| Peer-Reviewed

Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria

Received: 29 June 2017     Accepted: 13 July 2017     Published: 1 November 2017
Views:       Downloads:
Abstract

This study was motivated by the need of the identification of the ICT devices used in the Nigerian microfinance sector and the formulation of infusion models for each identified ICT device. 126 Structured questionnaires were used to collect information regarding the use of the ICT devices used among respondents of nine (9) microfinance institutions selected from South-Western Nigeria. The different ICT devices identified consisted of smartphones, SMS, e-mails, computer hardware, telephone banking, magnetic ink character recognition (MICR) cheque, bank websites or mobile banking applications, teleconferencing, electronic point-of-sale (E-POS) services and financial ERP software applications. The results showed that majority of respondents who used ICT tools were customers who were traders with a majority age group of around 21-30 years. The results of the study also showed that all ICT tools were adopted in the same year (1999) by bank staffs. The results showed that although all the ICT devices identified were adopted in the same year, it was observed that about 65% of the respondents adopted smartphones and SMS while less than 16% of the respondents acquainted themselves with the other devices. Polynomial functions of degree, m were used to formulate the infusion model for each ICT devices identified based on the yearly cumulative distribution of the number of users. The infusion models formulated can be used to estimate the number of users of ICT devices for any given year from the year of adoption of the ICT device.

Published in International Journal of Finance and Banking Research (Volume 3, Issue 4)
DOI 10.11648/j.ijfbr.20170304.12
Page(s) 57-57
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2017. Published by Science Publishing Group

Keywords

Information and Communications Technology, Devices in Use, Infusion Modeling, Agricultural Institute

References
[1] Bada, J. K. (2012). ICT for business services: The case of Ugandan microfinance institutions. International Journal of Research and Reviews in Applied Sciences 11 (1): 140-152.
[2] Bamiro, O. A. (2011). Mastery of Technology for Junior School Certificates Examination. Ibadan: Evans Publishers: 343-347.
[3] Idowu, P. A., Adagunodo, E. R. and Adedoyin, R. (2006). Information technology infusion model for health sector in a developing country: Nigeria as a case. Technology and Healthcare, 14, 69-77.
[4] Idowu, P. A., Eyitope, O and Idowu, B. (2003). Information and Communications Technology in Nigeria - The Health Sector Experience. Journal of Information Technology Impact, 3 (2), 69-73.
[5] Frankiewicz, C. (2003). Information Technology as a strategic tool for Microfinance in Africa. A seminar Report, April 26-27, 2016 at Nairobi, Kenya.
[6] Srinivasan, R. and Sriram, M. S. (2003). Microfinance: An introduction. IIMB Management Review: 52 – 53.
[7] Mishra, B. L. and Chowbwy, M. (2009). Impact assessment of technology adoption in microfinance in India. Working Paper, Centre for Microfinance Research, Bankers Institute of Rural Development, Chandragupta Institute of Management, Patna.
[8] O’Flynn, M. (2008). ePayment: Powering West Africa. Card Technology Today: 10 – 11.
[9] CGAP Microfinance Gateway (2013). Technology FAQs. Retrieved from http://www.microfinancegateway.org/p/site/m/template.rc/1.11.48240/1.26.9192
[10] Laudon, D. P. and Laudon, J. P. (2001). Management Information System: Organization and Technology in the Network Enterprises 4th edition. Prentice Hall International, U. S. New American Corporation, New York: Dutton.
[11] Turban, E. and King, D. (2003). Introduction to E- Commerce. New Jersey: Pearson Education.
[12] Khattab, I., Balola, Y and Eldabi, T. (2012). Factors influencing branchless banking for microfinance in Sudan: Theoretical perspectives and future directions. In the Proceedings of the European, Mediterranean & Middle Eastern Conference on Information Systems.
[13] European Microfinance Network (2012). The use of technology in microfinance. Retrieved from http://www.fgda.org/dati/ContentManager/files/The-use-of-technology-in-Microfinance. pdf on June 23, 2016.
[14] Epstein, M. J. and Yuthas, K. (2010). Mission impossible: diffusion and drift in the microfinance industry. Sustainability Accounting, Management and Policy Journal 1 (2): 201 - 221.
[15] Microfinance Africa (2011). Pakistan: Branchless banking carries out Rs 59bn transactions till September. Retrieved from http://microfinanceafrica.net/tag/branchless-banking/ on June 25, 2016.
[16] Conflux Technologies (2010). Management Information System for Microfinance Institute. Retrieved from http://www.confluxtechnologies.com/1/post/2010/06/management-information-system-for-microfinance-institute.html on June 23, 2016.
[17] Dailey, P. and Firpo, J. (2007). Microfinance and branchless banking: Models, constraints and recommendations. In Proceedings of the Widening Harmonized Access to Microfinance (WHAM) and Advancing Microfinance for Post- disaster Economic Reconstruction (AMPER) Projects.
[18] Akintaro, S. (2011). Going Cashless: Knock! Knock!! Here comes the e-era. Retrieved 19 June 2013 from http://www.ittelecomdigest.com/cover12-dec.htm on June 24, 2016.
[19] Kruger, H., Drevin, L. and Steyn, T. (2006). A framework for evaluating ICT security awareness. In Proceedings of International Information Security South African Conference at North-West University - Potchefstroom Campus, Johannesburg (5-7 July, 2006). ISBN: 1-86854-636-5.
[20] Agbolade, O. K. (2011). Information and Communication Technology and Banks Profitability in Nigeria. Australian Journal of Business and Management Research 1 (4): 102 – 107.
[21] Dauda, Y. A. and Akingbade, W. A. (2011). Technology Innovation and Nigerian Banks Performance: The assessment of employees’ and customer’s responses. American Journal of Social and Management Sciences 2 (3): 329 – 340.
Cite This Article
  • APA Style

    Idowu Peter Adebayo, Balogun Jeremiah Ademola, Komolafe Olufemi. (2017). Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria. International Journal of Finance and Banking Research, 3(4), 57-57. https://doi.org/10.11648/j.ijfbr.20170304.12

    Copy | Download

    ACS Style

    Idowu Peter Adebayo; Balogun Jeremiah Ademola; Komolafe Olufemi. Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria. Int. J. Finance Bank. Res. 2017, 3(4), 57-57. doi: 10.11648/j.ijfbr.20170304.12

    Copy | Download

    AMA Style

    Idowu Peter Adebayo, Balogun Jeremiah Ademola, Komolafe Olufemi. Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria. Int J Finance Bank Res. 2017;3(4):57-57. doi: 10.11648/j.ijfbr.20170304.12

    Copy | Download

  • @article{10.11648/j.ijfbr.20170304.12,
      author = {Idowu Peter Adebayo and Balogun Jeremiah Ademola and Komolafe Olufemi},
      title = {Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria},
      journal = {International Journal of Finance and Banking Research},
      volume = {3},
      number = {4},
      pages = {57-57},
      doi = {10.11648/j.ijfbr.20170304.12},
      url = {https://doi.org/10.11648/j.ijfbr.20170304.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijfbr.20170304.12},
      abstract = {This study was motivated by the need of the identification of the ICT devices used in the Nigerian microfinance sector and the formulation of infusion models for each identified ICT device. 126 Structured questionnaires were used to collect information regarding the use of the ICT devices used among respondents of nine (9) microfinance institutions selected from South-Western Nigeria. The different ICT devices identified consisted of smartphones, SMS, e-mails, computer hardware, telephone banking, magnetic ink character recognition (MICR) cheque, bank websites or mobile banking applications, teleconferencing, electronic point-of-sale (E-POS) services and financial ERP software applications. The results showed that majority of respondents who used ICT tools were customers who were traders with a majority age group of around 21-30 years. The results of the study also showed that all ICT tools were adopted in the same year (1999) by bank staffs. The results showed that although all the ICT devices identified were adopted in the same year, it was observed that about 65% of the respondents adopted smartphones and SMS while less than 16% of the respondents acquainted themselves with the other devices. Polynomial functions of degree, m were used to formulate the infusion model for each ICT devices identified based on the yearly cumulative distribution of the number of users. The infusion models formulated can be used to estimate the number of users of ICT devices for any given year from the year of adoption of the ICT device.},
     year = {2017}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - Information and Communication Technology Infusion Model for Microfinance Bank in the Nigeria
    AU  - Idowu Peter Adebayo
    AU  - Balogun Jeremiah Ademola
    AU  - Komolafe Olufemi
    Y1  - 2017/11/01
    PY  - 2017
    N1  - https://doi.org/10.11648/j.ijfbr.20170304.12
    DO  - 10.11648/j.ijfbr.20170304.12
    T2  - International Journal of Finance and Banking Research
    JF  - International Journal of Finance and Banking Research
    JO  - International Journal of Finance and Banking Research
    SP  - 57
    EP  - 57
    PB  - Science Publishing Group
    SN  - 2472-2278
    UR  - https://doi.org/10.11648/j.ijfbr.20170304.12
    AB  - This study was motivated by the need of the identification of the ICT devices used in the Nigerian microfinance sector and the formulation of infusion models for each identified ICT device. 126 Structured questionnaires were used to collect information regarding the use of the ICT devices used among respondents of nine (9) microfinance institutions selected from South-Western Nigeria. The different ICT devices identified consisted of smartphones, SMS, e-mails, computer hardware, telephone banking, magnetic ink character recognition (MICR) cheque, bank websites or mobile banking applications, teleconferencing, electronic point-of-sale (E-POS) services and financial ERP software applications. The results showed that majority of respondents who used ICT tools were customers who were traders with a majority age group of around 21-30 years. The results of the study also showed that all ICT tools were adopted in the same year (1999) by bank staffs. The results showed that although all the ICT devices identified were adopted in the same year, it was observed that about 65% of the respondents adopted smartphones and SMS while less than 16% of the respondents acquainted themselves with the other devices. Polynomial functions of degree, m were used to formulate the infusion model for each ICT devices identified based on the yearly cumulative distribution of the number of users. The infusion models formulated can be used to estimate the number of users of ICT devices for any given year from the year of adoption of the ICT device.
    VL  - 3
    IS  - 4
    ER  - 

    Copy | Download

Author Information
  • Department of Computer Science and Engineering, Obafemi Awolowo University, Ile-Ife, Nigeria

  • Department of Computer Science and Engineering, Obafemi Awolowo University, Ile-Ife, Nigeria

  • Engineering Materials Development Institute, Federal Ministry of Science & Technology, Akure, Nigeria

  • Sections