Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/316389 
Year of Publication: 
2024
Citation: 
[Journal:] CBN Journal of Applied Statistics [ISSN:] 2476-8472 [Volume:] 15 [Issue:] 1 [Year:] 2024 [Pages:] 1-31
Publisher: 
The Central Bank of Nigeria, Abuja
Abstract: 
This study investigates the effect of Nigeria's population on four selected banking transaction channels. The Nigerian projected population (2022-2027) was used as an input variable for forecasting future volumes of transactions for each channel. The results show that the Support Vector Regression (SVR) model best fits the ATM, Online, and USSD channels of transaction while the Grey-box was better for POS. The forecast results show that ATM, online, and USSD channels had their highest volume of transactions in 2023, while for POS, the highest volume was recorded in 2027. Further results indicate that online and POS transactions would dominate payment system landscape in the future. To better serve customers in the future, Nigerian banks should expand their capacity for online and POS transactions.
Subjects: 
Grey-box
banking channels
Nigeria population
support vector regression
POS
USSD
JEL: 
C04
C05
C51
C53
G21
G02
Persistent Identifier of the first edition: 
Document Type: 
Article

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