An Investigation of the Adoption of Blockchain Technology in Retail Banking Transactions: A Case Study of UBA, Ogun State
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Background of the Study:
Blockchain technology has attracted significant attention in the banking sector due to its potential to enhance transaction security, transparency, and efficiency. In Ogun State, UBA is exploring blockchain applications to streamline retail banking transactions by creating secure, decentralized ledgers that reduce fraud and errors. Blockchain’s inherent characteristics—immutability, transparency, and real-time verification—offer a promising solution to traditional banking challenges such as reconciliation delays, high transaction costs, and limited trust in digital operations (Ibrahim, 2024). By enabling seamless peer-to-peer transactions and automated contract execution through smart contracts, blockchain can significantly lower operational risks and improve customer confidence. UBA’s adoption of blockchain is part of a broader strategic initiative to modernize its financial infrastructure and remain competitive in a rapidly digitizing industry. Despite these advantages, the integration of blockchain in retail banking faces obstacles such as regulatory uncertainty, scalability issues, and the need for extensive system overhauls to interface with existing legacy systems. Moreover, customer awareness and acceptance of blockchain-based services remain limited, potentially hindering widespread adoption. This study examines how UBA is integrating blockchain technology into its retail banking transactions and the subsequent impact on transaction speed, cost efficiency, and customer trust. The research leverages data collected between 2023 and 2025 to evaluate blockchain’s effectiveness in reducing transaction risks and enhancing service delivery (Okafor, 2023).
Statement of the Problem:
Despite its transformative potential, the adoption of blockchain technology at UBA in Ogun State is impeded by several challenges. Technical complexities, such as ensuring interoperability with legacy systems and achieving the scalability needed for high transaction volumes, have slowed down full implementation. Regulatory uncertainty further complicates the deployment of blockchain solutions, as existing legal frameworks may not adequately address the nuances of decentralized systems. Additionally, the lack of comprehensive customer education on blockchain technology leads to skepticism and reduced adoption rates. These factors contribute to a gap between the theoretical benefits of blockchain and its practical implementation in retail banking transactions. Consequently, UBA faces difficulties in leveraging blockchain to achieve enhanced security and efficiency in everyday transactions, which may result in missed opportunities for cost savings and improved customer service. This study seeks to identify the barriers to blockchain adoption, assess their impact on transaction efficiency, and propose viable solutions to overcome these challenges, thereby aligning technological potential with operational reality (Chinwe, 2023).
Objectives of the Study:
• To evaluate the integration of blockchain technology in retail banking transactions at UBA.
• To identify technical, regulatory, and educational barriers to blockchain adoption.
• To recommend strategies for improving blockchain integration and customer acceptance.
Research Questions:
• How is blockchain technology being integrated into UBA’s retail banking transactions?
• What are the key challenges impeding its effective adoption?
• What measures can facilitate smoother integration and enhance customer trust in blockchain-based services?
Research Hypotheses:
• H₁: Blockchain integration significantly improves transaction security and efficiency.
• H₂: Technical and regulatory barriers negatively impact the adoption of blockchain.
• H₃: Enhanced customer education and regulatory support will boost blockchain acceptance.
Scope and Limitations of the Study:
This study focuses on UBA’s blockchain initiatives in retail banking within Ogun State. Data will be collected from technology assessments, regulatory reviews, and customer surveys. Limitations include evolving regulatory environments and potential technical constraints that may not be fully resolved during the study period.
Definitions of Terms:
• Blockchain Technology: A decentralized digital ledger system that records transactions securely and transparently.
• Retail Banking Transactions: Financial transactions conducted between banks and individual customers.
• Smart Contracts: Self-executing contracts with the terms directly written into code on a blockchain.
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