Electronic Payment System and Customers Retention in Banks: Implications for Entrepreneurial Development in Nigeria

Abstract

This paper delved into the relationship between Electronic Payment System and Customers’ Retention in Banks for entrepreneurial development in Nigeria. It was discovered that virtually every transactions performed in the banks today make use of the electronics, irrespective of the class whether literate or illiterate. Yet, customers’ keep increasing day by day and not forgetting that the machines put into use go faulty almost every time which have to be repaired almost immediately to avoid customers’ being disappointed. The research engages comparative analysis of selected banks in Nigeria based on their long standing in the industry, competitiveness, and their level of ICT compliance. However, questionnaire was drawn to capture the grey area of EPS, customers’ retention, entrepreneurial development in banks. A total of 200 respondents answered the questionnaire, SPSS was used to analyze the respondents’ outcome and the result showed positive and significant relationship between Electronic Payment System and Customers’ Retention.