The Role of Mobile Banking in Improving Financial Reporting Practices in Nigeria: A Case Study of PalmPay Nigeria
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Background of the Study
Mobile banking has revolutionized financial services globally, offering convenience, accessibility, and efficiency. In Nigeria, mobile banking platforms like PalmPay have gained traction for their role in financial reporting, enabling individuals and businesses to maintain accurate records and access financial services seamlessly (Ogunleye & Adeyemi, 2023).
PalmPay Nigeria has positioned itself as a key player in improving financial reporting practices by offering features such as transaction tracking, automated reporting, and data analytics. These tools empower users to maintain transparency and accountability in financial management (Okeke & Musa, 2024).
This study examines how mobile banking through PalmPay Nigeria enhances financial reporting practices, focusing on its benefits, challenges, and broader implications.
Statement of the Problem
Despite the growing adoption of mobile banking in Nigeria, challenges such as data security concerns, network issues, and limited digital literacy hinder its potential to improve financial reporting practices. For platforms like PalmPay, addressing these issues is crucial for enhancing user experience and ensuring reliability (Eze & Balogun, 2024).
There is limited research on the role of mobile banking in improving financial reporting practices in Nigeria, particularly with a focus on specific platforms like PalmPay. This study addresses this gap by evaluating its impact.
Objectives of the Study
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To examine the role of PalmPay Nigeria in improving financial reporting practices.
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To identify the challenges associated with using PalmPay for financial reporting.
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To evaluate the impact of PalmPay on financial transparency and accountability.
Research Questions
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How does PalmPay improve financial reporting practices in Nigeria?
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What challenges are associated with using PalmPay for financial reporting?
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What is the impact of PalmPay on financial transparency and accountability?
Research Hypotheses
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PalmPay does not significantly improve financial reporting practices in Nigeria.
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Challenges associated with using PalmPay do not significantly affect financial reporting.
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PalmPay does not significantly impact financial transparency and accountability.
Scope and Limitations of the Study
The study focuses on the role of PalmPay Nigeria in financial reporting practices from 2019 to 2024. Limitations include potential user biases and limited access to proprietary data from PalmPay.
Definitions of Terms
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Mobile Banking: Financial services provided through mobile devices, allowing users to perform banking transactions remotely.
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Financial Reporting: The process of recording and presenting financial data to stakeholders.
PalmPay Nigeria: A mobile payment platform offering financial services such as money transfers and bill payments
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