cautionary tales about incumbency advantage being lost at the turn of technological cycles.
E-commerce activities as an integral part of financial technology in Nigeria are rapidly growing as a result of vast improvements in telecommunication services. And e-banking is one area of e-commerce that has proven successful in Nigeria Non-Interest Banks. The growth of internet users from year 2000 to 2019 is sporadic as it recorded 73% growth rates. E-commerce benefits include: the convenience to buy and sell online; online dual communications and ease in access to information; ease in product marketing; ease in the selection of products and comparison of prices; reduced transaction costs, readily available information; faster and convenient payments; better customers.
Customers who use digital banking can conduct transactions through a variety of secure digital channels while the bank handles data security, related risk reduction, and regulatory matters. This is accomplished by combining the newest digital technologies online and mobile banking services such as analytics, social media, creative payment methods, and mobile technology and exceeding user expectations for convenience and experience – the Alternative Bank focus.
Fintech products like Mobile Banking, Internet card banking, electronic banking and telephone banking have a positive correlation with commercial bank performance in terms of profitability, performance efficiency and effectiveness.
With the prospect of reaching billions of new customers, banks and a widening array of non-banks have begun to offer digital financial services for financially excluded and underserved populations, building on the digital approaches that have been used for years to improve access channels for those already served by the formal financial sector. Digital financial services — including those involving the use of mobile phones — have now been launched in more than 80 countries, with some reaching significant scale. As a result, millions of formerly excluded and underserved poor customers are moving from exclusively cash-based transactions to formal financial services — payments, transfers, savings, credit, insurance, and even securities — using a mobile phone or other digital technology to access these services. And the picture is continuing to shift rapidly with the emergence of ever more new technologies.
Digital financial inclusion involves the deployment of the cost-saving digital means to reach currently financially excluded and underserved populations with a range of formal financial services suited to their needs that are