Impact of Regulatory Concerns on Information Communications Technology (ICT) Usage in Microfinance Banks in Southwest Nigeria

Abstract

The application of modern technological facilities for the purpose of enhancing effective communications in the society is referred to as Information Communications Technology (ICT).Through improvements in technology, banks have continued to change their way of operations and service delivery in line with changes in client’s needs and sophistications. The paper assessed the effect of Regulatory Concern on the usage of Information Communications Technology products on microfinance banks operations in Southwest Nigeria. Copies of questionnaire were distributed to 187 employees of microfinance banks in Lagos and Oyo states to examine the study hypothesis. Descriptive statistics and ANOVA were employed as analytical tools for the study. The result showed that regulatory concern has a significant effect on ICT usage in microfinance banks in Southwest Nigeria. The study recommends that regulator’s intervention should be sought by the Nigerian microfinance bank major stakeholders to support common software development, and to assist on capacity development of the staff of microfinance banks towards the applications, and usage of ICT.