, accessibility logjams and inauspicious collateral requirements, which unnecessarily made loan facilities inaccessible. The required trust in online lending is simply borrower’s reputation and information integrity, which makes online lending an alternative credit market and gives it a strategic competitive advantage over traditional deposit money banks (Li, Li, Bellotti & Yao, 2022). The flexibility and accessibility, and the resulting competitive advantage of online loans are evident particularly in their low interest rates, requirements and repayment periods in fig.1: Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 223 Table 1: Online loan Lenders and platforms S/ N Name of Firm Accessibl e Amount (N) Interes t Rate Purpose Requiremen t Repaymen t Period 1. Fair Money 2,500 to 150,000 5-28 % Bills and micro- financial needs Maturity (must be an adult) 4 to 26 wks. 2. Migo Kwikmoney Maximum of 500,000 5-15 % Unexpecte d cash needs Proof of steady income 2 to 4 wks. 3. Lidya 150,000 and above 3.5 % Individual needs & SME financing Proof of steady income 4 to 8 wks. 4. Kiakia 50,000 and above 3.5 % Unexpecte d cash needs Verified source of income 2 to 4 wks. 5. Aella Credit 1,500 to 700,000 4-29% Electricity bills, health insurance Proof of employment 4 to 8 wks. 6. Branch Loan 1,000 to 200,000 15- 34%. Unexpecte d cash needs Verified source of income 4 to 40 wks. 7. Carbon (Paylater) 1,000 to 20,000 5-15% Airtime, bills and fund transfer Maturity (must be an adult) Not specific 8. Renmoney Max. of 4,000,000 2.8% Micro and SME financing Healthy financial statements Not specific 9. QuickChec k 10,000- 500,000 Not specific Bills and SME financing Verified source of income 4 wks. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 224 10 . C24 Loan Not specific Not specific Bills and SME financing Lagos resident with regular income and good credit history Not specific 11 . Fint Loan Not specific Not specific Rent, medical bills, school fees Registered salary earners of Flint employment model Not specific 12 . Jumia Loan Not specific 3.5 % Unexpecte d cash needs and purchase financing Jumia user with Jumiapay android app Not specific 13 . Specta Loan Max. of 5,000,000 Not specific Unexpecte d cash needs and SME financing Verified source of income Not specific Source: Authors’ Compilation from relevant Online Articles (2023) Given the conceptual assertions and underlying assumption of the study, the hypotheses of the study are stated in the null form as follows: Ho1: The increasing use and patronage of point-of-sale terminals does not adversely affect the profitability of Nigerian deposit money banks. Ho2: The flexibility and increasing preference for online loan facilities do not adversely affect the profit-profitability of Nigerian deposit money banks. Ho3: The increasing use and patronage of point-of-sale terminals does not adversely affect the turnover of Nigerian deposit money banks. Ho4: The flexibility of and increasing preference for online loan facilities do not adversely affect the turnover of Nigerian deposit money banks. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 225 Theoretical Framework and Empirical Review Theoretically, the study is underpinned by the non-bank-led theory, which was popularized by Hogan (1991). It proposes and justifies the possibility of financial transactions and undertakings by non-banking firms like mobile network operators and prepaid cash issuers. It therefore, envisages a situation where financial customers neither maintain any bank account nor deal with any deposit money bank, and advocates for a cashless-like-digital scenario where financial customers exchange their cash for e-money account with technology based and driven non- banking firms via the internet. Thus, the non-bank led theory argues that rather than opening and operating a conventional bank account with traditional deposit money banks, financial customers can secure an electronic money account in the server of a non-bank agent, and seamlessly make financial transactions via the internet. Although, the modus operandi of this theory has been severally adjudged the riskiest form of electronic payment for lack of guiding-regulatory framework it still presents a better alternative to the traditional banking system that is slow, inflexible, bureaucratic and expensive to operate. Accordingly, the theory vehemently supports the increased use and patronage of POS in the payment and receipt of money for financial transactions and undertakings. It further describes the flexibility of and supports the increasing preference and patronage for OLLs in Nigeria and other emerging economies. The relevance of this theory, regardless of the nature of effect is evident in the empirical findings and positions of related studies on POS and bank performance conducted in West Africa. Firstly, Ugbede et al., (2019) conducted an ex-post facto study on the effect of electronic payment on financial performance of deposit money banks in Nigeria and found that, the increasing use of POS significantly and positively increase the profit of deposit money banks in Nigeria. This was revealed by multiple regression test results from desirable secondary data obtained from annual accounts and reports of selected DMBs sourced from the Statistical Bulletins of the Central Bank of Nigeria. Secondly, Nwakoby et al., (2020) carried out an ex- post facto study on the relationship between electronic banking and deposit money bank profitability in Nigeria and discovered that the use of POS positively but insignificantly affects the profitability of deposit money banks in Nigeria. This was revealed from E-View 9.0 regression test analyses on desirable and relevant items in the annual reports and accounts of 9 DBMs listed on the Nigerian Exchange Group, obtained from Statistical Bulletins of the Central Bank of Nigeria. Thirdly, Le and Ngo (2020) did a cross-country study on the determinants of bank profitability with a generalized method of moments estimator and found that Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 226 number of bank cards issued and point of sale terminals improve bank profitability. This was discovered from regression test results from unbalanced secondary data obtained from payment systems, world development indicators and financial soundness indicators across different countries. However, an ex-post facto study by Okonkwo & Ekwueme (2022) titled, “effect of electronic payment on financial performance of Nigerian deposit money banks” conversely revealed a negative insignificant effect of the use of POS on the return on assets of 13 quoted deposit money banks in Nigeria. This was discovered from E-Views 9.0 descriptive and regression test analyses on relevant data in the annual reports and accounts of the selected DMBs, covering 2009 to 2019. The non-bank-led theory is further germane to this study from the following empirical findings on online loans and bank performance. First, Sari & Novrianto (2020) conducted a study titled, “analyzing several factors that influence people to make loans online”, and found from Smart PLS 3.0 test on primary data obtained from a sample of 100 people that culture and psychology significantly influence peoples’ choice and preference for online loans in Indonesia. Relatively, this indicates that the lending culture of traditional banks has a psychological implication and explanation for individuals’ attitude and preference for online loans. Furthermore, Dongi, et. al., (2020) carried out an empirical study on the impact of internet finance on the performance of commercial banks in China. The study both static and dynamic models to examine state-owned commercial banks and city com mercial banks guide using a theoretical influence mechanism. Findings from descriptive and inferential statistical results revealed that while internet finance (online loans) had a positive impact on the profitability, security and growth of commercial banks, they negatively impact the liquidity of commercial banks in China. Moreover, Orina and Sporta (2021) also adopted a descriptive research design to examine the effect of mobile banking loans on operational efficiency of commercial banks in Kenya, and found from descriptive and inferential analyses on secondary data tested with STATA software that mobile banking loans had a positive significant effect on the operational efficiency of commercial banks in Kenya. 3. Methodology This study adopted the ex-post facto research design to ascertain the cause-effect relationship the dependent variable and the independent variables, as it can analyze past and existing events and occurrences, to disclose the effect of digital non- banking financial services on the annual profits and turnover of deposit money Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 227 banks in Nigeria (Kothari & Garg, 2014). This study conducted a census on all the quoted deposit money banks in Nigeria as at January 1, 2020. These include: Accordingly, relevant and desirable secondary data were sourced from the annual bulletins and reports of the Central Bank of Nigeria (CBN) and E-Payment Statistics Platforms, and were obtained from the annual accounts and reports of all the 15 quoted deposit money banks in Nigeria as at January 1, 2020, to examine the variables of the study as estimated and specified in the following model: PT = ∫ (Digital non-banking financial services) PACit = β1POSit + β2OLLit + Ɛ Whereas: PT = Profitability and Turnover (proxied by profit-after-tax and cheque value) PACit = Profit-after-Tax @ t period and Cheque Value @ t period (as proxies for Profitability and Turnover); POSit = Point of Sale @ t period; OLLit = Online Loans @ t period; it = 2012 ……… 2020; β0 = Constant to be estimated by the model; β1, β2 = Coefficient indicating influence of independent variables on the dependent variable. Data obtained include aggregate annual transactional volumes and values of profit- after-tax and cheques of deposit money banks, and aggregate annual transactional volumes and values of point of sale and online loans, from 2012 to 2020. Data were analyzed using descriptive and inferential statistics derived from E-Views 9.0 statistical software, at 95% confidence interval (Aiken & West, 1991). Pearson Moment Correlation and Linear Regression were used to analyze time series data. The two null hypotheses were tested at a predetermined alpha value of 0.05. Accordingly, the decision rule was to reject null hypothesis (for the alternate) if the p-value of the test statistic is greater than the predetermined alpha value of 0.05; and to accept null hypothesis if the p-value of the test statistic is less than the predetermined alpha value of 0.05: Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 228 Reject Ho1, Ho2, Ho3 and Ho4, if: P > 0.05; Accept Ho1, Ho2, Ho3 and Ho4, if: P < 0.05. 4. Data Analyses, Test of Hypotheses and Discussion of Findings The secondary data obtained are presented in Tables 1 and 2, and the Pearson Moment Correlation and Linear Regression test results and findings are displayed in Tables 3, 4 and 5, to test the degree and direction of association of the variables and the two hypotheses of the study, for analytical-empirical discussion. Table 2: Total Annual Profit-after-Tax & Cheque Volume and Values S / N Year DMBs Annual PAT N’000,000 DMBs Annual Cheque Volume and Value Volume ’000,000 Value N’000,000,000 1 2012 419 12 7,487 2 2013 359 14 7,708 3 2014 456 15 7,269 4 2015 387 13 6,195 5 2016 461 11 5,829 6 2017 544 10 5,381 7 2018 590 9 5,033 8 2019 660 7 4,481 9 2020 729 11 9,113 Source: Author’s Compilation from Annual Accounts and Reports of DMBs and CBN Bulletins (2023). Table 1 shows the total annual profit-after-tax and cheque volume and values of Deposit Money Banks in Nigeria. It reveals an irregular and fluctuating earning pattern from 2012 to 2020. Similarly, the total annual bank turnover and transactional details (proxied by total cheques) are not regularly progressive. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 229 Table 3: Total Annual POS & Online Loan Volume S / N Year Annual POS Volume and Value Annual OLL Value Volume ’000,000 Value N’000,000,000 Value N’000,000,000 1 2012 2 48 31 2 2013 9 161 47 3 2014 26 312 74 4 2015 33 448 91 5 2016 433 755 132 6 2017 295 1,409 184 7 2018 295 2,383 404 8 2019 438 3,204 478 9 2020 382 2,806 235,617 Source: www.cbn.gov.ng, 2023. Table 2 shows the total annual POS volume and values of deposit money banks in Nigeria. It also displays the total annual values of online loans from 2012 to 2020. Comparatively, unlike the annual totals of Profit-after-Tax and annual total cheque volume and amounts of deposit money banks in Table 1, the annual totals of POS and OLL in Table 2 show a relatively steady progressive and even geometric increase in some years, except the POS figures of 2019. Table 4: Pearson Product Moment Correlation Matrix PAT POS OLL PAT 1 0.946 0.643 POS 0.946 1 0.470 OLL 0.643 0.470 1 Source: E-Views 9.0 Statistical Software (2023). Profit-after-Tax positively correlates with POS (0.946) and OLL (0.643). This implies a positive significant association between the dependent variable (PAT) and the independent variables (POS and OLL). http://www.cbn.gov.ng/ Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 230 Table 5: Pearson Product Moment Correlation Matrix CHQ POS OLL CHQ 1 -0.299 0.645 POS -0.299 1 0.470 OLL 0.645 0.470 1 Source: E-Views 9.0 Statistical Software (2023) Total cheque values (turnover) of DMBs correlates negatively with POS (-0.299), but positively with OLL (0.645). This implies a negative association between CHQ and POS, and a positive association between CHQ and OLL. Table 6: Linear Regression Analysis showing the Effect of the increasing use and Patronage of POS on the Profitability (PAT) of Deposit Money Banks in Nigeria Model Unstandardized Coefficients Standardized Coefficients t Sig. β Std. Error Beta 1 (Constant) 386119624.577 21896711.577 17.634 0.000 POS 9.844E-005 0.000 0.946 7.745 0.000 a. Dependent Variable: Profit after tax; R = 0.946; R2 = 0.895; Adjusted R2 = 0.881 Source: E-Views 9.0 Statistical Software (2023). The P-Value in Table 5 is 0.000 and is less than the alpha value of 0.05 (P-value = 0.000 < 0.05). Therefore, Ho1 is accepted, and this implies that: the increasing use and patronage of point of sale terminal does not adversely affect the profitability of Nigerian deposit money banks. Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 231 Table 7: Linear Regression Analysis showing the Effect of the Flexibility and increasing Preference for OLL on the Profitability (PAT) of Nigerian Deposit Money Banks. Model Unstandardized Coefficients Standardize d Coefficients t Sig. β Std. Error Beta 1 (Constant ) 484828635.38 7 36832794.10 8 13.16 3 0.00 0 OLL 1.040E-006 0.000 0.643 2.219 0.06 2 a. Dependent Variable: PAT; R = 0.643; R2 = 0.413; Adjusted R2 = 0.329 Source: E-Views 9.0 Statistical Software (2023. The P-Value in Table 6 is 0.062 and is greater than the alpha value of 0.05 (P-value = 0.062 > 0.05). Therefore, Ho2 is rejected for the alternate, and this implies that: the flexibility and increasing preference for online loans adversely affect the profitability of Nigerian deposit money banks. Table 8: Linear Regression Analysis showing the Effect of the increasing use and Patronage of POS on the Turnover (Cheques) of Nigerian Deposit Money Banks. Model Unstandardized Coefficients Standardiz ed Coefficien ts t Sig. β Std. Error Beta 2 (Consta nt) 6968674828203. 561 760268324455. 259 9.16 6 0.00 0 POS -0.366 0.441 -0.299 - 0.82 9 0.43 5 a. Dependent Variable: CHQ; R = 0.299; R2 = 0.089; Adjusted R2 = 0.041 Source: E-Views 9.0 Statistical Software (2023) Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 232 The P-Value in Table 7 is 0.435 and is greater than the alpha value of 0.05 (P-value = 0.435 > 0.05). Therefore, Ho3 is rejected (for the alternate), and this implies that: the increasing use and patronage of point of sale terminals adversely affect the turnover of Nigerian deposit money banks. Table 9: Linear Regression Analysis showing the Effect of the Flexibility of and increasing Patronage of OLL on the Turnover (Cheques) of Nigerian Deposit Money Banks. Model Unstandardized Coefficients Standardi zed Coefficie nts t Sig. β Std. Error Beta 2 (Consta nt) 617180826488 8.361 42758407756 8.897 14.4 34 0.0 00 OLL 0.012 0.005 0.654 2.28 9 0.0 43 a. Dependent Variable: CHQ; R = 0.654; R2 = 0.428; Adjusted R2 = 0.346 Source: E-Views 9.0 Statistical Software (2023) The P-Value in Table 8 is 0.043 and is less than the alpha value of 0.05 (P-value = 0.043 < 0.05). Therefore, Ho4 is accepted, and this implies that: the flexibility of and increasing preference for online loans does not adversely affect the turnover of Nigerian deposit money banks. It can be inferred from the tables above that the emergence of digital non-banking financial services positively and negatively affects the profitability and turnover of Nigerian deposit money banks. For instance, the inferential statistics in Table 5 indicates that the use and increasing patronage of POS terminals has a positive- significant effect on the profitability of Nigerian DMBs and contributes about 89.5% in the increase in their PAT. This perhaps is because POS terminals use ATM cards which are mostly issued by and are connected with DMBs. Besides, apart from few individuals that have online account with some digital non-banking financial service providers, most users of POS terminals have accounts with DMBs. This implies that almost all POS transactions financially contribute to the PAT of DMBs. This further implies that, the increasing use and patronage of POS terminals might not affect the going concern of DMBs, but is a potential threat to the job Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 233 security of bankers because POS terminals are simple to operate and are seamlessly operated outside the banking hall by less educated and even under-age people. This is in agreement with the empirical findings of Ugbede, et al. (2019), Nwakoby, et al. (2020) and Le & Ngo (2020) which congruently adduced that the use of POS positively contributes to the profitability of banks in Nigeria, but is contrary to the finding of Okonkwo & Ekwueme (2022) who discovered otherwise. However, the R2 in Table 6 (0.413) indicates that the flexibility of and increasing preference for OLL though not statistically significant, has a 41% adverse effect on the PAT of Nigerian DMBs. This is probably because OLL, though mostly received by beneficiaries through DMBs at a cost, the associated interest is solely earned by digital non-banking financial institutions. This supports the empirical finding of Sari & Novrianto (2020) which insinuates that the lending culture of conventional deposit money banks has a psychological implication and effect on individuals’ choice of borrowing. Furthermore, the outcome of Table 7 indicates that, though statistically insignificant, the increasing use and patronage of POS terminals has about 9% adverse effect on the cheque values (turnover) of Nigerian DMBs. This is possibly because, just as cheques are means of withdrawal and payment, the POS terminal, at the insertion of an ATM card seamlessly does the work of the cheque in split seconds. The low R2 value (0.089) and negative Beta coefficient (-0.299) in Table 7 further indicates that, every POS transaction insignificantly reduces cheque transaction by 0.299. Unequivocally, unlike the ATM card, cheque is rarely issued and used by DMBs and bank account holders in contemporary time. Finally, the results in Table 8 indicate that the flexibility of and increasing preference for OLL positively affect and improves the turnover (cheque values) of Nigerian deposit money banks. The R2 value (0.428) and positive Beta coefficient (0.654) in Table 8 implies that, each OLL facility granted and received insignificantly results to a 0.65 increase in cheque transaction. Remarkably, this study could not regrettably capture relevant extant empirical findings on bank turnover that are germane to the validation of its findings. 5. Conclusion and Recommendations Drawing from the empirical findings on profitability and turnover of DMBs in Nigeria, based on the Pearson product moment correlation and linear regression analyses the PAT values, cheque values, POS value and OLL values, this study summarily concludes that, while the increasing use and patronage of POS terminals positively and significantly improves the profitability of deposit money banks, it Gusau Journal of Accounting and Finance, Vol. 5, Issue 1, April, 2024 234 adversely affects the turnover of deposit money banks in Nigeria in an insignificant manner. It further concludes that, while the flexibility of and increasing preference for online loans adversely affect the profitability of deposit money banks in a statistically insignificant manner, it insignificantly improves the turnover of deposit money banks in Nigeria. 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