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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Effect of Automated Teller Machine (ATM) on Demand for Money in Isolo
Local Government Area of Lagos State, Nigeria
Author(s): Fatai Abiola Sowunmi, Zakariyah Olayiwola Amoo, Samuel Olasode Olaleye, Mudashiru Abiodun Salako
Citation: Fatai Abiola Sowunmi, Zakariyah Olayiwola Amoo, Samuel Olasode Olaleye, Mudashiru Abiodun Salako, (2014) "Effect of Automated Teller Machine (ATM) on Demand for Money in Isolo Local Government Area of Lagos State, Nigeria," Journal of Applied Business and Economics, Vol. 16, Iss. 3, pp. 171 - 180
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The study examined the effects of Automated Teller Machine (ATM) on demand for money. Primary data
were analysed using difference of means and probit analyses. The study revealed that ATM has reduced
queues in the banking hall significantly. The result showed that the frequency of demand for money to
meet transactionary and precautionary motives is significant greater through ATM while average amount
withdrawn is smaller compared to teller (p<0.05). Also the probability of a resident using ATM is 0.92.
Investment in quality ATM and provision of alternative source of electricity are ways of improving the
effectiveness of ATM.
