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
Citations
IRE Journals:
Emmanuel Godday Ebikefe , Etuatimi Victory Mirinn
"Fintech and Economic Development: Evidence from Nigeria" Iconic Research And Engineering Journals Volume 8 Issue 10 2025 Page 1306-1313
IEEE:
Emmanuel Godday Ebikefe , Etuatimi Victory Mirinn
"Fintech and Economic Development: Evidence from Nigeria" Iconic Research And Engineering Journals, 8(10)
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IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
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