Abstract
This study examined the effect of financial innovations on economic growth in Nigeria. Quarterly time series data of secondary source covering the period from 2009Q1 to 2023Q4 were extracted from the NBS Annual Abstract of Statistics and the World Bank Group. The research was conducted using relevant econometric tools which included descriptive statistic test, unit root test, cointegration test and ARDL model. The ADF unit root test carried out revealed that the variables were stationary at first deference and the ARDL bound test showed that there is a long run relationship between the financial innovation variables and economic growth in Nigeria. The findings from the ARDL estimates showed that financial innovation variables can significantly affect economic growth in Nigeria, given that, all the financial innovation variables used in the study such as POS, WBT, ATM, CRR and interest rate were statistically significant in both the short-run and the long-run, indicating the importance of financial innovation in economic growth in Nigeria. The study recommended the need for infrastructure development, the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) should collaborate in improving the country's digital infrastructure, ensuring widespread availability and reliability of internet services. This would facilitate the expansion of POS, WBT, and ATM services.
Keywords
Point of sale (POS); Automated Teller Machine (ATM); Web banking Transaction (WBT); Economic growth; Financial innovation.
Citations
IRE Journals:
Dr. Usman, Jabir Muhammed , Dr. Agunbiade Olabode , Dr. Ibrahim Ahmed
"Financial Innovations and Economic Growth in Nigeria: ARDL Approach" Iconic Research And Engineering Journals Volume 9 Issue 2 2025 Page 278-288
IEEE:
Dr. Usman, Jabir Muhammed , Dr. Agunbiade Olabode , Dr. Ibrahim Ahmed
"Financial Innovations and Economic Growth in Nigeria: ARDL Approach" Iconic Research And Engineering Journals, 9(2)
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