Model Specification

The effects of e-banking on economic growth in Nigeria is anchored on the econometric model

below:

GDP = β0 + β1ATM + β2POS + β3OBT + µ

Where;

GDP = Gross Domestic Product.

ATM = Automated Teller Machines.

POS = Point of Sale terminals.

OBT = Online Banking Transactions.

Annual Data

YEAR GDP ATM POS OBT

2009 43461.46 548.60 11.03 84.15
2010 55469.35 399.71 12.72 25.05
2011 63713.36 1561.74 31.02 59.61
2012 72599.63 1984.66 48.01 31.57
2013 81009.96 2828.94 161.02 47.32
2014 90136.98 3679.88 312.07 74.04
2015 95177.74 3970.25 448.51 91.58
2016 102575.42 4988.13 759.00 132.36
2017 114899.25 6437.59 1409.81 184.60
2018 129086.91 6480.09 2383.11 675.92
2019 145639.14 6512.61 3204.75 478.14
2020 154252.32 12004.07 2806.30 235617.81
2021 176075.50 21230.93 24455.42 545039.69
Source: World Bank and 2021 CBN Statistical Bulletin.

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Quarterly Data

YEAR GDPQ ATMQ POSQ OBTQ

2009Q1 38135.15 891.19 14.02 126.80
2009Q2 41842.85 608.17 11.33 94.46
2009Q3 45315.31 407.09 9.68 67.98
2009Q4 48552.52 287.93 9.06 47.35
2010Q1 51554.49 250.71 9.49 32.57
2010Q2 54321.22 295.42 10.95 23.65
2010Q3 56852.71 422.06 13.45 20.58
2010Q4 59148.96 630.64 16.98 23.37
2011Q1 60521.50 1241.46 24.36 56.43
2011Q2 62622.64 1485.77 28.85 61.15
2011Q3 64763.93 1683.89 33.26 61.97
2011Q4 66945.35 1835.82 37.59 58.87
2012Q1 69341.64 1760.22 26.63 35.24
2012Q2 71533.46 1892.29 36.88 30.96
2012Q3 73695.54 2050.69 53.13 29.43
2012Q4 75827.86 2235.42 75.38 30.63
2013Q1 77744.10 2511.29 112.69 39.69
2013Q2 79891.47 2722.78 143.32 44.32
2013Q3 82083.64 2934.68 176.33 49.63
2013Q4 84320.60 3147.00 211.72 55.62
2014Q1 87352.82 3448.36 257.70 65.45
2014Q2 89379.18 3626.06 294.55 71.56
2014Q3 91150.16 3768.72 330.49 77.09
2014Q4 92665.74 3876.35 365.51 82.05
2015Q1 92919.18 3747.68 370.14 81.37
2015Q2 94326.68 3865.74 415.13 87.20
2015Q3 95881.48 4029.28 471.00 94.49
2015Q4 97583.60 4238.28 537.74 103.24
2016Q1 99031.57 4538.99 589.39 115.27
2016Q2 101188.88 4820.43 688.28 126.18
2016Q3 103654.07 5128.85 808.44 137.81
2016Q4 106427.14 5464.24 949.87 150.15
2017Q1 109986.59 6113.88 1115.36 96.40
2017Q2 113184.03 6388.31 1298.22 136.90
2017Q3 116497.97 6574.80 1501.23 204.85
2017Q4 119928.39 6673.36 1724.40 300.23
2018Q1 123397.07 6465.71 2041.81 599.34
2018Q2 127091.77 6475.71 2275.66 679.10
2018Q3 130934.26 6485.09 2500.03 715.80
2018Q4 134924.53 6493.84 2714.92 709.42
2019Q1 140672.53 5647.45 3087.27 -36219.16

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 2019Q2 144314.39 5996.76 3216.42 -21560.02
2019Q3 147460.07 6687.26 3269.32 7807.71
2019Q4 150109.55 7718.94 3245.97 51884.03
2020Q1 148958.31 9361.11 -489.21 135833.83
2020Q2 151937.23 10967.44 789.14 199261.39
2020Q3 155741.78 12807.23 3445.48 267331.58
2020Q4 160371.95 14880.48 7479.78 340044.41
2021Q1 165827.74 17187.20 12892.06 417399.88
2021Q2 172109.16 19727.37 19682.32 499397.99
2021Q3 179216.20 22501.01 27850.54 586038.74
2021Q4 187148.87 25508.12 37396.74 677322.12
Source: EViews 10 Statistical Software.