1.1      Background to the Study


In recent years, digital payment services have revolutionized the financial landscape globally, offering convenience, speed, and accessibility to users. Nigeria, as Africa's most populous country and one of its largest economies, has witnessed a significant surge in the adoption of digital payment services. With a burgeoning middle class and increasing smartphone penetration, the country presents a ripe market for digital financial solutions. This introduction seeks to explore the landscape of digital payment services in Nigeria, focusing particularly on customer satisfaction as a crucial metric for evaluating the effectiveness and adoption of these services. Ogunlana, O. (2020).


The proliferation of digital payment platforms in Nigeria, ranging from mobile money operators to fintech startups, has transformed the traditional banking sector and expanded financial inclusion. These services offer a wide array of benefits, including ease of transactions, reduced reliance on cash, and enhanced security. However, amidst this rapid digitization, understanding customer satisfaction becomes paramount. Customer satisfaction encapsulates various aspects of the user experience, including reliability, security, affordability, and customer support, all of which significantly influence the adoption and continued usage of digital payment services. Adegbite, O., & Ayo, C. K. (2019).


Assessing customer satisfaction with digital payment services in Nigeria requires a multifaceted approach, considering the diverse needs and preferences of the population. Factors such as network reliability, user interface intuitiveness, transaction fees, and customer service responsiveness play pivotal roles in shaping users' perceptions and attitudes towards these services. Additionally, cultural nuances, literacy levels, and infrastructural challenges further influence the adoption and satisfaction levels among different demographic segments within the Nigerian populace. Ojo, O., & Adebayo, T. (2021).


This study aims to delve into the intricacies of customer satisfaction with digital payment services in Nigeria, utilizing both quantitative and qualitative methodologies to gain comprehensive insights. By examining user feedback, conducting surveys, and analyzing transactional data, this research seeks to identify key drivers of satisfaction and areas for improvement within the digital payment ecosystem. The findings will not only contribute to academic discourse but also provide actionable insights for policymakers, financial institutions, and fintech companies to enhance the overall user experience and promote further adoption of digital payment services in Nigeria. Popoola, O. M. J., & Akanbi, P. A. (2018).Top of Form

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1.2      Statement of the Problem

The rapid expansion of digital payment services in Nigeria has led to a burgeoning market, presenting significant opportunities for financial inclusion and economic growth. However, amidst this digital revolution, issues regarding customer satisfaction with these services have surfaced, posing challenges to their widespread adoption and sustained usage. One of the primary concerns revolves around the reliability and accessibility of digital payment platforms, particularly in remote areas with limited network coverage and infrastructure. Moreover, security remains a paramount concern among users, with instances of fraud, data breaches, and identity theft eroding trust in digital payment systems. Understanding these challenges and their implications for customer satisfaction is essential for devising strategies to enhance the efficacy and trustworthiness of digital payment services in Nigeria. Ogunlana, O. (2020).


Furthermore, disparities in literacy levels, technological literacy, and socio-economic status among Nigerian consumers exacerbate the challenges associated with digital payment services. Many users, particularly in rural and underserved communities, may lack the necessary knowledge or skills to navigate digital platforms effectively, leading to frustration and dissatisfaction. Moreover, affordability remains a significant barrier to access for certain demographic groups, with transaction fees and associated costs hindering the widespread adoption of digital payment solutions. Addressing these issues requires a nuanced understanding of the socio-economic dynamics and user behaviors shaping the landscape of digital payments in Nigeria, highlighting the importance of exploring strategies to improve customer satisfaction and promote financial inclusion. Adegbite, O., & Ayo, C. K. (2019).Top of Form

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1.3 Objectives of the Study

The main objective of the study is to examine digital payment services and customer satisfaction in Nigeria. Specific objectives of the study are:

  1. 1.  To analyze the factors influencing customer satisfaction with different digital payment services in Nigeria, including mobile wallets, USSD transfers, and online banking platforms.
  2. 2.  To evaluate the impact of security concerns, transaction fees, and user interface design on customer satisfaction with digital payment services in Nigeria.
  3. To identify the demographic segments that exhibit higher or lower levels of satisfaction with digital payment services in Nigeria.

1.4 Research Questions

To guide the study and achieve the objectives of the study, the following research questions were formulated:

  1. 1.  To what extent do security concerns, transaction fees, and user interface design influence customer satisfaction with different digital payment services in Nigeria?
  2. 2.  How do demographic factors such as age, income level, and location influence the adoption and satisfaction levels with digital payment services in Nigeria?
  3. Are there significant differences in customer satisfaction with various digital payment services offered by different banks and financial institutions in Nigeria?

1.5 Research Hypothesis

The following research hypothesis was developed and tested for the study:

Ho: There is no statistical significant relationship between digital payment services and customer satisfaction in Nigeria.

1.6 Significance of the Study

The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:

Firstly, the paper will benefit major stakeholders and policy makers in the Banking sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.

Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.

Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.

1.7 Scope of the Study

The study is delimited to Moniepoint. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.

1.8 Limitations of the Study

The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.

1.9 Organization of the Study

The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.

Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.

Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.

Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.

Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.





Ogunlana, O. (2020). Digital Payments in Nigeria: Policies, Prospects, and Challenges. Journal of Digital Banking, 4(4), 312-326.

Adegbite, O., & Ayo, C. K. (2019). Understanding the Determinants of Customer Satisfaction with Mobile Money Services in Nigeria. International Journal of Electronic Finance, 10(1), 52-70.

Ojo, O., & Adebayo, T. (2021). Exploring the Impact of User Experience on Adoption of Mobile Payment Systems in Nigeria. International Journal of Electronic Commerce Studies, 12(2), 119-136.

Popoola, O. M. J., & Akanbi, P. A. (2018). Digital Financial Services and Financial Inclusion in Nigeria. International Journal of Economics, Commerce and Management, 6(8), 365-379.

Akinyemi, I. O., & Eze, U. C. (2020). Assessing the Determinants of Customer Satisfaction with Fintech Platforms in Nigeria. Journal of Internet Banking and Commerce, 25(3), 1-20.