Benue State University, Makurdi

AWARENESS AND EFFECTIVENESS OF ELECTRONIC FUNDS TRANSFER DISPUTE RESOLUTION IN SELECTED BANKS IN AKURE, ONDO STATE

¹Olowokere, Nimbe Emmanuel, ²Otokiti, Mosebolatan Funmilola & ³Okhankhuele Omonigho Tonia

Abstract

This paper carried out a study on the awareness and effectiveness of Electronic Funds Transfer (EFT) dispute resolution procedure in selected banks, in Akure, Ondo State. Survey design, purposive and random sampling techniques were used in the study. A sample size of 384 bank customers was used in the study. Data were collected with structured questionnaire and analysed with descriptive and regression analysis. Analysis of Variance was used to test hypotheses at 5% significant level. The study revealed that banks’ customers had a moderate (3.31mean average) awareness level of EFT dispute resolution procedures, while the effectiveness of the EFT dispute resolution procedures being used by the bank was high (3.56 mean average). The study recommends an increase in creating awareness of EFT dispute resolution procedures to banks’ customers, facilitate customers’ ETF use, improve the effectiveness in EFT use and infrastructure, remain competitive and survive in the industry.

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