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The study concludes that addressing the issue of education and lack of infrastructure will support efforts towards sustainability of green banking activities in the country. Banks should improve on their corporate social responsibility. The collaboration of government and service providers should be on par in order to initiate the policies that will make green banking activities user friendly.

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Nội dung Text: Green banking awareness, challenges and sustainability in nigeria

  1. International Journal of Mechanical Engineering and Technology (IJMET)
    Volume 11, Issue 03, March 2020, pp. 30-54. Article ID: IJMET_11_03_005
    Available online at http://www.iaeme.com/ijmet/issues.asp?JType=IJMET&VType=11&IType=3
    ISSN Print: 0976-6340 and ISSN Online: 0976-6359

    © IAEME Publication

    GREEN BANKING AWARENESS, CHALLENGES AND
    SUSTAINABILITY IN NIGERIA
    Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD) and OkoRoseline
    Department of Accountancy/Business Administration/Banking and Finance, Alex
    EkwuemeFederal University,NdufuAlikeIkwo, Ebonyi State, Nigeria

    Dr. NgoziIroegbu(PhD)
    Department of mathematics and statistics, Alex EkwuemeFederal University,Ndufu Alike
    Ikwo, Ebonyi State, Nigeria .

    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume
    Department of Accountancy/Business Administration/Banking and Finance, Alex
    EkwuemeFederal University,NdufuAlikeIkwo, Ebonyi State, Nigeria

    ABSTRACT
    The meager rate of green banking awareness and sustainability in Nigeria is
    traceable to a lack of adequate educational, financial, and Information Communication
    Technology infrastructure in Nigeria. The findings document that banks in Nigeria have
    various green banking products that they showcase, but they have not given them their
    correct nomenclature. Poor knowledge of green banking among customers and bank
    staff is a constraint to its awareness. The study reveals that educational level, age-
    group, lack of basic ICT knowledge, and illiteracy among rural and urban dwellers
    have negative effects on green banking awareness and operation in Nigeria. Banks have
    not contributed to compensating the states, organizations, and individuals that have
    experienced natural disasters, and the impact on the eco-system has not been beneficial.
    As a result of these factors, the benefits and sustainability of green banking are not
    certain. The study concludes that addressing the issue of education and lack of
    infrastructure will support efforts towards sustainability of green banking activities in
    the country. Banks should improve on their corporate social responsibility. The
    collaboration of government and service providers should be on par in order to initiate
    the policies that will make green banking activities user friendly.
    Keywords: Green banking, ecosystem, corporate social responsibility, financial
    inclusion, sustainability.
    Cite this Article: Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr.
    NgoziIroegbu(PhD), ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume, Green Banking
    Awareness, Challenges and Sustainability in Nigeria, International Journal of Mechanical
    Engineering and Technology, 11(3), 2020, pp. 30-54.
    http://www.iaeme.com/IJMET/issues.asp?JType=IJMET&VType=11&IType=3

    http://www.iaeme.com/IJMET/index.asp 30 editor@iaeme.com

  2. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    1. INTRODUCTION
    Internationally, there is a growing concern about the role of banking for
    environmentally/socially responsible investment projects that will enhance the sustainability of
    the sector. Banking and other financial institutions are more effective in achieving this type of
    goal due to the intermediary role they play in any economy and due to their potential reach to
    a number of investors. It is estimated that out of the US$50 trillion in banking assets in emerging
    markets (about a third of the global banking assets), less than 10% is currently directed to
    “green” loans or credits. This is as a result of poor level of green banking activities that are
    ongoing in the emerging economies. (World Bank Group, 2013)
    Green banking customers’ awareness levels in Africa and in Nigeria, specifically in direct
    comparison to developed nations like India, Bangladesh, Brazil, China, Indonesia, South Korea,
    and the United States is still novel. Green banking materialized in 1980 through the Dutch
    Triodos Bank’s focus on environmental sustainability in the banking sector. In 1990, the “Green
    fund” was launched by the bank to fund environment friendly projects, and all other projects
    followed later (Dash, 2008).
    Generally, green banking practice focuses on promoting and sustaining an eco-friendly
    business climate through elimination of the carbon footprint, an increase in electronic banking
    and transactions, green mortgage purchase, and green credit cards, among others
    (Masukujjaman&Aktar, 2013). Green banking is also known as ethical banking
    (Sudhalakshmi&Chinnadorai, 2014). It embraces climatic and environmental sustainability to
    spur growth and development.
    The green banking awareness level and benefits in Nigeria are still very low. Banks still use
    traditional methods of operation. Recently, some banks have commenced e banking and the use
    of ATMs and e payment without sufficient energy and infrastructure, and this has stemmed the
    tide of sustaining green banking operations in the country. More than 75% of the country’s
    population is unbanked. Many towns and villages are situated in the remote areas, with no
    accessible roads, electricity, or other necessary amenities. As a result, no bank likes to be
    located in such environments. This is because banking in Nigeria demands that the customers
    should visit the bank or ATM machine before transactions can be done.
    Many customers as well as bankers have lost their lives at the hands of men of the
    underworld. The activities of Boko-Haram in the country have increased the level of
    environmental unfriendliness. These have caused instability in the banking sector and beyond
    and need the type of banking operation where the services are accessible to the service users at
    any time and place. Financial institutions, especially the deposit money banks in Nigeria, have
    the opportunity to gain an advantage in the market by creating a difference in their strategy
    making processes. Banks have not made any donation to the states or people that have suffered
    from natural disasters.
    The need to bridge the gap between the current state of the financial sector and a more
    sustainable financial system calls for serious adaptation of the green banking system. This study
    examines green banking awareness, opportunity, and challenges in Nigeria.

    1.1. Statement of the problem
    The banking sector in emerging economies has experienced a lot of setbacks that affect both
    the sector and the economy at large. This sector involves institutions that cannot survive without
    their customers and the environment. The issue of a non-conducive, unfriendly environment, a
    lack of infrastructure, and insecurity threaten the survival and sustainability of the system and
    customers’ interests at large.

    http://www.iaeme.com/IJMET/index.asp 31 editor@iaeme.com

  3. Green Banking Awareness, Challenges and Sustainability in Nigeria

    The life of every nation’s economic activities depends on the soundness of its financial
    sector. Where there is no conducive environment in areas of security, energy, and infrastructure
    for operations, sustainability will not be achieved. Going green in the banking sector will aid in
    eliminating these problems. This background calls for the creation of awareness of green
    banking and its adoption in the country which will awaken operators on the need to go beyond
    their normal cooperate social responsibility duties. The poor level of green banking awareness
    among customers in Nigeria is a dire constraint.
    Green banking is a means of developing inclusive banking strategies which will ensure
    substantial economic development and promoting environmental-friendly practices.

    1.2. Objectives
    This study examines
    1. To determine the extent to which financial literacy, education, and poor
    infrastructure affect the green banking awareness in Nigeria;
    2. To determine the extent to which banks invest in green banking;
    3. To identify the extent to which Nigeria banks practice green banking;
    4. To examine the sustainability of green banking activities in Nigeria.

    2. REVIEW OF THE RELATED LITERATURE
    2.1. CONCEPTUAL FRAMEWORK
    Green Banking universally refers to eco-friendly or environment-friendly business and
    economic climate protection against environmental degradation, global warming, natural
    calamities, and disasters in various forms (Masukujjaman&Aktar, 2013). It is an ethical banking
    and social banking system connected to Corporate Social Responsibility (CSR) through the
    incorporation of eco-friendly or environment-friendly protection against environmental
    degradation. According to Benedikter (2011), it is a “bank with a conscience”. Green Banking
    is also regarded as a sustainable banking system that aims to achieve sustainable economic
    growth, development, and eco-system protection from environmental degradation (Sohel,
    2017).
    Green banking may also be classified as a carbon-free print banking system based upon its
    electronic business and operational activities and transactions made online, with zero or
    minimal impact on the environment.
    Islam and Hasan, (2015) noted that the new concept of Green banking derives from the
    attention of intellectuals, researchers, bankers, and entrepreneurs, who contemplated the fate of
    humankind with respect to practice development, saving the nations from an excruciating, un-
    solid environment with natural catastrophes and calamities. The author added that humankind
    is the best creation of the world which needs to survive with nobility.
    Ahmad, Zayed, and Harun (2013) argued that green banking has been conceptualized to
    implement broader concepts like sustainable development. Sustainable development is
    development that meets the needs of the present without compromising the ability of future
    generations to meet their own needs (Smith, Rees, and Gareth 1998). The only tool that ensures
    sustainable development, as accepted by the world environmentalist groups, is the idea of green
    banking. As a result, today’s environmental stakeholders are encouraging the financial sector
    to incorporate the policies of green banking, as they will help to protect the environment.
    According to Sohel (2017), Green Banking may be defined as the practice of in-house green
    decoration, green lending policies, electronic transactions, promotion of environment-friendly
    activities with a reduced carbon footprint, and making sure growth is sustainable while

    http://www.iaeme.com/IJMET/index.asp 32 editor@iaeme.com

  4. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    safeguarding sustainable development. Green Banking means pollution-free banking that uses
    operating instruments or products which do not destroy the elements of the environment.
    Green banking is the term used by banks to make them much more responsible for the
    environment. The term green banking refers to the development of inclusive banking strategies
    which ensure sustainable economic development (Ahmad, Zayed, and Harun, 2013). It can also
    be described as a type of ethical banking which aims to protect the environment and reduce the
    carbon footprint from banking activities. It encourages banks to carry out environment-friendly
    investments by combining their operational improvements and technological know-how in
    banking business activities.
    Bai, (2011) explained that “Green” in green banking principally indicates banks’
    environmental accountability and environmental performances in business operation.
    According to Azam (2012), green banking refers to the use of eco-friendly or environmentally
    friendly banking to stop environmental degradation to make this planet more habitable. In
    Nigeria, the attacks of Boko Haram and its counter-insurgency operations and kidnapping saga
    have heightened the environmental unfriendliness, which is a major challenge to the practices
    of green banking, because this has wasted both human and capital resources.
    Habib (2010) argued that Green banks should use resources with responsibility, avoid
    waste, and prioritize the environment and society. Therefore, the issues of looting funds,
    diversifying funds, and even swallowing millions by the snake will be stories of the past. Green
    banking helps with the overall reduction of external carbon emissions and the internal carbon
    footprint. Chaurasia (2014) maintains that by going green, banks can reduce their carbon
    footprint by adopting the following measures: paperless banking, energy consciousness, the use
    of mass transportation, green building, online services, saving paper, and the use of solar and
    wind energy.
    Narwal (2007) stated that green banking is not only a CSR activity of a firm; it is about
    making society habitable without any considerable damage. There will be no room for
    destroying lives and property and creating another site for internal displaced persons (IDP). On
    the side of banking professionals, Green Banking involves the tenets of sustainability, ethical
    lending, conservation, and energy efficiency
    Bihari (2011) stated that green banking includes the promotion of social responsibility
    where, before financing a project, banks consider whether it is environmentally friendly and
    has any future environmental implications. Bhardwaj and Maholtra (2013) elucidated that green
    banking is an effort by the banks to make the industries transform in a green manner and, in the
    process, restores the natural environment. The bank is known to focus entirely on
    environmentally friendly banking practices.
    Green Banking includes the judicious use of all resources and energy, reduces the carbon
    footprint, and encourages, finances, and educates customers on environmentally friendly
    investment (Jayabal and Soudarya (2017). The major handicap of the country is the
    mismanagement of resources, as the country is endowed with numerous resources.
    According to the Central Bank of Nigeria’s report on green banking, a vast portion of
    Nigeria, especially the rural dwellers, are still using traditional banking system of over the
    counter transactions. Therefore, banks should educate their customers about green products and
    services.It is also the responsibility of the government to encourage the general people to adopt
    green banking practices.

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  5. Green Banking Awareness, Challenges and Sustainability in Nigeria

    Green Banking activitives of the Banking Sector
    Source: Green Banking Activities 2012, as cited in Masukujjaman and Aktar (2013).

    2.2. Empirical Literature
    Obviously, there are areas lacking in empirical studies undertaken in the Nigeria context
    regarding the adoption of green banking practices and the level of customer awareness because
    it has not been adopted in the country. The related activities that are going on in the country are
    only side attractions. A review of the available literature in Nigeria revealed that green banking
    awareness in Nigeria is very low, even though implementation is in progress.
    Several empirical studies have been conducted abroad, but these have focused on developed
    and developing Western countries: Brazil, China, Indonesia, Mexico, Turkey, and India.
    Ahmad, Zayed, and Harun (2013) explored the green banking activities of Bangladeshi
    commercial banks to elucidate the reasons behind adopting green banking in Bangladesh using
    300 respondents drawn probabilistically from ten commercial banks. A factor analysis was used
    to analyze the data and to draw the findings.
    The findings indicated that economic factors, policy guidelines, loan demands, stakeholder
    pressure, environmental interest, and legal factors are the major influencers with a combined
    variance of 65.25% in the decision regarding the adoption of green banking by the commercial
    banks to ensure sustainable economic development.
    Afroz (2017) conducted a study on the green banking initiatives of Islamic Bank
    Bangladesh Limited and documented that the response from the business sector has been very
    slow and the consumers are not fully aware of green banking products.
    Another study was conducted by Rahman et al. (2017) on the problems and prospects of
    electronic banking in Bangladesh; this was a case study on Dutch-Bangla Bank Limited. They
    argued that customers do not have enough knowledge regarding the advantages of electronic
    banking which is offered by Dutch-Bangla Bank Limited. However, green banking practice is
    a matter of additional grind in the banking sector in Bangladesh (Afroz, 2017).

    http://www.iaeme.com/IJMET/index.asp 34 editor@iaeme.com

  6. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    Yi-Hui Ho and Chieh-Yu Lin, Jung (2014) conducted a study on the factors that affect the
    organizational infusion of green practices in Chinese logistics companies. A questionnaire
    survey was conducted on logistics companies in China. The regression analysis was used to test
    proposed research hypotheses, and the findings revealed that the complexity, compatibility, and
    relative advantage of green practices; the quality of human resources; organizational support;
    governmental support; and regulatory pressure exhibit significant influences on green practice
    infusion for the logistics companies in China. The results also show that the influences of
    adoption cost, company size, environmental uncertainty, and customer pressure on the logistics
    of companies’ green behaviors are not significant.
    BrotoRauthBhardwaj and AarushiMalhotra (2013) reported on how Green Banking
    sustainability strategies influence the performance of Indian companies’ and their managerial
    and operational activities.
    Sudhalakshmi and Chinnadorai (2014) noted that not many initiatives have been taken by
    banks in India as far as green banking is concerned.
    Sahoo and Singh (2013) observed that the younger generations are more inclined towards
    green banking products than the middle-aged and senior age groups. There is no significant
    difference in the mean usage of green banking products among customers with different
    educational qualifications. Educational qualifications have no significant impact on the usage
    of green banking products, whereas more awareness needs to be created among the middle-
    aged and senior individuals.
    Krishna and Srinivas (2014) examined the customer awareness level on green banking.
    Findings revealed that most customers are confused about the concept of green banking, even
    though they are enjoying the facilities.Ahuja (2015) further buttressed the findings of Krishna
    and Srinivas (2014) in India and reported that a lack of consumer awareness and education is a
    major obstacle to green banking practices in India.Sudhalakshmi and Chinnadorai (2014)
    studied the status of Indian Banks with respect to Green Banking and credit facilities granted
    to organizations, reporting that banks must include their green aspect in the lending principle.
    Policy measures should be implemented to promote Green Banking. Indian banks are running
    behind time in the adoption of this green phenomenon.
    Afroz (2017) conducted a study on the green banking initiatives of Islamic Bank
    Bangladesh Limited and reported that from a business sector perspective, the consumer
    awareness level of green banking products is poor; hence, most of the customers are ignorant
    of what green banking is, even though they enjoy the facilities of green banking.Regarding the
    problems and prospects of electronic banking in Bangladesh, Rahman et al. (2017) conducted
    a study of Dutch-Bangla Bank Limited. The results of the study revealed that customers lack
    adequate knowledge regarding the advantages of electronic banking offered by Dutch-Bangla
    Bank Limited.There has been no contemporary study on green banking in Nigeria, even though
    the Nigerian financial institutions and their customers enjoy the facilities, products, and services
    of green banking.

    3. EXPERIENCE FROM OTHER COUNTRIES
    Various countries have experiences with green banking. Each specializes in different green
    activities. Pennsylvania engages in Energy Investment, and the bank finances it as one of the
    green banking activities. Lynn called it a game changer with respect to access to financing. The
    focus of their green banking is Energy Investment. Thus, they see green banking as a
    mechanism that allows both public and private sector entities to deploy capital specifically for
    clean energy and energy efficiency projects. As lenders dedicated to funding clean energy
    projects, consumers and businesses have greater access to the capital needed to install solar

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  7. Green Banking Awareness, Challenges and Sustainability in Nigeria

    panels, replace outdated equipment, and upgrade the efficiency of buildings and equipment, all
    of which lead to long-term savings for energy users that ultimately pay back the initial capital
    investment.
    Brazil has followed a path of combined voluntary and mandatory approaches to sustainable
    banking driven by the need for stronger efforts in environmental conservation and to foster
    sustainable development. Facilitated by the banking association FEBRABAN, voluntary Green
    Protocols were first adopted by five Brazilian state-owned banks in 2008 and then by
    commercial banks in 2009. In 2014, the Central Bank of Brazil (BCB) published mandatory
    Resolution 4327 on Social and Environmental Responsibility for Financial Institutions. A 2013
    study estimated that 11% of banks’ lending was directed at “new energy” and low-carbon
    agriculture.
    China: China adopted a policy-based approach to sustainable banking to help tackle
    profound environmental problems and support the transition to a green, inclusive, and resilient
    sustainable growth path. The People’s Bank of China (PBOC), the China Banking Regulatory
    Commission (CBRC), and the Ministry of Environmental Protection jointly issued the “Green
    Credit Policy” in 2007, followed by CBRC’s “Green Credit Guidelines” and a monitoring
    framework to guide its implementation. At the end of 2015, CBRC’s green credit statistics for
    the top 21 Chinese banks (accounting for around 80% of total banking assets) showed that the
    majority have adopted E&S risk management practices, and Green Credit now makes up
    approximately 10% of these banks’ portfolios. Building on this experience of greening the
    banking system, the PBOC is leading efforts to green the whole financial system in China
    beyond banking (World Bank Group, 2012).
    Indonesia: OtoritasJasaKeuangan (OJK), the Indonesia Financial Services Authority,
    launched a Sustainable Finance Roadmap in December 2014. The roadmap enlists the financial
    sector, including banking, capital market, and non-bank financial institutions (insurance,
    leasing, and pension funds) to contribute to the national commitment to address climate change
    and support the transition to a competitive, low-carbon economy. An Umbrella Policy is now
    being designed to provide practical guidance on how to green the whole financial system in
    Indonesia.
    Mexico: The Mexican Banking Association (ABM) has led a voluntary industry approach
    through the development of a “Sustainability Protocol”, which was formally signed by Mexican
    banks in April 2016. Aligning with national priorities, such as the governmental climate change
    targets for the next 15 years, and endorsed by relevant Mexico government agencies, the
    protocol provides guidance on both risk management and sustainable lending, coupled with a
    plan to provide capacity building and tools for implementation.
    Turkey: Turkish banks have followed a market-led route to sustainable banking, aligning
    with national goals as well as international principles and good practice. In 2014, the Banks
    Association of Turkey (BAT) issued voluntary Sustainability Guidelines for the banking Sector.
    The Guidelines were prepared by a BAT working group on the Role of the Financial Sector in
    Sustainable Growth, with the participation of 18 banks.
    Nigeria: The Central Bank introduced a Monitoring and Reporting Mechanism in 2013 to
    guide and monitor the implementation of the Nigerian Sustainable Banking Principles. Banks
    are required to provide preliminary once-off reports on policies and systems as well as baseline
    data collection, followed by bi-annual reporting on indicators organized according to the nine
    principles. As of the end of 2015, Nigerian banks had completed the submission of a first batch
    of reports, which CBN will assess to determine industry baselines and set benchmarks.
    However, there are some activities of green banking that are going on in the countries with little
    awareness.

    http://www.iaeme.com/IJMET/index.asp 36 editor@iaeme.com

  8. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    Green Banking in India has two aspects: the promotion of environmental practices through
    the introduction of Green Banking Financial Products and Services and the reduction of
    footprints from banking activities on the environment, thus preventing further environmental
    loss by reducing carbon emissions. The banking sector in Nigeria focuses on what is called the
    3Cs and the 3Ps. The three Cs stand for Cost, Control, and Customer Service, while the 3Ps
    stand for Profit, Planet, and People. Customers can access important information through
    laptops or even through smartphones, even in their homes. It is also a part of better customer
    services, and the cost can also be minimized.

    4. THEORETICAL FRAMEWORK
    4.1. Stakeholder Theory
    The theory of stake holders was first applied by Ansoff (1979) to describe the perception of
    socially responsible behaviors. According to Smith (2003), stakeholder theory asserts that
    managers have a duty to meet the needs of both the corporation’s shareholders and “individuals
    and constituencies that contribute, either voluntarily or involuntarily, to a company’s wealth-
    creating capacity and activities, and who are therefore its potential beneficiaries and/or risk
    bearers.”
    Stakeholder theory suggests that the purpose of a business is to create as much value as
    possible for stakeholders. The idea of stakeholder theory is that a corporate entity is an
    ecosystem of its own. Based on this view, Freeman noted that stakeholders are the group of
    people without whom the organization would not exist. Although there is some debate regarding
    whether stakeholders deserve consideration, a widely accepted interpretation refers to
    shareholders, customers, employees, public interest groups, creditors, suppliers, and the local
    community. An organization will not survive for a reasonable extent of time without giving
    attention to the needs of the stakeholders.
    Employees must receive fair working conditions and wages. The suppliers must receive
    equitable payment, but they must also run their own businesses in accordance with moral and
    ethical guidelines. The concerns of the government must be met, the media must receive
    transparency from the corporation as far as is reasonable, and the needs of the local community
    must be taken into account, including paying compensation for any damage to the community
    or the local environment. Customers should receive goods and services that are up to the mark
    and are not liable to cause them any harm. Ethics and corporate responsibility should not be
    separate from each other. This is achievable as long as companies practice Stakeholder theory.
    It is not a perfect solution, but it is a starting point. Stakeholder theory can ensure accountability
    and transparency from big businesses and improve customer safety. It is also a route to good
    public relations. In order for the business to gain and maintain momentum, the manager must
    ensure that the interests of the stockholders and all of the shareholders are aligned.
    This work contributed in the general finding and factual evidence on the low level of green
    banking awareness in the country, the need for the awareness; as it will enhance financial
    inclusion even among rural dwellers. The study equally proposed model that will sustain the
    practice of green banking in the country. This study may have political implications for the
    government that deemed it fit to achieve best practices through adoption of proper policies to
    encourage banking at convenient for customer’ satisfaction, encourage economic activities, and
    improve sustainable rural development.

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  9. Green Banking Awareness, Challenges and Sustainability in Nigeria

    Diagram/schematic of theory

    4.2. Customer Awareness
    Customer awareness on green banking implementation and benefits constitutes financial
    institutions’ advertising and infrastructural plans. It is a process through which the banks
    educate their esteemed customers on the products, services, and benefits of each product to the
    eco-and biological systems. A well-designed awareness program ensures better customer
    engagement and protects consumer welfare (Cleverism, 2015).

    4.3. Green Banking Initiative in Nigeria
    The adverse effects of carbon-print, energy consumption, chemicals, pesticides,
    petrochemicals, iron and steel production, coal, oil, natural gas, diesel, petrol, and octane on the
    eco-and biological systems along with universal progressive action on eco-and biological
    system protection, the efforts of the Nigerian financial institution, the Central Bank of Nigeria
    (CBN), and the government have shown a deep pledge towards the vision of the green world
    through green initiatives. The financial and economic policies of the CBN convey a strong
    message to financial institutions on the seriousness of CBN in its green movement.
    The CBN’s green activities focus on in-house activities. “In-house activities” refer to
    domestic financial activities limited to office buildings embracing network expansion, office
    automation (Head office to branch offices automation) through networks (LAN/WAN), and
    daily green operation of the financial institution. The introduction of e-commerce provides
    customers with online banking facilities covering payments of utility bills, money transfer, and
    transactions in local currency through the internet.
    The Nigerian manufacturing industries face the challenges of controlling the environmental
    impacts of their businesses to reduce pollution and emissions. Though the government has been
    trying to address this issue by framing environmental legislations and encouraging industries
    to follow environmental technologies and practices, these efforts will not be enough, given the

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  10. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    poor track records of enforcement and public awareness and the inability to derive a competitive
    advantage by producing eco-friendly products.

    4.4. In House Green Activities of the Nigerian Financial System.
    Olaoluwa, Titilope and Olutoye, (2016) describe the in house green activities as follows;

    4.4.1. Meticulous operational initiatives:
    1. Installation of a solar power system at the head office building roof top;
    2. Environmentally harmful incineration of non-issuable damaged bank notes is being
    phased out, resorting instead to shredding;
    3. Time bound targets set for carbon emission reduction within the internal operation.

    4.4.2. Network expansion initiatives:
    1. Connecting the bank’s head office and branches through the computer (LAN/WAN)
    2. Brought; out branch under the influence of e-commerce;
    3. Web based e-tendering system;
    4. Online salary and necessary advice, office orders, etc.

    4.4.3. Office Automation:
    1. Implementation of an Automated Cheque Processing System;
    2. Electronic Fund Transfer platform;
    3. Online Credit Information Bureau facilities;
    4. Mobile Banking Service;

    4.4.4. Mobile Banking;
    1. Online Banking;
    2. Banking through ATMs.

    5. GREEN BANKING—A SWOC ANALYSIS
    An analysis of strengths, weaknesses, opportunities, and challenges:

    5.1. Strengths
    1. The green banking system saves transaction time and ensures efficient customer
    services delivery;
    2. Reduces the cost and increases the ease of doing business;
    3. Transitions can be done at any time and at any place.
    By financing solar energy and wind energy programs, the bank reduces its carbon footprint
    on the environment.

    5.2. Weaknesses
    1. Quality customer service in green banking practice takes time.
    2. A lack of knowledge among the employees has been noticed;
    3. There are some geographical barriers to the implementations of green banking
    practices;
    4. All banks are not contributing equally to the practice of green banking;

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  11. Green Banking Awareness, Challenges and Sustainability in Nigeria

    5. The problem of security is always there with green banking practices.

    5.3. Opportunities
    1. Increase in ICT literacy increase green banking opportunities and eco-system
    protection;
    2. An increase in ATM card usage increases the need to implement other green banking
    practices initiatives such as mobile banking and internet banking among other green
    banking practices;
    3. This will enhance financial inclusion, especially in the rural areas of the country.

    6. BENEFITS OF GREEN BANKING IN THE COMPETITIVE
    FINANCIAL SECTOR
    6.1. Reduces the Transaction Costs of the Bank:
    Green banking avoids paperwork as much as possible and follows electronic media for various
    transactions, the functioning of banks, and customer management through providing e-
    statements to customers, opening online accounts, making all internal circulars within the banks
    online, etc. Thus, paperless banking reduces transaction costs.

    6.2. Competitive Edge:
    Green banking helps banks to get a competitive edge over their competitors through innovation
    in their products and services.

    6.2.1. Better Risk Management:
    It provides the benefit of better risk management to the banks. Better risk management helps in
    building a good image of the banks and therefore reducing the reputational risk.

    6.2.2. Educes the Credit Risk:
    Green banking makes recovery of the financed loans easy and thus reduces the credit risk of
    the bank. Green banking encourages the development of a peaceful environment.

    6.2.3. Cost Conscious Process:
    The transaction costs incurred by the bank through green banking products like ATMs, mobile
    banking, and online banking are significantly minimized compared to the costs incurred through
    customers visiting the branch and performing transactions.

    6.2.4. Convenient Process:
    Green Banking provides convenience to banks and also to the banks’ customers. Due to various
    green banking initiatives like the use of ATMs, online banking, mobile banking, etc., the foot
    fall of the customers in the branches of the banks reduces to a larger extent, and this leads to
    reduced cost and effort in the management of the banks’ activities. These banking activities
    also provide convenience to the consumers in terms of time management, energy, and fuel
    conservation as they do not need to visit the branch for every transaction.

    6.2.5. Future of Green Banking:
    Nigeria’s economy is an emerging economy, and there is a huge potential for the growth of
    banks by the adoption of innovative approaches in their decision-making process. There is a
    need for a paradigm shift by setting up a business model that considers all three aspects of the

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  12. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    triple bottom line approach, i.e., the people, the planet, and the profit. The future of green
    banking seems to be very promising in India, as lots of green products and services are expected
    in the future. Green excellence awards and recognition, Green rating agencies, Green
    investment funds, Green insurance, and Green accounting and disclosure are some of the things
    that will be heard and seen in operations in the near future. Proper green banking
    implementation will act as a check to the polluting industries. Banks can act like a guideline to
    economic transformation and create a platform that creates many opportunities for financing
    and investment policy and contributes towards the creation of a low-carbon economy.
    .

    Figure 1: It is good to be green
    It is good for the banking sector to go green, because its failure to meet its obligations to
    the environment will also eliminate the image of the banks, which will be costly to repair, as
    today’s customers are very much concerned about the environment, and these customers want
    visible attempts from the banks regarding environmental protection. The awareness of green
    banking will attract more customers due to the level of convenience it gives to the service users
    and its enhancement of financial inclusion.

    7. CHALLENGES
    Without a healthy banking system, it is not possible to maintain sustainable development and
    stability in the countries of the universe (Sahin, Aydin and Abaci, 2014). Banking activities in
    emerging countries, especially Nigeria and Kenya, are costly, time-consuming, and energy-
    demanding. Sharma (2013) argued that the major issue of traditional banking is that the
    customers have to visit banks to carry out their banking activities within the specified working
    hours only. This involves a lot of the customers’ time, as it not only includes travelling but also
    requires them to stand in long queues to perform their transactions.
    In this era of globalization, countries need to be interconnected, interrelated, and driven by
    information technology. The impact of this globalization is an issue across the globe. The
    effects of global warming have been found to be responsible for the destruction of the ozone
    layer, which has impacted the land, water, and human resources of the world with a greater
    impact on the countries under study. According to Odebayo and Olaf (2015), banks have not
    shown a big interest in proactive strategies with regard to the environment and sustainability,
    because they consider themselves to be in a more environmentally-friendly industry, especially

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  13. Green Banking Awareness, Challenges and Sustainability in Nigeria

    concerning emissions and pollution when compared to the other sectors, such as oil and gas and
    energy. However, the sector has left behind the idea that financing companies with
    environmental hazard are opposed to eco-centric practices.
    Hence, in Nigeria and other emerging countries, inadequate infrastructure, a lack of power,
    good roads, information technology, and the issue of insecurity have caused more harm to the
    banking business environment. Customers go to banks with fear that either their money will be
    taken away from them or they will be kidnapped. Some authors have observed that the activities
    of traditional banking impact negatively on people and resources. Although Kern (2014) argued
    that the key performance indicators of banks are not traditionally designed to monitor
    environmental, social, and governance (ESG) issues connected with financial products and
    services but rather the economic performance and the financial risks without concern for the
    cost to the environment. This occurs as a result of lack of sustainability or green policies,
    particularly for the banking sector, in some countries. Nigeria is confronted with several
    peculiar challenges which make a green agenda appear unattainable. These include the solutions
    that have been adopted because of the inefficiencies in the energy and transportation systems
    as well as waste management.

    Figure 2: Lack of green environment.
    According to Gupta, (2015), banks face several challenges and issues as far as green
    banking is concerned. The challenges are
    1. It is a new concept and customer will take time to adopt it, but there is a need to let
    customers know that there is something called “green banking”;
    2. Due to the rural nature of most of the areas in the country, customers are computer
    illiterate;
    3. The high cost of green banking technology;
    4. The high cost of renewable and recycling techniques;
    5. Data protection;
    6. Bank employees need training for all green practices;
    7. Nigeria has been ranked one of the “Least Peaceful Countries” On Earth. This is as
    a result of the activities of Boko Haram, the Herdsmen, and kidnapers. The
    environment is a threat to life, and the ecosystem is unfriendly. According to
    Cynthia, the country is battling with banditry, economic stagnation, insurgency,
    kidnapping, and an increasing rate of suicides and is ranked 148 out of 163 countries
    in the world;

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  14. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    Boko Haram attacked policemen and some good citizens of the country.
    8. Poor management of the nation’s resources is another challenge that stunts the
    growth of green banking in the country.

    8. PROPOSED MODEL FOR THE BANKING SECTOR
    This study is developing a model that will help the banking sector to combat the infrastructural
    problems, especially those regarding power, because more than 70% of the geographical area
    in Nigeria is undeveloped. Therefore, where the issue of power is resolved, the rural areas will
    be positively impacted. This is not limited to the financial sector.
    The policy makers and users of banking services know how to generate energy. Most of the
    towns and villages of the country are in the rural areas. There is no basic infrastructure. As a
    result, the environment is not conducive for traditional banking. The greatest need of these rural
    dwellers is electricity, which can be produced with what they have, i.e., waste to energy.
    Energy-from-waste is the process of generating energy in the form of electricity and/or heat
    from the primary treatment of waste or the processing of waste into a fuel source. The most
    common technology for waste to energy conversion is incineration. In this process, the organic
    substances collected from waste are burnt at a high temperature. This method is called thermal
    treatment. The heat generated is used to create energy. Carbonaceous substances can be
    converted into carbon dioxide, carbon monoxide, and a small amount of hydrogen at a high
    temperature in the presence of oxygen. The outcome of this is called synthesis gas, and it is an
    alternative to energy. It can be used to produce electricity and heat.

    9. METHODOLOGY
    9.1. Design
    The research took place in 2019, i.e., within the period that the green banking awareness in
    Nigeria was below expectations with the financial institutions combating the challenges

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  15. Green Banking Awareness, Challenges and Sustainability in Nigeria

    associated with green banking in Nigeria. The research population consisted of 600 banking
    staff, regulators, and bank customers of the First Bank of Nigeria PLC, Zenith Bank, and
    Guarantee Bank. The choice of these banks is justified by the intense use of Information
    Communication Technology by the experienced workers and the number of customers. To
    ensure high reliability, the Krejcie and Morgan (1970) sample size table was adopted to
    determine the sample size of 234 from a population of 600. Eighty percent of bank staff and
    bank customers sampled answered the questionnaire. Thus, this work is based on 224 properly
    answered and returned questionnaires along with an appropriate statistical analysis of the
    responses of the banks’ ICT experts and customers.

    9.2. Data Presentation
    TABLE 1

    Criteria for Percentage Scores
    Range of % score Category
    0%–20% Unfair
    21%–40% Fair
    41%–60% Good
    61%–80% Agreed
    81%–100% Strongly agreed

    TABLE 2

    Criteria for Percentage Scores
    Range of % score Category
    0%–20% No extent
    21%–40% Little extent
    41% – 60% Moderate extent
    61%–80% Great extent
    81%–100% Very great extent

    TABLE 3 Gender

    Frequency Percent Valid Percent Cumulative Percent
    Male 95 42.4 42.4 42.4
    Valid Female 129 57.6 57.6 100.0
    Total 224 100.0 100.0
    Sources: Researchers’ computations (2019)
    Table 1 reports the demographic data of the respondents. The descriptive data indicate that
    female bank staff and customer respondents stood at 57.6%, while males accounted for 42.4%
    of responses. Thus, the majority of the respondents were females.

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  16. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    TABLE 4 Age Range

    Frequency Percent Valid Percent Cumulative Percent
    20–30 87 38.8 38.8 38.8
    31–40 82 36.6 36.6 75.4
    Valid 41–50 26 11.6 11.6 87.1
    51–60 and above 29 12.9 12.9 100.0
    Total 224 100.0 100.0
    Sources: Researchers’ computations (2019)
    The descriptive data illustrate that 38.8% of the respondents fell within the 20–30 year age
    range and had vast ICT knowledge as it relates to green banking implementations and awareness
    in Nigeria, while 36.6% were within the 31–40 age range and had relatively sound knowledge
    of ICT as it relates to green banking implementation and awareness. The older generation fall
    within the age ranges of 41–50 and 51–60 and above, representing 11.6% and 12.9%,
    respectively. It can be inferred that the older generation has knowledge of ICT as it relates to
    green banking implementation and awareness. This can be traceable to environmental factors.

    TABLE 5 Qualification

    Frequency Percent Valid Percent Cumulative Percent
    Primary School and West
    African Examination 76 33.9 33.9 33.9
    Council
    Diploma 34 15.2 15.2 49.1
    Valid HND 38 17.0 17.0 66.1
    B.SC 47 21.0 21.0 87.1
    M.sc 18 8.0 8.0 95.1
    Ph.D 11 4.9 4.9 100.0
    Total 224 100.0 100.0
    Sources: Researchers’ computations (2019)
    The descriptive data illustrate that 33.9% of the respondents were first school leavers’
    certificate and West Examination Council holders, while 15.3% had Higher National Diploma
    17.0% had B.Sc, 8.0% had M.Sc and 4.9% had Ph.D qualifications. From the results, it can be
    inferred that a vast percentage of the respondents with basic education were not aware of, and
    had not been exposed to, a certain level of ICT application in relation to green banking, while
    HND holders and those with B.Sc, M.Sc., and Ph.D qualifications had been exposed to a certain
    level of ICT application in relation to green banking.

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  17. Green Banking Awareness, Challenges and Sustainability in Nigeria

    TABLE 6: Occupation

    Frequency Percent Valid Percent Cumulative Percent
    Banker and Bank Staff 55 24.6 24.6 24.6
    Customer 140 62.5 62.5 87.1
    Valid
    Regulator 29 12.9 12.9 100.0
    Total 224 100.0 100.0
    Sources: Researchers’ computations (2019)
    The descriptive data illustrate that 24.6% of the respondents were bankers and bank staff,
    62.5% were bank customers, and 12.9% were supervisors or regulators of a bank.

    TABLE 7: Results of validity and reliability statistics

    Cronbach’s Alpha No. of Items
    0.972 14
    Sources: Researchers’ computations (2019)
    The Cronbach’s alpha score of Green Banking Awareness, opportunity, and challenges in
    Nigeria is 0.972, indicating a high level of internal consistency and an acceptable level of
    reliability.
    To achieve the objectives and hypotheses of this study, the Classical Linear Regression
    Model was adapted to test for cause–effect, and the Pearson Correlation was used to test for
    relationships.

    10. TESTED HYPOTHESES
    TABLE 8
    H0: There is a positive and significant association between financial literacy and the
    educational level of customers on green banking products in Nigeria.
    Model Summaryb
    Change Statistics
    R Adjusted R Std. Error of the Durbin–
    Model R R Square Sig. F
    Square Square Estimate F Change df1 df2 Watson
    Change Change
    1 0.911a 0.830 0.829 0.46153 0.830 541.389 2 221 0.000 0.188
    Source: Researchers’ computations (2019)
    a. Predictors (Constant): The mismanagement of resources is a challenge to the awareness and sustainability of g
    green banking in Nigeria.
    b. Dependent Variable: To what extent does financial literacy and the educational level of customers affect the
    awareness of green banking products in Nigeria?

    ANOVAa

    TABLE 9
    Model Sum of Squares df Mean Square F Sig.
    1 Regression 230.640 2 115.320 541.389 0.000b

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  18. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    Residual 47.075 221 0.213
    Total 277.714 223
    Sources: Researchers’ computations (2019)
    Dependent Variable: To what extent does financial literacy and the educational level of customers affect
    the awareness of green banking products in Nigeria?
    (predictors (Constant): poor educational background and financial literacy is a challenge to green
    banking awareness and sustainability
    The model summary table reports the fitness of the regression model. According to
    Samontaray (2010), the higher the value of the R2,the more robust the regression model. An R2
    value of 0.83 (83%) is the coefficient determinant that explains the variation in the dependent
    variable as accounted for by the independent variables with an unexplained variation of 17%.
    The F-statistic value of 541.389 and the corresponding probability value of 0.000 show that
    the overall result is statistically significant for a robust analysis. The financial literacy and
    educational level of the customers positively and significantly impact the awareness level of
    green banking products in Nigeria at the 5% significance level.
    The ANOVA results report that the independent variables statistically and significantly
    predict an impact on the dependent variable (F = (2,221) = 541.389, P < 0.000). The ANOVA
    result further validates the robustness of the regression analysis. The financial literacy and
    educational level of the customers positively and significantly impact the awareness level of
    green banking products in Nigeria.

    TABLE 10

    Coefficients

    Unstandardized Standardized Collinearity
    Correlations
    Coefficients Coefficients Statistics
    Model t Sig.
    Std. Zero-
    B Beta Partial Part Tolerance VIF
    Error order
    (Constant) –0.369 0.132 –2.801 0.006
    Lack of, or poor,
    infrastructure is a
    challenge to the
    awareness 1.099 0.040 .952 27.290 0.000 0.910 0.878 0.756 0.630 1.588
    sustainability of
    banking sector of green
    1 banking in Nigeria
    The mismanagement of
    resources is a challenge
    to the awareness
    sustainability of the 0.083 0.041 .070 2.017 0.045 –0.509 0.134 0.056 0.630 1.588
    banking sector of green
    banking in Nigeria (f
    resource)
    Sources: Researchers’ computations (2019)

    a. Dependent Variable: To what extent has the financial literacy and educational level of customers
    affected the awareness of green banking products in Nigeria?

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  19. Green Banking Awareness, Challenges and Sustainability in Nigeria

    From the coefficient results, it can be inferred that a 1% decrease in infrastructural
    development poses a 36% challenge to the green banking implementation and awareness level
    in Nigeria. A 1% increase in infrastructural development increases green banking
    implementation, awareness, and also the sustainability of the banking sector in Nigeria by
    1.09%.
    To ensure increasing levels of implementation, awareness, and sustainability of the banking
    sector, there is need for financial and educational infrastructural development in Nigeria,
    especially in the rural areas, to increase by 83%.
    H0: There is no significant effect of poor infrastructure on the awareness of green banking
    products in Nigeria

    Model Summaryb

    TABLE 11
    Change Statistics
    Adjusted R Std. Error of Durbin–
    R R Square
    Model Square the Estimate R Square F Change df1 df2
    Sig. F Watson
    Change Change
    1 0.971a 0.943 0.943 0.22668 0.943 1835.645 2 221 0.000 0.612
    Sources: Researchers’ computations (2019)

    a. Predictors (Constant): A lack of, or poor, infrastructure is a challenge to the awareness sustainability of the
    banking sector regarding green banking in Nigeria. The lack of an adequate power supply is a challenge to the
    awareness/sustainability of the banking sector regarding green banking in Nigeria
    Dependent Variable: The mismanagement of resources is a challenge to the awareness sustainability of the banking
    sector regarding green banking in Nigeria (f resource)

    ANOVAa

    TABLE 12
    Model Sum of Squares Df Mean Square F Sig.
    Regression 188.644 2 94.322 1835.645 0.000b
    1 Residual 11.356 221 0.051
    Total 200.000 223
    Sources: Researchers’ computations (2019)

    a. Dependent Variable: The mismanagement of resources is a challenge to the awareness sustainability of the
    banking sector regarding green banking in Nigeria (f resource)
    b. Predictors (Constant): The lack of, or poor, infrastructure is a challenge to the awareness sustainability of the
    banking sector regarding green banking in Nigeria. The lack of an adequate power supply is a challenge to the
    awareness/sustainability of the banking sector regarding green banking in Nigeria
    The model summary table reports the fitness of the regression model. The R2 value of 0.94
    (94%) is the coefficient determinant that explains the variation in the dependent variable as
    accounted for by the independent variables with an unexplained variation of 6%.
    The F-statistic value of 1835.645 and the corresponding probability value of 0.000 show
    that the overall result is statistically significant for a robust analysis. Poor infrastructure
    development affects green banking awareness in Nigeria at the 5% significant level.

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  20. Clementina kanu (PhD), Dr. Charles Ogbaekirigwe (PhD), OkoRoseline, Dr. NgoziIroegbu(PhD),
    ChijiokeNweke, ChinonsoUgwuoke and Gabriel Idume

    The ANOVA results report that the independent variables statistically and significantly
    predict an impact on the dependent variable (F = (2,221) = 1835.645, P < 0.000). The ANOVA
    result further validates the robustness of the regression analysis. Poor infrastructure
    development affects green banking awareness and sustainability in Nigeria at the 5% significant
    level.

    Coefficientsa

    TABLE 13
    Unstandardized Standardized Collinearity
    Correlations
    Coefficients Coefficients Statistics
    Model T Sig.
    Std. Zero-
    B Beta Partial Part Tolerance VIF
    Error order
    (Constant) 0.258 0.062 4.131 0.000
    The lack of an adequate
    power supply is a
    challenge to the
    awareness/sustainability 0.858 0.018 0.948 47.223 0.000 0.971 0.954 0.757 0.637 1.570
    of the banking sector
    regarding green
    banking in Nigeria
    1
    A lack of, or poor,
    infrastructure is a
    challenge to the
    awareness and – – –
    –0.036 0.020 –0.037 –1.841 0.067 0.637 1.570
    sustainability of the 0.609 0.123 0.030
    banking sector
    regarding green
    banking in Nigeria
    Sources: Researchers’ computations (2019).

    a. Dependent Variable: The mismanagement of resources is a challenge to the awareness sustainability
    of the banking sector regarding green banking in Nigeria (f resource)
    From the coefficient results, it can be inferred that a 1% decrease in the management of
    infrastructural developmental resources poses a challenge to the implementation and awareness
    level of green banking in Nigeria. A 1% decrease in infrastructural development resulting from
    lack of power supply decreases green banking implementation and awareness by 25%. Poor
    infrastructural development decreases the sustainability of the banking sector by 36%. To
    ensure increases in the levels of implementation, awareness, and sustainability of the banking
    sector, there is a need for financial and educational infrastructural development in Nigeria,
    especially in the rural areas, to be increased by 85%
    H0: Green banking benefit has no impact on the performance of the financial institutions in
    Nigeria

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