ISSN 2360-7998
Abstract
The objective of this study was to investigate the impact of financial transparency on members’ satisfaction in selected megachurches in Lagos State. The study adopted a descriptive survey research design. The population for this study consisted of 52,000 members of the 10 selected megachurches in Lagos State, Nigeria. The sample for this study consisted of 410 members from the 10 selected mega churches in Lagos State, Nigeria. The sample size was determined using Taro Yamane's formula, taking into account the total population size of approximately 52,000 members and a desired margin of error of 5%. A combination of convenience sampling and stratified sampling techniques will be used to ensure representation from each of the 10 churches. The sampling technique employed in this study was a combination of stratified random sampling and simple random sampling. A reliability index of 0.84 was obtained in this study.. Descriptive statistics and inferential tests, including correlation and regression analyses, were employed to test the relationship between financial transparency and member satisfaction. Findings revealed financial transparency in megachurches in Lagos State highly influences members' trust and satisfaction, increasing trust, satisfaction, and connection to the church community. Members value detailed breakdowns of expenses, disclosure of salaries and benefits, transparency in fundraising, audits, clear financial information, and opportunities to ask questions. Financial transparency highly influences member confidence and willingness to contribute financially, as members value openness and satisfaction with transparency levels. The study concludes that financial transparency is a crucial organisational practice that fosters trust and enhances church growth. It recommends that megachurches in Lagos State should provide regular financial updates to members, including detailed breakdowns of income and expenses, to maintain transparency and build trust; megachurches should always conduct independent audits of their financial records to ensure accountability and transparency and to provide assurance to members that funds are being managed effectively; and church leadership should always communicate financial information clearly and effectively to members, using various channels such as church bulletins, websites, and social media, to ensure that everyone is informed, among others.
Keywords: Financial Transparency, Member Satisfaction, Megachurches (Lagos State), Trust and Accountability