Automation of micro finance institutions in Nigeria: Implication for the accountants

Abstract

The Central Bank of Nigeria (CBN 2005) has reported that over 60 percent of currency in circulation is outside the banks and that 70 percent of this are to be handled by the newly established Micro Finance Fanks (MFBs). Evidences
from the literature confirm positive correlation between Information Technology (IT) and performance. Taking a cue from Diffusion of Information theory, the perception of stakeholders in microfinance institutions on the ITimpact on service delivery in the MFBs and the implications for the Accountants is worthy of exploration. This paper explored the impact of information technology on the performance of MFBs and the role of Nigerian
accountants with a view to proffering solutions to problems. The study adopts largely exploratory methodology through view analysis of the scholars and practitioners in Information Technology, Accountancy and microfinance institutions in Nigeria. We submit that most of the MFBs are automating their
services to enhance service delivery and that accountants have changing roles than the conventional accounting practice prior to the computer revolution. Accountants must continue to update their skills in Information Technology competence for better performance.