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Browsing by Author "Afolabi, Taofeek Sola"

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Banking resilience and government response during the COVID-19 pandemic: Evidence from Nigeria
(Business Perspectives, 2023-06-14) Afolabi, Taofeek Sola
In a global pandemic, there is a need for banks to improve service delivery through financial technologies. Since the fight against COVID-19 is the community responsibility, the role of banks in channeling cash to all stakeholders is essential for the contemporary human race. This study investigated the impact of the government response to COVID-19 on the resilience of banks. A multivariate Structural Equation Model (SEM) was used to specify the links between the exogenous factors (government’s social and financial responses) and the endogenous variables (resilience of bank customers, employees and investors). A research survey approach was used where 543 respondents were sampled. A self-constructed online questionnaire was used to harvest responses from customers, employees and investors of the selected banks. The result of the analysis showed a significant relationship between government’s social response and the resilience of bank customers. However, such a relationship does not hold between government’s social responses and other resilience indicators (employees and investors). Furthermore, the result revealed that government’s financial responses do not affect the resilience of banks. The study concluded that the government’s social response during the COVID-19 pandemic influenced bank customers’ resilience in Nigeria. It was recommended that banks, as part of the policy, develop tools to complement government actions during the pandemic, thereby ameliorating its impact on their customers.
Budgetary Control: A Tool for Cost Control in Manufacturing Companies in Nigeria
(2014-07) Afolabi, Taofeek Sola
This study deals with budgetary control as an effective tool for cost control in manufacturing Companies in Nigeria. The study examined the impact of budgetary control on cost control, profitability of manufacturing companies, the reasons for deviations and how these variances are reported as a means of control in budgeting and also examined whether the manufacturing companies can reduce cost as well as maintain the quality of their products and services. The survey method was used and the companies encompass staff members of Cadbury Nigeria PLC, Friesland Foods Wamco Nigeria PLC and Nestle Nigeria PLC. The study employs the use of questionnaire instrument for the purpose of data collection and the data collected were tested with chi-square statistics through a Statistical Package for Social Sciences. It was discovered that budgetary control contributes to the profitability of manufacturing companies and it was also discovered that there are deviations from planned budget. It was also discovered that manufacturing companies can reduce cost and maintain high quality products. The study recommended that realistic forecasts should be made and that there should be sound planning with effective and efficient formulation of policies and strategies.
Corporate Financial Disclosure In Nigerian Deposit Money Banks
(Society for Science and Education, 2018-02-25) Afolabi, Taofeek Sola
The study examined the impact of corporate financial disclosure on the performance of Nigerian Deposit Money banks. It evaluated the extent to which Nigerian Deposit Money banks complied with the financial disclosure requirements as given by the monetary authorities. Primary data collected through questionnaire were used for the study. Out of 120 copies of questionnaire served on respondents, 100 copies were recovered and used for the analysis of the study. The analytical tools used for the study are the t-test and the Analysis of variance (ANOVA). From the hypotheses tested, the results show that corporate financial disclosure has a significant influence on the banks’ stability and performance in the Nigerian financial sector. Therefore, the study concludes that the corporate disclosure of financial reporting practices by banks in general will enable them to work towards improving and managing their non-performing loans effectively and efficiently for stability and hence better performance. It was therefore recommended among others that efforts should be geared towards improved corporate financial disclosure among money Deposit Money banks in Nigeria and mandatory compliance with the code of corporate governance and effective legal framework which specifies the rights and obligations of banks, it’s directors and shareholders.
Covid-19 Pandemic and the Nigerian Financial Market
(Allied Business Academies, 2021-04-01) Afolabi, Taofeek Sola
The study empirically investigated the effect of the Coronavirus (COVID-19) outbreak on the performance and effectiveness of the Nigerian money market, capital market, and foreign exchange market. The study used time-series data for 120 working days after the first COVID-19 confirmed case in Nigeria and used both exploratory and multiple regression analysis to evaluate the effect of COVID-19 outbreak on the Nigerian financial market. Open buy back rate (OBRR), All Share Index Volume (ASIV) and Parallel Foreign Exchange Rate (PFXR) were used as variables for money market, capital market and foreign exchange market, respectively. The data representing these variables were subjected to econometric analysis, including the ADF-Fisher unit root test, Johansen co-integration test and Ordinary Least squares (OLS) regression technique. Results from the analysis show that the number of COVID-19 cases is inversely related to the interbank money market rate and the All Share Index Volume of the capital market but directly related to the foreign exchange rate. The study concludes that COVID-19 pandemic significantly affects the Nigerian financial market. Therefore, it was recommended that the government should take preventive steps against financial challenges resulting from health risk in order to ensure stability in the financial market. In addition, business owners should provide motivations that will allow their staff to work remotely, wherever they are. Furthermore, the government should, by way of policies, encourage domestic production of goods and services.
Credit Risk and Financial Performance: Evidence from Microfinance Banks in Nigeria
(International Organization of Scientific Research, 2020) Afolabi, Taofeek Sola
Microfinance banks hold the key to economic growth in developing economies and their financial health is crucial to achieving this role. One of the factors associated with the financial health of banks is credit risk. Therefore, this study examined the effect of credit risk on the financial performance of microfinance banks in Nigeria. Published financial reports of six purposively selected microfinance banks, covering the periods 2012 to 2018 were used as panel data for the regression model. The panel Ordinary Least Squares (OLS) technique was used to estimate the influence of the credit risk variables (proxy by non-performing loans and loan-loss provisions) on the financial performance (proxy by returns on assets) of the banks. The results of the analysis revealed that non-performing loan has a significant and negative effect on returns on assets (t-stat = -2.4768 and p = 0.02<0.05) while loan-loss provision has a negative but insignificant effect on returns on assets (t-stat = -1.3316 and p = 0.19>0.05). Further results also showed a significant and positive relationship between total loans and advances (introduced as control variable) and returns on assets (t-stat = 2.8171 and p = 0.01<0.05). The study therefore concluded that credit risk significantly predicted financial performance of microfinance banks in Nigeria. It was recommended that microfinance banks should develop credit policies that will enhance proper monitoring of their loan portfolios in order to reduce defaults. Furthermore, government should through their relevant agencies, ensure microfinance bank’s compliance with the provisions of the law on debt accumulation
Dividend Payments and Share Price Behaviour of Selected Manufacturing Firms in Nigeria
(Services for Science and Education – United Kingdom, 2024-07-25) Afolabi, Taofeek Sola
Share price behaviour is affected by information relating to corporate earnings of a firm which is vital to investors and analysts. The behaviour becomes more unpredictable when information on dividends payment is made available to the stock market. Studies have been carried out on the performance of the stock market but there remains no consensus on the effects of dividend payments on share price behaviour of listed manufacturing firms in Nigeria. This study adopted ex-post facto research design involving annual data covering 2013 to 2022 time frame and across the 14 listed selected manufacturing firms. The data were obtained from Nigeria Exchange Limited and audited published financial reports of the selected firms. The study deployed System Generalised Method of Moments (SGMM). Estimates of the coefficients of the model were evaluated at 5% level of significance. The results showed that dividend per share had significant positive effect on. In addition, earnings per share exerted positive and significant effect on share price behaviour. Furthermore, firm size had positive, but insignificant effect on share price behaviour. The study concluded that corporate dividend payment is key determinant of share price behaviour of manufacturing firms listed in Nigeria and that earnings per share and share price behaviour reinforced each other. Thus, the study recommended that the management of listed manufacturing firms in Nigeria should intensify the use of dividends as strategies to attract investors into the sector in order to reposition themselves as preferred investment destinations.
Effect of Claims Payments on Profitability in The Nigerian Insurance Industry
(Society for Science and Education, 2018-04-25) Afolabi, Taofeek Sola
Profitability determines an insurance company’s ability to make claims payments as at when due. The objective of this study is to examine the effect of claims payments on the profitability of insurance companies in Nigeria. Secondary data were generated from the financial statements of the two selected insurance companies, covering the periods 2011 to 2016. Using descriptive statistics and the multiple regression techniques, the data was analyzed with the aid of the Statistical Package for Social Sciences (SPSS version 23). The result reveals that ROA (profitability) has an indirect relationship with LR (loss ratio) and NC (net claims), but a direct relationship with ER (expense ratio). It further reveals that net claims have a significantly positive impact on loss ratio. The study recommends that the Nigerian insurance industry must effectively manage their claims processes, in order to reduce the amount of claims for every earned premium.
Effect of Non-Performing Loans on Microfinance Banks’ Performance in Nigeria: A Granger Causality Approach
(International Organization of Scientific Research, 2020-05) Afolabi, Taofeek Sola
Non-performing loan is a major credit risk facing microfinance banks due to their primary role in lending activities. The risk is often associated with more provisions for loan-loss in order to mitigate its effect. This study examined the effect of these credit risk variables (non-performing loans and loan-loss provisions) on the financial performance of microfinance banks in Nigeria, using the Granger causality approach. Secondary data covering the periods 2012 to 2018, from six purposively selected microfinance banks, was used for the hypothesized variables in a Vector Autoregressive (VAR) Model. The unit root test was conducted on the data using the Augmented-Dickey Fuller and Phillip-Perron unit root test, with the aid of the E-VIEW9 statistical software. The results revealed that the variables are stationary which makes them suitable for the VAR model. Furthermore, the Granger causality analysis was carried out and the results established a causal nexus between the credit risk variables and financial performance to include; a unidirectional causality flow from non-performing loans to loan-loss provisions and from loan-loss provisions to returns on assets. The study concluded that non-performing loan influences financial performance among microfinance banks in Nigeria. Therefore, it was recommended that microfinance banks should regularly and strategically monitor their loan portfolios through the establishment of credit limits at the level of individual borrowers, counterparties or group of counterparties, subject to their own unique credit policies and level of risk tolerance. In addition, policy makers in the banking sector should ensure sound macroeconomic policies, such as inflation and interest rates, which will enhance growth in the microfinance sub-sector.
An Empirical Analysis of Public Borrowing and Economic Growth in Nigeria
(Academic Research Publishing Group, 2020-11-07) Afolabi, Taofeek Sola
This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds-FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multicollinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock overtime.
An Empirical Investigation of the Determinants of Capital Adequacy of Financial Institutions in Nigeria
(Academy of IRMBR, 2018-07) Afolabi, Taofeek Sola
Determinants of capital adequacy ratio (CAR) in the Nigeria banking subsector was carried out using a panel data of 2010 to 2016 from selected commercial banks in Nigeria. A panel data model was specify to show the relationship between Capital Adequacy Ratio and some variables likely to be the determinants of CAR. Thus, this study examines the relationship between capital adequacy ratio and firm specific (deposits, net interest margin, commercial banks branches, return on asset, inflation and exchange rate). In order to investigate these issues a quantitative method research approach was utilized, by using documentary analysis. The study used panel data functional relationship technique to analyze the data. From the study, the regression result shows a positive relationship of 1.8900 on DP and CAR. The test of hypothesis stated in chapter four and the regression results, show net interest margin with a t-value of -2.51. This however, was significant at a confidence interval of 5%. p<0.05. We thus reject the null and accept the alternative hypothesis that there is a significant relationship between net interest margin and capital adequacy ratio. The same procedure was carried out for other variables stated in the study. The implication of this result is that capital adequacy tends to depend on some of this variables. Therefore, a well-functioning banking system contribute in stabilizing inflation and exchange rate. Also a well-functioning bank encourages technological innovation by identifying and funding entrepreneurs with the best chances of successful innovation. This suggestion emerges from the idea that economic growth requires investment and for realisation of investment, capital is necessary.
An Empirical Investigation of the Determinants of Foreign Exchange in Nigeria
(Society for Science and Education, 2018-06-25) Afolabi, Taofeek Sola
The determinants of foreign exchange rate was carried out using time series data from 1986 to 2016.This analysis attempted to find out the casual relationship between external reserves and foreign exchange rate in the Nigerian context by looking at the impact of foreign exchange rate on external reserves from 1986 to 2016 and after the financial crisis. The Nigeria economy is a mono economy where the import is stronger than export making the Nigeria naira irrelevant in the global market. This prompted the researchers to undertake this study so as to establish a linear relationship between external reserves and other variables likely to affect foreign exchange rate. The theoretical framework of production and risk aversion and model specification variables applied in this study may have been overlooked by previous studies. The study found out that the Nigerian external reserves (RS= 0.000139) positively affect foreign exchange rate in a normal economic situation and negatively affect foreign exchange rate in a period of global financial crisis. In the period of global financial crisis, the study recommends that the Nigeria government can increase her export to strengthen her currency so as to make her currency globally competitive. Furthermore, the external reserve is just a backup plan to cushion the effect of financial crisis and international liability in terms of balance of payment problem not as a core determinant of foreign exchange rate in Nigeria.
Factors Influencing Ponzi Scheme Participation In Nigeria
(Society for Science and Education, 2018-05-25) Afolabi, Taofeek Sola
This study examined the factors influencing Ponzi scheme participation in Nigeria. A multi-stage sampling procedure was used to select 384 participants for the study. Descriptive statistic and One-Way ANOVA was employed to analyze the data. The result of the analysis revealed that friends’ recommendation, expected benefits, current economic situations, ease of obtaining funds and the get rich quick syndrome were the most influencing factors on Ponzi scheme participation and these factors were significant with the gender, age, marital status, employment status and educational level at 5% level of significance. The study concluded that ponzi scheme participation was mostly influenced by friend’s recommendation, expected benefit, current economic situations, ease of obtaining funds and the Get rich quick syndrome. Therefore, the study recommended that the Nigerian government should integrate Ponzi schemes into the Nigerian financial system and subject them to the country’s regulatory environment to minimize the consequences of future failure of the schemes.
Financial Technologies' Evolution and Traditional Banking: A study of Retail Payments in Nigeria
(2021-11) Afolabi, Taofeek Sola
he world of digitalisation is impacting on all aspects of socioeconomic life. This notable change also applies to the financial sector of the global economy. The activities and services of financial technology (FINTECH) overlap with that of traditional banking services. The study seeks to investigate the impact of FINTECH evolution on traditional banking institutions to picture the future of payment systems in Nigeria. Two methods of data analysis were used in the study. An econometric method of data analysis was used to conceptualise the findings of the study. Results from the test of hypotheses reveal that FINTECH affects traditional banking. In conclusion, the present FINTECHs in the Nigerian financial system seem to be slow but are positioned to provide better financial services, especially in payment systems than the traditional banking. The study recommends that the regulators of the Nigeria financial system should incorporate policies into the retail payment system that would ensure full application.
Gene mutation patterns of Mycobacterium tuberculosis complex and associated factors among suspected multidrug-resistant tuberculosis patients in Osun State, South-West, Nigeria
(Elsevier, 2023-11-04) Afolabi, Taofeek Sola
Tuberculosis (TB) drug resistance has become a substantial public health threat, posing a significant challenge to global TB control. Nigeria is one of the eight countries contributing twothirds of the global TB cases in 2020, with a high rate of MDR/RR-TB. This study was designed to determine MDR-TB prevalence among suspected drug-resistant TB patients, MTBC mutation patterns, and the associated factors of MDR-TB in Osun State. We obtained fresh sputum samples from eligible participants who tested positive for rifampicin resistance on GeneXpert assay for analysis using the MTBDRplus LPA. SPSS version 23 was used for statistical analysis, significance was set at p<0.05. We recorded a prevalence of 58.6 %, 37.1 %, and 2.9 % for MDR-TB, rifampicin and isoniazid mono-resistance. Majority of the MDR-TB cases were males (56.1 %), below 40 years (80.5 %), low-level education (75.6 %), unemployed (75 %), and low-income earners (64.1 %). ‘Previous TB treatment’ had a statistically significant effect on MDR-TB (P<0.001, OR=65.46). Other factors that showed a strong odds ratio but were not statistically significant included: age (OR=2.52, P = 0.09), diabetes (OR=1.99, P = 0.25), smoking history (OR=1.51, P = 0.43) and hypertension (OR=1.34, P = 0.63). There were 67 and 46 reactions of the wild-type and mutant bands for rpoB gene, eight wild-type and five mutant bands for katG gene, and six wild-type and 24 mutant bands for inhA gene. WT8/MUT3 (64.2 %), WT/MUT1 (61.5 %), and MUT1 (80 %) were predominant for rpoB, katG, and inhA genes, respectively, with the occurrence of D516V rpoB gene mutation for the first time in Osun State. There is a need for the reinforcement of the current TB care system, empowerment and monitoring of TB-caregivers for adequate and effective follow-up of TB patients, and more citizens awareness, especially regarding TB/MDR-TB treatments. This is expected to improve the management of MDR-TB patients and mitigate the development and spread of MDR-TB in the community.
Health Challenge as A Factor Affecting Health Insurance Purchase in Private Sector Organizations in Kwara State, Nigeria
(Academy of IRMBR, 2016-12) Afolabi, Taofeek Sola
This study attempts to investigate health challenge as a factor influencing health insurance purchase in private sector organizations, with special reference to Nigerian Bottling Company Plc as the case study. The study makes use of primary data that was sourced through a well-structured questionnaire. A total of one hundred (100) questionnaires were administered to the selected sample, while ninety five (95) were properly filed and returned. The person product moment correlation coefficient and the t-test were adopted for the data analysis. The result of the analysis shows that there exist a positive relationship between health challenges and health insurance purchase (r = 0.649** N= 95, P < 0.1). In the same line of analysis, the result of the t-test analysis reveal that both health challenges (t = 138.059, p = .000, μ = 4.5912) and health care challenge (t = 141.966, p = .000, μ = 4.5701) are significant at 1% level of significance. It was concluded that there is a significant relationship between health challenges and health insurance purchase and that there is a significant difference between health challenges and health care challenge as a predictor of health insurance purchase. It is recommended among others that health service providers must endeavor to render cutting edge service to their registered members through improving on the quality of drugs and attention to patients.
Human Resources Development: Evidences from Insurance Companies in Nigeria
(2014-07) Afolabi, Taofeek Sola
This article shows the importance of Human Resources Development as it relates to the growth of the Insurance Industry in Nigeria. Primary data were collected through the use of a structured questionnaire from workers in Insurance companies in Nigeria. Our analysis reveals that Human Resources Development has not been made a priority amongst Insurance companies in Nigeria, hence the poor growth in the sector. We suggest that training and re-training of staff should be made a pre-requisite for staff promotion, in order to get the best from them. This will enhance the organization growth and development, resulting in an improved contribution of the Insurance sector to the nation's economy.
Impact of Capital Adequacy Risk on the Financial Performance of Microfinance Banks in Nigeria
(IJRPR, 2023-09) Afolabi, Taofeek Sola
Microfinance banking sub-sector is key to growth and stability, especially in an emerging economy like Nigeria. The sector offers micro-credits to small and medium sized businesses and thus must have sufficient capital to fund their regular operations and guarantee the long-term health of their country's financial system. However, inadequate capital has been reported as a major cause of distress and eventual collapse of banks/financial institutions. Therefore, this study investigated the impact of capital adequacy risk on the financial performance of microfinance banks in Nigeria. Seven microfinance banks operating at the Central Bank of Nigeria’s national category were selected and their annual financial reports in the last eleven years were used as panel data for this research. A panel regression model was used to specify the relationship between the dimensions of capital adequacy risk (capital adequacy ratio, operating efficiency & credit risk) and financial performance (return on assets). Descriptive statistical tools such as the mean, standard deviation and Jarque-bera were used to describe the data, while econometric tools such as the LLC unit root, Hausman specification and ordinary least squares technique were used for the inferential analysis. These were done via the E-view 9 statistical software. The results of the analysis revealed that both capital adequacy ratio and cost-to-asset ratio have a direct and significant relationship with return on assets. Similarly, non-performing loan ratio has an inverse and significant relationship with return on asset. The study concludes that capital adequacy ratio, operating efficiency and credit risk are key drivers of profitability among microfinance banks in Nigeria. Therefore, it is recommended that the country’s apex bank should enforce compliance with regulations on capital adequacy in the microfinance banking subsector. Furthermore, relevant stakeholders in the bank should ensure prudence in operating cost and monitoring of loan portfolios to reduce defaults.
Impact of Credit Management Strategies on Loan Performance among Microfinance Banks in Nigeira
(Allied Business Academies, 2021-09) Afolabi, Taofeek Sola
Developing economies like Nigeria need a vibrant microfinance industry to fast-track and sustain their economic growth. However, lending activities in this sub-sector require effective strategies to reduce the risk of loan default. This study examined the nexus between credit management strategies and the loan performance amongst microfinance banks in Nigeria. Primary data were used to determine the impact of the identified credit management strategies (credit term, client appraisal and collection policy) on the loan performance of 180 microfinance banks. The data were sourced from the responses to a research questionnaire by the sampled credit managers/officers in the banks. The ordinal logistic regression technique was used to evaluate the relationships among the variables, with the aid of the Statistical Package for Social Science (SPSS). The results from the analysis revealed that client appraisal has a positive and significant impact on loan performance; credit term has a positive but non-significant impact on loan performance and collection policy has a negative but non-significant impact on loan performance. The study concluded that client appraisal is an integral credit management strategy influencing loan performance among microfinance banks in Nigeria. Therefore, it was recommended that microfinance banks in Nigeria should adhere to strict client appraisal techniques in granting loans. In addition, the government should create and maintain a functional and effective Credit Information Reporting system in the microfinance banking sub- sector, to assist the banks in carrying out thorough client appraisals.
Impact of Environmental Factors on Foreign Exchange Fluctuations in Nigeria
(Academic Research Publishing Group, 2017-04) Afolabi, Taofeek Sola
The study tried to examine the effect of environmental forces on foreign exchange market in Nigeria. The PEST- Political variables such as change in government (CIG) and democratic rule (DMR); Economical variables such as interest rate spread (IRS) and inflation in consumer prices (ICP); Social variable like population growth (PGR); and Technological variables such as fuel exports in merchandise (FEM) and technology export (TEX) were used to evaluate the impact these environmental factors have on foreign exchange market (official exchange rate). This study employed a time series data with the time frame 1973-2015. A multiple regression model was developed and analyzed using the ordinary least square method (OLS) with the help of E-views, a statistical package. The result showed that in isolation, IRS, FEM and DMR significantly influenced dealing rates in the Nigerian foreign exchange market while ICP, CIG, PGR, and TEX did not show any significant influence on foreign exchange market in Nigeria. However, the overall result showed a significant positive relationship between the environmental forces and the foreign exchange market in Nigeria with a p -value of 0.000000. We therefore concluded that environmental factors have significant influence on the Nigerian Foreign Exchange market. Hence, we recommended that relevant stake holders should pay proper attention to those environmental factors with significant impact on our Foreign Exchange Market in Nigeria.
Impact of Financial Innovation on the Competitiveness of Deposit Money Banks in Nigeria
(RSIS, 2023-10-27) Afolabi, Taofeek Sola
The world has changed dramatically, since the industrial revolution and innovation is now at the forefront of every industry. Scholars have identified innovation as a critical factor that aids economic expansion, accelerates financial development and facilitates investment diversification. However, despite the undeniable importance of financial innovation in fostering growth, questions remain on whether such innovation boosts competitiveness among banks in Nigeria. Therefore, this study investigated the impact of financial innovation on the competitiveness of Deposit Money Banks (DMBs) in Nigeria. Ninety-six bank officers were randomly selected from the twenty-four DMBs in Nigeria, to provide responses to a structured questionnaire, developed in line with the objectives of the study. A Structural Equation Model (SEM) was used to specify the relationship between the dimensions of financial innovation (mobile banking, internet banking, ATM banking & CBN digital currency) and banks’ competitiveness. The model assessment was done using the standard factor loading, composite reliability, construct and the discriminant validity tests. The Partial Least Squares (PLS) technique was further used to estimate the model parameters and test the research hypotheses, via the Smart-PLS 3 statistical software. The results revealed that both internet banking and CBN digital currency directly and significantly affect banks’ competitiveness. The study concludes that internet banking and CBN digital currency are key financial innovation tools influencing competitiveness among DMBs in Nigeria. Therefore, it is recommended that management and stakeholders in Nigerian DMBs should encourage frequent usage of their internet banking platforms by making it more customer friendly and enhancing its safety features. Furthermore, the government should by way of policy encourage businesses and individuals to embrace the E-naira for carrying out financial transactions.

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