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Despite the potential benefits of ICT an e-commerce, there is debate about whether and how their adoption improves bank performance. This study used some relative measures such as return on assets to uncover impact of ICT investment on banking performance. This study addresses this gap. This study involved gathering data that described the events and then organized, tabulated, depicted and described the data collected. The research data was collected through use of questionnaires, only primary data was used. The respondents were employees of commercial banks in Nigeria with special reference to Guaranty Trust Bank in Lagos regional quarters. Data was collected from all the 3 selected Guaranty Trust banks in Lagos. From the analysis of data collected, it can be seen that investment on ICT systems and infrastructure has been a key element in productivity and growth in the banking industry. This study indicates that ICT enables banks to offer a broad variety of services to customers.




The concept of Information and Communication Technology innovation has been one of the concepts of globalization. Information and Communication Technology innovation has been shown in different part of the world and different sectors of the economy. ICT innovation has improved work performance and has brought efficiency and effectiveness in all works of life.

One of the modern yardsticks used for rating a modern business enterprise is its ICT infrastructural layout. This is an indication of the importance of ICT for business establishments. Banks in particular adopt information and communication technology to improve the efficiency and effectiveness of services offered to customers, improve business processes, as well as to enhance managerial decision making and workgroup collaborations. This helps strengthen their competitive positions in rapidly changing/emerging economies. Environmental, organizational, and technological factors are creating a highly competitive business environment in which customers are the focal point (Efraim,2014). Furthermore, these factors can change quickly, sometimes unpredictably. Thus, the growth of any enterprise is tied to retaining loyal customers, improving productivity, cutting costs, increasing market share, and providing timely organizational response. ICT is a major enabler for dealing with these issues. Because the pace of change and the degree of uncertainty in today’s competitive environment are accelerating geometrically. Organizations are operating under increasing pressures to produce more, using fewer resources. in order to succeed (or even merely to survive) in this dynamic world, companies must not only take traditional actions such as lowering costs, but also undertake innovative activities such as changing structure or processes and continuously revising competitive strategies.

The Nigerian banking industry is regulated by the Central Bank of Nigeria (CBN). The major players in the industry are the 22 commercial (deposit) banks and 906 Micro-finance institutions. Other financial institutions that complement banking services include 5 discount houses, 5 development finance institutions, 731 bureau de change, 102 Primary Mortgage Institutions, and 82 finance companies (CBN,2012). The Nigerian banking Industry has been undergoing major changes, reflecting a number of underlying developments. Advancement in communication and information technology has facilitated growth in internet-banking, ATM Network, Electronic transfer of funds and quick dissemination of information.

Structural reforms in the banking sector have improved the health of the banking sector. The reforms recently introduced include the enactment of the Securitization Act to step up loan recoveries(AMCN,2012), establishment of asset reconstruction companies, initiatives on improving recoveries from Non-performing Assets (NPAs) and change in the basis of income recognition has raised transparency and efficiency in the banking system. Spurt in treasury income and improvement in loan recoveries has helped Nigerian Banks to record better profitability. Reforms have compelled banks to improve the utilization of ICT. The recently introduced punitive 'handling charge' on cash based transaction by the CBN is a pointer to the ever increasing role of ICT in the Nigerian banking industry

The introduction of ICT into the financial system has done more good than harm. It has been able to reduce work load, efficient service and good banking system. Though ICT has brought about negative effect like cyber-crime and other internet fraud, it has however also caused innovation in the financial system. This study will attempt to throw more light on the effect of information, communication technology (ICT) innovation on the banking system of Nigeria using Guaranty Trust Bank as a case study.


 Banking is basically a service industry operated by people, for the benefit of the general public. As such it is natural that the services provided by banks cannot be 100 percent perfect, and should not be at zero level either (Mba and Emerti, 2015), Customers’ discontentment stems most  especially from unending hours wasted in the banks to withdraw or deposit  money; delayed, irregular and incorrect rendition of bank statements of accounts; un-standardized accounting practices, procedures, codes and classifications; delay in the clearance of cheques lodged in by customers; and inflation of interest, charges and other irregular charges, among others. It is in an effort to change this situation that the Nigerian banking industry, against all odds, has gone neck deep into the adoption of Information Communication Technology as sine qua non for improving banking services. Now, having adopted it for effective and efficient service delivery, can it be absented that the situation has changed for the better? The Nigerian banking industry was known for its under-development   and congestion because it was geographically constrained. How Banking services such as foreign exchange arbitration and future trading were all inhibited due to non-adoption of ICT. Now that it is part and parcel of the system, has there been any change for the better, and if not, why? This is another problem of this work. The next problem relates to lack of effective financial intermediation, problem of product differentiation and/or customization, and segmentation and targeting. How has the adoption of it affected this? (castro,2014)


 The broad objective of this research is to determine if ICT has played any role as a tool for improving banking services in Nigeria. Specifically, the research seeks to achieve the following objectives:

 1. To ascertain the relationship between ICT and organisational performance

 2. To examine the effects of ICT on employees’ performance.

 3. To identify the challenges encountered in the application of ICT.

 4. To determine the impact of ICT on organizational performance


Based on the foregoing, the following hypotheses are formulated:

Hypothesis one

H0: Despite the adoption of ICT by the Nigerian banking industry, customers still cannot withdraw their money in shorter period of time than before.

 Hi: With the adoption of ICT by the Nigerian banking industry, customers can now withdraw their money in less time than before.

Hypothesis two

 Ho: Despite the adoption of ICT by the Nigerian banking industry, customers still cannot get their statement of accounts regularly and timely.

 Hi: With the adoption of by the Nigerian banking industry, customers now get their statements of accounts regularly and timely.

Hypothesis three

Ho: Despite the introduction of ICT by the Nigerian banking industry, bank customers still cannot remit or receive foreign currencies to or from overseas sources in shorter period of time than before.

Hi: With the introduction of ICT by the Nigerian banking industry, bank customers now remit or receive foreign currencies to or from overseas sources in less time than before.


The research was aim at studying the effect of information, communication technology innovation of banking system in Nigeria with reference to Guaranty Trust Bank(GTB).

The main limitations of this work are cost and time resources. There is total number of forty four (44) Guaranty Trust Bank (GTB) in Lagos state and for the sake of this study, the research will make use four Guaranty Trust Bank(GTB) branch office in Lagos namely:

1. Guaranty Trust Bank, No 714, Adetokunbo   Ademola Street, Victoria Island, Lagos State.

2. Guaranty Trust Bank, No 94, Bode Thomas Street, Surulere, Lagos State.

3. Guaranty Trust Bank, No 19, Bayo Kuku Road, Ikoyi Lagos State

4. Guaranty Trust Bank, No 216\218, Herbert Macaulay way, Yaba, Lagos State.


Ologun, S.O. (1994) “Bank Failure in Nigeria: Genesis Effects and Remedies” in Economic and Financial Review CBN vol. 32 No. 3  

Adekanye, F. (1986) Practice of Banking vol. 1 London: Collins 

Oresetu, F.O. (1992) “Interest Rates Behaviour under A Programme of Financial Reform:  The Nigerian Case in Economic and Financial Review CBN vol. 30 No. 2. 

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