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Fintech and Economic Development: Evidence from Nigeria
Subject area: Science,Engineering and Technology · Area of research: Technology
Abstract
The FinTech innovation of e-money products in the financial sector has not gained sufficient recognition in Nigeria. Despite the numerous economic benefits associated with this innovation, physical cash for financial transactions is still prevalent. Banks are still experiencing some level of cash withdrawals and deposits by individuals who refuse to embrace modern technology. This study investigates fintech and how it affects economic development. In this study, we use banks? e-money products as the independent variables, while GDP is employed as a proxy for the economy. The data are collected from 20-2022 and are analyzed with multiple regression techniques using Eviews version 9 software. The result shows that all banks? e-money products have a significant favorable influence on the economy except the POS that is yet to gain momentum. The study suggests the full implementation of the cashless policy, proper education of the populace and guidelines to check electronic fraud.
Keywords
Fintech and Economic Development
How to cite this paper
@article{1707831,
author = {Emmanuel Godday Ebikefe, Etuatimi Victory Mirinn},
title = {Fintech and Economic Development: Evidence from Nigeria},
journal = {Iconic Research And Engineering Journals},
year = {2025},
volume = {8},
number = {10},
pages = {1306-1313},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1707831.pdf},
abstract = {The FinTech innovation of e-money products in the financial sector has not gained sufficient recognition in Nigeria. Despite the numerous economic benefits associated with this innovation, physical cash for financial transactions is still prevalent. Banks are still experiencing some level of cash withdrawals and deposits by individuals who refuse to embrace modern technology. This study investigates fintech and how it affects economic development. In this study, we use banks? e-money products as the independent variables, while GDP is employed as a proxy for the economy. The data are collected from 20-2022 and are analyzed with multiple regression techniques using Eviews version 9 software. The result shows that all banks? e-money products have a significant favorable influence on the economy except the POS that is yet to gain momentum. The study suggests the full implementation of the cashless policy, proper education of the populace and guidelines to check electronic fraud.},
keywords = {Fintech and Economic Development},
month = {April},
}