Marketing Performance Of Deposit Money Banks In The Pre And Post Cashless Policy Periods In Nigeria (2004 – 2019)

NDUBUISI | 140 pages (34760 words) | Dissertations
Marketing | Co Authors: OGBONNA NMESIRIONYE


Before the introduction of the cashless policy by the Central Bank of Nigeria in on1st January, 2012, the economy of Nigeria was heavily based on cash transactions with its problems. This study examined comparative analysis of marketing performances of Deposit money banks in the pre and posts cashless policy periods in Nigeria. The study adopted ex-post facto research design to compare the marketing performance of the sampled banks proxied by market share, customer deposits and bank cash deposits. Data for the study were generated from secondary sources from available published annual reports from the selected Deposit money banks from 2004 – 2019 divided into two periods 2004 – 2011 pre cashless period and 2012 – 2019 post cashless period. In order to realize the specific objectives of the study, data collected were analyzed using pooled paired sample t – test model technique to compare the two differences sampled mean pre and post the cashless policy periods based on SPSS Version 21. The study shows that the bank cash deposits, customer deposits and market share of banks increased after the introduction of the cashless policy compared to pre-cashless policy period. However, this was not as a result of marketing oriented strategies but government legal driven policies. Based on the findings, it was recommended that the cashless policy implementation in Nigeria should be market oriented based on the features that have direct benefit to the customers rather than curbing of corruption, revenue leakages and cash related crimes that tend to focus on government. Again, efforts should be made to reduce the high taxes such as Value Added Tax (VAT); SMS Alert Charges and Transfer Charges among others that are associated with the implementation of the cashless policy as a way of spurring the market to greater acceptance. Some problems such as unavailability of some set of data such as market share of banks, bank deposits of the selected banks as well as customer base were encountered during the course of carrying out this study. Despite the problems encountered in collecting data in the course of carrying out this work from 2003 – 2020 that informed the researcher’s study period 2004 – 2019. Enough data were gathered for analysis, and the basis of which inferences, and conclusions were made because the limitations were not substantial enough to significantly affect the outcome of the study.



Title Page                                                                                                                    i

Declaration                                                                                                                  ii

Certification                                                                                                                iii

Dedication                                                                                                                  iv

Acknowledgements                                                                                                    v

Table of Contents                                                                                                       vi

List of Tables                                                                                                             viii

List of Figures                                                                                                             ix

Abstract                                                                                                                     x



1.1       Background of the Study                                                                               1

1.2       Statements of the Problem                                                                              5 

1.3       Objectives of the Study                                                                                  5

1.4       Research Questions                                                                                         6

1.5       Research Hypotheses                                                                                      6

1.6       Significance of the Study                                                                               7

1.7       Scope of the Study                                                                                         8

1.8       Limitations of the Study                                                                                 8

1.9       Definition of Operational Term                                                                      9                                                                                                   


2.1       Conceptual Review                                                                                         10    2.1.1        Cashless policy                                                                                                10 2.1.2           Rationale for policy shift and cashless system in Nigeria                                12

2.1.3    Challenges of cashless system implementation in Nigeria                              15

2.1.4    Implementations of cashless society in Nigeria economic development        16 2.1.5           Payment channels of financial institutions in Nigeria                              17

2.1.6    Benefits of electronic payment platform in Nigeria                                       21 2.1.7           Disadvantages of electronic platforms in Nigeria                                                24

2.1.8    Marketing performance                                                                                   25

2.1.9    Effect of cashless system on marketing performance                                     26 2.1.10         Importance of marketing performance measurement                                     28 2.1.11         Marketing performance indices                                                                      29  2.1.12        Some common key marketing performance indicators                                  29 Effects of cashless policy payment channels on market share                      30 Effects of cashless system payment channels on bank deposits                   33 Effects of cashless system payment channels on customer base of

              Deposit money bank                                                                                     35

2.2       Theoretical Review                                                                                         38

2.2.1    Diffusion of innovation theory                                                                       38

2.2.2    Bank-led theory                                                                                              39

2.2.3    Technology acceptance model theory                                                             40

2.3       Empirical Review                                                                                            41

2.4       Gaps in the Existing Literature                                                                       81


3.1       Research Design                                                                                             83 

3.2       Population of the Stud            y                                                                                  83

3.3       Sample and Sampling Technique                                                                    83

3.4       Source of Data Collection                                                                              85

3.5       Method of Data Analysis                                                                               85

3.6       Model Specification                                                                                        86

3.7       Decision Rule                                                                                                  87


4.1       Analyses of Secondary Data – period Performances                                     88

4.1.2    Selected commercial bank performances between pre and post cashless

            policy periods                                                                                                  89

4.3       Test of Hypotheses                                                                                         90

4.3.1    Test of hypotheses 1                                                                                       92

4.3.2    Test of hypotheses 2                                                                                       93

4.3.3    Test of hypotheses 3                                                                                       93

4.4       Findings                                                                                                          94

4.4.1    Discussion of findings                                                                                    95

4.4.2    Profit justification                                                                                           96


5.1       Summary of Findings                                                                                                 99

5.2       Conclusion                                                                                                      100

5.3       Recommendations                                                                                          101

5.4       Suggested Area for Further Study                                                                 102

5.5       Contributions to Knowledge                                                                          102

References                                                                                                                  104

Appendices                                                                                                                 111


3.1       Classification of Deposit money banks in Nigeria                                          84

3.2       Competitive warfare/market positions                                                            85

4.1       Pre cashless policy period 2004 – 2011                                                          89

4.2       Posts-cashless policy period (2012 – 2019)                                                    89

4.3       Pooled test – One sample statistics                                                                 91

4.4       One sample test                                                                                               92                                                                                                                                                        




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NDUBUISI, N (2023). Marketing Performance Of Deposit Money Banks In The Pre And Post Cashless Policy Periods In Nigeria (2004 – 2019). Retrieved Dec 06, 2023, from

MLA 8th

NDUBUISI, NDUBUISI. "Marketing Performance Of Deposit Money Banks In The Pre And Post Cashless Policy Periods In Nigeria (2004 – 2019)", 20 Jul. 2023, Accessed 06 Dec. 2023.


NDUBUISI, NDUBUISI. "Marketing Performance Of Deposit Money Banks In The Pre And Post Cashless Policy Periods In Nigeria (2004 – 2019)".,, 20 Jul. 2023. Web. 06 Dec. 2023. < >.


NDUBUISI, NDUBUISI. "Marketing Performance Of Deposit Money Banks In The Pre And Post Cashless Policy Periods In Nigeria (2004 – 2019)" (2023). Accessed 06 Dec. 2023.

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