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Article
Publication date: 28 October 2020

Augustine Bala Nalah, Azman Azlinda and Singh Jamir Singh Paramjit

The purpose of this study is to explore the influence of harmful cultural practices and its implications on stigmatization and the spread of HIV infection among people…

Abstract

Purpose

The purpose of this study is to explore the influence of harmful cultural practices and its implications on stigmatization and the spread of HIV infection among people diagnosed with HIV in North Central Nigeria. It will help to identify the cultural values that pose a threat to the social, health and psychological well-being of the members of the society. This study will provide recommendations through educational teachings to community leaders and policymakers for health-care protection through Human Rights Act.

Design/methodology/approach

This study uses the qualitative phenomenological research design through a face-to-face in-depth interview to collect data using the audio recorder and field notes. Purposive sampling technique was used to recruit, from three selected hospitals, 20 participants aged 18 years–56 years who gave their consent by filling the informed consent form between April 2019 and July 2019. The data collected were analyzed through thematic analysis using ATLAS.ti 8 software. Also, thematic network analysis was used to visualize the themes, sub-themes and quotations.

Findings

The study findings indicate that sociocultural factors and HIV stigma in Nigeria are significant psychosocial problems that have adverse implications for health and psychological well-being. These problems contribute to the harmful traditional practices, thereby making people vulnerable to contracting HIV infection. The nontherapeutic practices of female genital mutilation, sexual intercourse during menstruation and tribal marks or scarification cause medical complications such as vesicovaginal fistula, rectovaginal fistula and HIV infection. Also, the practice of 18 months of sexual abstinence during breastfeeding predisposes couples to extramarital affairs and HIV infections. The findings also reveal that lack of education contributes to gender inequality.

Originality/value

The research uses a scientific method using ATLAS.ti 8 software for the transcription, organization and thematic analysis of the qualitative data. The study findings will benefit specifically the young girls and women who are usually the victims of the harmful cultural practices of female genital mutilation, gender inequality, sexual intercourse during menstruation and lack of female education in North Central Nigeria. Also, this study will serve as a relevant document and guide for policy implementation of Human and Child Rights Acts against all harmful cultural practices and gender inequality.

Details

International Journal of Human Rights in Healthcare, vol. 14 no. 2
Type: Research Article
ISSN: 2056-4902

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Article
Publication date: 1 January 2001

Chibuike Ugochukwu Uche

In recent years, the volume and frequency of fraudulent practices in Nigerian banks have been on the increase. According to the Nigeria Deposit Insurance Corporation…

Abstract

In recent years, the volume and frequency of fraudulent practices in Nigerian banks have been on the increase. According to the Nigeria Deposit Insurance Corporation (NDIC), the level of reported fraud in Nigerian banks rose from N804m in 1990 to N3,199m in 1998. Furthermore, the proportion of actual/expected loss to the amount involved in fraud rose from 3 per cent in 1990 to 22 per cent in 1998. Perhaps the highest fraud ever reported in any particular year by a Nigerian bank occurred in 1998 when United Bank for Africa plc wrote off N786m on account of fraud. The growing scope and scale of fraud in the Nigerian banking industry is not surprising, given the rising profile of the country as a corrupt and fraudulent nation. For instance, a recent survey by Transparency International, a German‐based international organisation that interviewed business people worldwide, listed Nigeria as the second most corrupt country in the world. The country also has a poor reputation concerning drug trafficking. It has, for instance, been asserted that:

Details

Journal of Financial Crime, vol. 8 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 28 June 2021

Abdurrahman Abdullahi, Anwar Hasan Abdullah Othman and Salina Kassim

This paper aims to examine the determinants of intention to adopt Islamic microfinance among prospective customers in Nigeria, to enhance access to formal financial services.

Abstract

Purpose

This paper aims to examine the determinants of intention to adopt Islamic microfinance among prospective customers in Nigeria, to enhance access to formal financial services.

Design/methodology/approach

The quantitative study used the proportionate stratified random sampling technique to collect data from 450 respondents, using close-ended questionnaires. The data was analyzed using analysis of moment structures-structural equation modeling. The decomposed theory of planned behavior (DTPB) was used as the underlying theory to test 10 hypotheses.

Findings

Results showed the intention toward the adoption of Islamic microfinance is high in Nigeria. In total, 8 of the 10 study hypotheses were supported, out of which attitude, subjective norm and perceived behavioral control were found to have a positive and significant influence on the behavioral intention to adopt Islamic microfinance. Consequently, the study recommends the need for stakeholders in the Nigerian financial system to embark on enlightenment campaigns that will improve the public attitude on the role of Islamic microfinance banks in the promotion of financial inclusion and poverty reduction.

Research limitations/implications

The study focused specifically on three selected states in Northern Nigeria that are predominantly Muslim. The findings and indeed the conclusions of the study, may not be suitable for generalization to other parts of the country.

Practical implications

The study found that three constructs: attitude, subjective norms and perceived behavioral control were found to affect behavioral intention. Thus, the Central Bank of Nigeria and Islamic financial institutions should tailor their enlightenment campaigns toward improving public attitude on the need to adopt Islamic microfinance banks to further enhance financial inclusion, and thus reduce the incidence of poverty. Islamic microfinance banks should complement their commercial products and services with Islamic social finance products such as Sadaqat, Zakat and benevolent loan, as is the practice in jurisdictions where Islamic finance is institutionalized.

Social implications

The social implication of the study is its ability to determine factors that will enhance financial inclusion in Nigeria. This will assist in reducing poverty and income inequality.

Originality/value

The study was also able to extend the DTPB by introducing awareness as an additional latent construct in explaining attitude.

Details

International Journal of Ethics and Systems, vol. 37 no. 3
Type: Research Article
ISSN: 2514-9369

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Article
Publication date: 1 October 2018

Ehi Eric Esoimeme

This paper aims to compare the prepaid card laws/regulations in Nigeria, the UK, the USA and India with the aim of determining the best approach to regulating prepaid…

Abstract

Purpose

This paper aims to compare the prepaid card laws/regulations in Nigeria, the UK, the USA and India with the aim of determining the best approach to regulating prepaid cards, that is the approach that promotes financial inclusion and also makes the product less attractive for money laundering.

Design/methodology/approach

This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research.

Findings

This paper makes the following findings and recommendations: Nigeria has the best approach to regulating providers of prepaid cards. Nigeria’s approach could foster financial inclusion and at the same time mitigate the money laundering risks associated with prepaid cards. Nigeria’s approach is not too strict like the Indian approach and it is not too relaxed like the UK and the USA approach. Operators, including mobile/telecommunications operators, wishing to operate money transfer schemes in Nigeria are allowed to do so with approval from the Central Bank of Nigeria and in strict conjunction with licensed deposit-taking banks or financial institutions. The UK, the USA and India are recommended to adopt Nigeria’s approach. The UK and the USA have the best approach to regulating agents of prepaid cards. Both countries require prepaid card providers to maintain a current list of agents and make it available to the relevant authorities upon request. The approach allows regulatory agencies to effectively monitor and supervise prepaid card agents. India and Nigeria are advised to clarify their approach regarding the regulation of prepaid card agents. The prepaid card laws/regulations of those countries should be modified to specify if the agent of a prepaid card provider is required to be licensed or registered by a competent authority or if the prepaid card provider (the principal) is required to maintain an updated list of agents which must be made accessible to a designated competent authority, when requested. The new changes will afford regulatory authorities the opportunity to effectively monitor and supervise prepaid card agents. India’s approach to thresholds would preclude most individuals in the intended target market from accessing basic financial products, as most people typically do not have residential addresses that could be confirmed by reference to formal documentation. India should adopt the “risk-based approach” and not the “wholesale de-risking approach”.

Research limitations/implications

Given their low-risk characteristics, closed-loop cards, specifically cards which do not allow reloads or withdrawals, remain outside the scope of this paper.

Originality/value

Although there have been researchers who adopted the comparative approach like Jean J Luyat and Will Cain, the comparative approach adopted by those researchers was not detailed enough and also was not aimed at seeking to answer the research question in Section 1 of this paper. Both writers focused on only the aspect of financial inclusion making the whole research a one-sided approach. Jean J Luyat focused on “how regulation had an impact on the development of prepaid cards in Japan and Europe”. He was able to discover that prepaid cards were growing rapidly in Japan but not gaining acceptance as a payment method in the European Union (EU) and France. He aligned such growth in Japan to different factors including regulation. He stated that Japan had a simple and flexible regulatory framework compared to the EU and France which have a complex regulatory system with strict prudential requirements. Nothing was said about the money laundering aspect of such regulation and neither was anything said about thresholds and other optional recommendations canvased by the Financial Action Task Force. The Electronic Money Directive referred to by Jean J Luyat has already been repealed and a second Electronic Money Directive is in place. A comparative approach is adopted in this research seeking to compare the approach in Nigeria with that of the UK, the USA and India. Each of these countries adopted different approaches. The results are to help answer the research question in Section 1 of this paper. The countries were selected on the basis of how strict their regulatory regime is. India’s regulatory regime is the strictest while the UK and the USA are the most lenient. Nigeria is caught in between strict/lenient.

Details

Journal of Money Laundering Control, vol. 21 no. 4
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 29 October 2019

Umar Habibu Umar, Muhammad Bilyaminu Ado and Habibu Ayuba

The purpose of this study is to establish whether religion (interest) is an impediment to Nigeria’s financial inclusion targets to be achieved by the year 2020.

Abstract

Purpose

The purpose of this study is to establish whether religion (interest) is an impediment to Nigeria’s financial inclusion targets to be achieved by the year 2020.

Design/methodology/approach

The data were collected through semi-structured interviews and documentary evidence. Thematic analysis was used to analyze the interview responses.

Findings

It was found that all the Central Bank of Nigeria (CBN) programs that contribute toward achieving financial inclusion are interest-based ones. Further, none of them provides a non-interest window except Commercial Agricultural Credit Schemes (CACS). Even the CACS is not fully Shari’a-compliant, as it requires further modification. Despite the fact that interest is condemned in Islam, a majority of Muslims have been found to be accessing interest-based funds. Hence, interest is not a factor that hinders the achievement of reducing Nigeria’s financial exclusion rate to 20 per cent by the year 2020.

Research limitations/implications

This study inquired into the programs under the Development Finance Department of the CBN by using semi-structured interviews and documentary evidence. Other programs of the federal government, state governments, NGOs and other private organizations and individuals are not considered. The findings have pointed out the areas to conduct future studies on religion and financial inclusion.

Practical implications

Although Muslims who complained about interest are a minority, there is the need to provide non-interest windows in the programs before they start shunning these programs, as a lot influential Muslim scholars are currently preaching against the interest.

Originality/value

The paper is one of the few studies that support the view that interest does not hinder the achievement of financial inclusion in a Muslim majority country.

Details

Qualitative Research in Financial Markets, vol. 12 no. 3
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 12 November 2020

Zakariya Mustapha, Sherin Binti Kunhibava and Aishath Muneeza

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute…

Abstract

Purpose

The purpose of this paper is to review the literature on Islamic finance vis-à-vis legal and Sharīʿah non-compliance risks in its transactions and judicial dispute resolution in Nigeria. This is with a view to putting forward direction for future studies on the duo of legal and Sharīʿah non-compliance risks and their impact in Islamic finance.

Design/methodology/approach

This review is designed as an exploratory study and qualitative methodology is used in examining relevant literature comprising of primary and secondary data while identifying legal risk and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. Using the doctrinal approach together with content analysis, relevant Nigerian laws and judicial precedents applicable to Islamic finance practice and related publications were examined in determining the identified risks.

Findings

Undeveloped laws, the uncertainty of Sharīʿah governance and enforceability issues are identified as legal gaps for Islamic finance under the Nigerian legal system. The gaps are inimical to and undermine investor confidence in Nigeria’s Islamic finance industry. The review reveals the necessity of tailor-made Sharīʿah-based regulations in addition to corresponding governance and oversight for a legally safe and Sharīʿah-compliant Islamic finance practice. It brings to light the imperative for mitigating the legal and Sharīʿah non-compliance risks associated with Islamic finance operations as crucial for Islamic finance businesses, Islamic finance institutions and their sustainable development.

Research limitations/implications

Based on content analysis, the review is wholly doctrinal and does not involve empirical data. Legal safety and Sharīʿah compliance are not to be compromised in Islamic finance operations. The review would assist relevant regulators and investors in Islamic financial enterprises to understand and determine the impact and potential ramifications of legal safety and Sharīʿah non-compliance on Islamic Finance Institutions.

Practical implications

This study provides an insight into the dimensions and ramifications of legal and Sharīʿah non-compliance risks of Nigeria’s Islamic finance industry. This study is premised on the imperative for research studies whose outcome would inform regulations that strike a balance between establishing Islamic financial institution/business and ensuring legal certainty and Sharīʿah compliance of their operations. This study paves way for this kind of research studies.

Originality/value

The findings and discussions provide a guide for regulators and researchers on the identification and mitigation of legal and Sharīʿah non-compliance risks in Islamic finance via a literature review. This study, the first of its kind in Nigeria, advances the idea that research into legal and Sharīʿah non-compliance risks of Islamic financial entities is key to mitigating the risks and fostering the entities and their businesses.

Details

International Journal of Law and Management, vol. 63 no. 2
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 1 September 1962

IN A SPARSELY‐POPULATED continent like Africa, Nigeria with a population of 40 million (the largest in the continent) offers a big potential for library service…

Abstract

IN A SPARSELY‐POPULATED continent like Africa, Nigeria with a population of 40 million (the largest in the continent) offers a big potential for library service. Spectacular progress has been made in the field of primary and secondary education in recent years and more and more Nigerians are becoming library‐conscious. The thirst for knowledge is so great that each of the governments in the Federation is spending more than 20 per cent of its revenue on education alone. Even the older generation who had no opportunity of attending schools are now striving to read and write their own language in their spare time and the young ones are giving them every encouragement by giving voluntary service as teachers. Every effort is being made to wipe out illiteracy altogether and everywhere throughout the country, the story is one of success.

Details

New Library World, vol. 64 no. 3
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 26 August 2020

Igbekele Sunday Osinubi

This study explores the effects of the three pillars of institutional theory in shaping the activities of institutional entrepreneurs and other social actors during…

Abstract

Purpose

This study explores the effects of the three pillars of institutional theory in shaping the activities of institutional entrepreneurs and other social actors during International Financial Reporting Standards (IFRS) implementation in Nigeria.

Design/methodology/approach

This study uses a document analysis method to achieve the objectives of the study.

Findings

This study finds that IFRS implementation in Nigeria witnessed some progression from regulative to normative to cognitive pillar building. The regulation on IFRS implementation was initiated top-down rather than through lobbying from professional accounting bodies and the public. Changes in the regulatory framework brought some improvement to corporate financial reporting practices such as the timing of corporate filings of audited financial reports. However, the implementation process is laden with conflicts and power struggle among institutional actors. These conflicts and power struggles led the President of Nigeria to sack the Board of the Financial Reporting Council of Nigeria (FRC), the reconstitution of the Board and appointment of a Chairman for the Board of the FRC.

Practical implications

IFRS implementation process resulted in power redistribution among institutional actors, which led to resistance, tensions and conflicts among institutional actors. The conflicts arise from the need of actors to legitimate their activities and secure their positions. The three institutional pillars are key components of a change process and the actor's social position affects their capability to act as an institutional entrepreneur.

Originality/value

This finding should provide foundational knowledge that will inform practitioners, researchers and regulators in developing countries on how institutional actors shape the approach to corporate reporting regulations.

Details

Journal of Accounting in Emerging Economies, vol. 10 no. 4
Type: Research Article
ISSN: 2042-1168

Keywords

Content available
Article
Publication date: 28 September 2020

Adeku Salihu Ohiani

The banking system in Nigeria is gradually moving away from transactions “across the counter” to the fingertips of the customers with the adoption of modern technology…

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Abstract

Purpose

The banking system in Nigeria is gradually moving away from transactions “across the counter” to the fingertips of the customers with the adoption of modern technology. However, every development comes with its “pros and cons” because as technology innovation has improved service delivery and profitability of banks in Nigeria, crimes are also at a high side. To activating the minds of bank operators about the importance of technology adoption and its shortcomings, this paper aims to examine the prospects and challenges of technology innovation in the Nigerian banking system.

Design/methodology/approach

Secondary data were retrieved from the annual reports of Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) from 2013 to 2017 to know the interaction between e-banking platforms and performance of banks in Nigeria. The study administered a questionnaire to the bank customers in Lagos Island, Nigeria to understand their perception towards e-banking. This study is anchored on prospect theory to ascertain the risk orientation of the Nigerian banks regarding how they adopt technology and reasoned action theory to understand the intention of bank customers in using the opportunities of e-banking copiously.

Findings

The findings of this study reveal the migration from cheques to electronic related transactions. It further indicates a high rate of fraud committed through those channels. The analysis of primary data shows that innovation adoption, service quality, cybercrime have significant relationship with the competitiveness of banks, the intention of bank customers, and perception of customers towards online services. However, the rate of frauds does not have significant relationship with the usage of mobile banking products which further studies can critically examine.

Originality/value

This study has revealed available huge potentials in the e-banking that are yet to be used in Nigeria. However, consumer orientation needs to be worked on, because, customers still have the fear that cybercrime is mostly committed via e-banking platforms. Unlike in developed countries whereby quite good numbers of customers make use of e-banking platforms, majority of bank customers in Nigeria still prefer using manual methods and the world is already on the verge of moving into 5 G from 4 G.

Details

Rajagiri Management Journal, vol. 15 no. 1
Type: Research Article
ISSN: 0972-9968

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Article
Publication date: 13 February 2017

Ngozi Okoye and Juliana Siwale

There have been various forms of regulatory intervention by the central banks of countries to streamline microfinance activities and ensure effective corporate governance…

Abstract

Purpose

There have been various forms of regulatory intervention by the central banks of countries to streamline microfinance activities and ensure effective corporate governance of microfinance institutions (MFIs). Considering the limited amount of research in this area and the need to ensure regulatory effectiveness, the purpose of this paper is to evaluate the impact of regulatory provisions on the attainment of effective corporate governance in MFIs in Nigeria and Zambia.

Design/methodology/approach

Interviews were conducted with regulators at the Central Bank of Nigeria and the Bank of Zambia, directors and executive management officers of MFIs and executives of apex associations of MFIs in both countries.

Findings

The paper presents five significant findings which are that the regulations have enabled negative outcomes in areas such as board composition, the ownership requirements in the regulations have resulted in differing governance implications, the certification requirements for board members are problematic in practice, supervision by regulators is ineffective and has impacts on risk management and the principle of consultation with stakeholders is inadequate in both countries.

Practical implications

Regulatory provisions must be robust and fit for purpose to ensure the microfinance initiative in emerging economies achieves the objectives of enhancing financial inclusion and economic development of the society.

Originality/value

The paper addresses an area of limited research and provides empirical findings in relation to regulation and corporate governance in developing economies, which would help to ensure regulatory effectiveness.

Details

International Journal of Law and Management, vol. 59 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

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