Financial Innovations and Economic Growth in Nigeria: ARDL Approach

References

[1] Abang, S. O., & Ayodele, O. (2022). Financial innovation and economic development in Nigeria.International Journal of Innovative Research and Advanced Studies, 9(4), 73-120.

[2] Adegbite, E. O., & Oke, B. O. (2008). Financial development as bedrock of economic growth inNigeriaby 2020: The roadmap. Journal of Department of Finance, University of Lagos, 2(7), 511.

[3] Ahmed, A., Adamu, M., & Dauda, R. (2020). Financial innovation and economic growth: Empiricalevidence from Nigeria. EuroEconomica, 39(3).

[4] Ajide, F. M. (2016). Financial innovation and sustainable development in selected countries in WestAfrica. Journal of Entrepreneurship, Management, and Innovation, 12(3), 85-111.

[5] Akingunola, R. O. (2011). Small and medium scale enterprises and economic growth in Nigeria: Anassessment of financing options. Pakistan Journal of Business and Economic Review, 2(1).

[6] Akintola, A. A., Oji-Okoro, I., & Itodo, I. A. (2023). Financial sector development and economicgrowthin Nigeria: An empirical re-examination.

[7] Anthony, A. I., & Aboagye, Q. Q. (2014). Bank competition, financial innovations, and economicgrowthin Ghana. African Journal of Economic and Management Studies, 5(1), 30-51.

[8] Asante, S., Agyapong, D., & Adam, M. A. (2011). Bank competition, stock market, and economicgrowth in Ghana. International Journal of Business Administration, 2(4), 33-41.

[9] Avery, R. A., & Samolyk, K. (1999). Bank consolidation and small business lending patterns.Mimeo. Federal Reserve Board and FDIC.

[10] Bara, A., & Mudzingiri, C. (2016). Financial innovation and economic growth: Evidence fromZimbabwe. Investment Management and Financial Innovations, 13(2), 65-75.

[11] Beck, T., Chen, T., Lin, C., & Song, F. M. (2012). Financial innovation: The bright and the darksides.The 24th Australasian Finance and Banking Conference.

[12] Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance.Journalof Banking & Finance, 30(11), 2945-2966.

[13] Checkley, P. (1980). Monetary economics (1st ed.). Peter Andrew Publishing Company.

[14] Chukwunulu, J. I. (2019). Effect of financial innovation on the Nigerian economy. World Journal ofInnovative Research, 6(5), 15-21.

[15] Claessens, S., & Laeven, L. (2005). Financial dependence, banking sector competition, and economicgrowth. Journal of European Economic Association, 3(1), 179-207.

[16] Cynthia, O. O., & Onyeiwu, C. (2019). The impact of financial innovation on economic growth inNigeria.International Journal of Economics, Commerce, and Management, 7(8).

[17] Daniel, D., Emmanuel, K., & Godfred, A. (2022). Financial innovations and economic growth: Doesfinancial inclusion play a mediating role? Cogent Business & Management, 9(1), 2049670.

[18] Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of informationtechnology. MIS Quarterly, 13(3), 319-340.

[19] Domeher, D., Frimpong, J. M., & Appiah, T. (2014). Adoption of financial innovation in theGhanaian banking industry. African Review of Economics and Finance, 6(2), 88-114.

[20] Dunne, P. J., & Kasekende, E. (2016). Financial innovation and money demand: Evidence from SubSaharan Africa. Economic Research Southern Africa (ERSA).

[21] Gakure, R., & Ngumi, P. (2014). Do bank innovations influence profitability of commercial banks inKenya? Prime Journal of Social Science, 2(3), 237-248.

[22] Gbanador, M. A., Makwe, E. U., & Olushola, O. A. (2022). Financial innovation and the performanceof deposit money banks in Nigeria. IIARD International Journal of Banking and Finance.

[23] Gerschenkron, A. (1962). Economic backwardness in historical perspective: A book of essays. TheBelknap Press of Harvard University Press.

[24] Gichungu, Z. N., & Oloko, M. A. (2015). Relationship between bank innovations and financialperformance of commercial banks in Kenya. International Journal of Education & Research,3(5), 443-456.

[25] Goldsmith, R. W. (1969). Financial structure and development. Yale University Press.

[26] Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectralmethods. Econometrica, 37, 424-438.

[27] Ignazio, V. (2007). Financial deepening and monetary policy transmission mechanism. BIS Review,124.

[28] Ikhide, I. S. (2020). Financial sector reforms and monetary policy in Nigeria. IDS Working Paper, 68.

[29] Ilo, J. V., Wilson, A., & Nnanyelugo, S. (2014). Impact of technological innovation on delivery ofbanking services in Nigeria. Proceedings of the 14th International Conference on Economics,Education, and Humanities.

[30] Jegede, C. A. (2014). Effects of automated teller machine on the performance of Nigerian banks.American Journal of Applied Mathematics & Statistics, 2(1), 40-46.

[31] Jessie, I. C. (2019). Effect of financial innovation on the Nigerian economy. World Journal ofInnovative Research, 6(5).

[32] Kamau, D. M., & Oluoch, J. (2016). Relationship between financial innovation and commercial bankperformance in Kenya. International Journal of Social Sciences & Information Technology, 2(4),34-47.

[33] Koutsoyiannis, A. (2001). Modern microeconomics (2nd ed.). Macmillan Press.

[34] Krizner, I. M. (1984). Prices, the communication of knowledge, and discovery process. In K. R.Leube& A. H. Zlabinger (Eds.), The political economy of freedom: Essays in honor of Hayek, F.A. (pp. 139-153). Philosopher Verlag.

[35] Laeven, L., Levine, R., & Michalopoulos, S. (2015). Financial innovation and endogenous growth.Journal of Financial Intermediation, 24(1), 1-24.

[36] Mbagbu, R. E. V. (2008). Entrepreneurship development theories: An overview and critique. Proceedingsof the First Chike Okoli International Conference on Entrepreneurship.

[37] McClelland, D. (1961). Achievement and entrepreneurship: A longitudinal study. Journal of Personalityand Psychology, 1, 389-392.

[38] McKinsey Global Institute. (2012). Africa at work: Job creation and inclusive growth. Retrieved from(link unavailable)

[39] Meir, G. M., & Baldin, R. E. (1986). Development: Theory, history, policy. John Wiley.

[40] Melnick, R., & Eran, Y. (1994). Macroeconomic effects of financial innovation: The case of Israel.Discussion Paper No. 94.05. Retrieved fromhttp://www.boi.org.il/en/Research/DiscussionPapers1/dp9405e.pdf

[41] Mention, A. L. (2011). Innovation for financial services. Innovation Management. Retrieved fromhttp://www.innovationmanagement. se/2011/09/13/innovationfor-financial services

[42] Monday A. G., Blessing O. O & Nekabari O (2023). Finametric Analysis of Financial Innovation andEconomic Growth in Nigeria. International Journal of Social Sciences and ManagementResearch 9(11).www.iiardjournals.org.

[43] Muhammed, Z & Yusuf, O. O (2018). Financial Innovation and Industrial Growth Volatility:Evidence from the Nigerian Banking Industry. NDIC Quarterly 33 (1) 21-44.

[44] Obinna, O (2015). Financial Development and Economic Growth in Nigeria, Journal of Economics andSustainable Development www.iiste.org 6(20).

[45] Ogujiuba, K. K, Ohuche, F. K & Adenuga, A. O (2004). Credit Availability to Small and MediumScaleEnterprises in Nigeria: Importance of New Capital Base for Banks. Background d andissues//AIAE Working Paper, 23 (1).

[46] Ogunsakin, S & Alabi, B. O (2020). Financial Innovation and Economic Growth in Nigeria a SectoralAnalysis, Journal of Economics and Sustainable Development www.iiste.org ,11(16).

[47] Ojo, A. T. (2010).The Nigerian Maladapted Financial System: Reforming Tasks and DevelopmentDilemma. The CIBN Press Limited, Lagos.

[48] Okafor, I.G., Chijindu, E.H., Anyalechi, K.C. (2017). Does financial innovation drive growth?empirical analysis of the Nigerian case. British Journal of Economics, Management and Trade,16(3), 1-10.

[49] Olabisi D. Adegbie and Taiwo A. Olubunmi (2018), Financial Innovations and EntrepreneurialGrowth: Evidence from Nigeria" African Development Review.

[50] Osinubi, T.S. & Akinyele, A.O. (2006). Commercial Banking Lending Rates and the Real sectorof theNigerian Economy. The IUP Journal of Bank Management,3(1) 27– 48.

[51] Osuigwe, O.C. (2022). Financial innovation and economic growth in Nigeria. International Journalof Innovative Social Sciences & Humanities Research, 10(2), 36-51.

[52] Ozurumba, C.O & Onyeiwu, C. (2019). The impact of financial innovation on economic growth inNigeria. International Journal of Economics, Commerce and Management,7,(8), 114.

[53] Ozurumba, O. C. & Charles, O. (2019). The Impact of Financial Innovation on Economic Growth inNigeria. International Journal of Economics, Commerce and Management, 7 (8), 1-14.

[54] Pesaran, M.H., Shin, Y. & Smith, R.J. (1999).Testing Approaches to the Analysis of Long runRelationship. Edinburgh: University of Edinburg Press.

[55] Qamruzzaman, M. & Jianguo, W. (2017). Financial Innovation and Economic Growth in Bangladesh.Research on Financial Innovation. Springer open

[56] Rajan, R. G., & Zingales, L. (1998). Financial dependency and growth. The American Economic Review,88(3), 559-586.

[57] Ratanapakorn, O., & Sharma, S. (2007). Dynamic analysis between the US stock returns and themacroeconomic variables. Applied Financial Economics, 17(5), 369-377.

[58] Ravikumar, T.; Suresha, B.; Sriram, M. & Rajesh, R. (2019). Digital Payments on Economic Growth:Evidence from India. International Journal of Innovative Technology and Exploring Engineering(IJITEE), 8 (12), pp. 553-557.

[59] Schumpeter, J., (1934). Theory of economic development „translated by Reveres Opie Cambridge:Harvard University Press.

[60] Singh, N. (1985). Emerging trends in entrepreneurship, development theories and practices. Intellectualfoundation development management, 16.

[61] Soedarmono, W. (2010). Bank competition, institution and economic development: Evidence from Asiaduring 1999-2007. Economics Bulletin, 30(3), 2119-2133.

[62] Somoye, R.O.C. (2005). Impact of interest rates on the manufacturing sector in Nigeria. Journal ofEconomic & Management Sciences, Olabisi Onabanjo University, AgoIwoye, 1(1),83-103.

[63] Toda, H.Y. & Yamamoto (2002) Statistical inference in Vector Autoregressions with possibly integratedprocesses. Journal of Econometrics, 66, 225-250.

[64] Victor, O. I., Obinozie, H. E., Echekoba, F. N. (2015). The Effect of Information CommunicationTechnology and Financial Innovation on Performance on Nigerian Commercial Banks 20012013, International Journal of Accounting Research, 42(2437),1-16.

[65] World Bank (2023). Global findex database. Retrieved from https://globalfindex.worldbank.org.6/04/2024.

@article{1710026,
      author = {Dr. Usman, Jabir Muhammed, Dr. Agunbiade Olabode, Dr. Ibrahim Ahmed},
      title = {Financial Innovations and Economic Growth in Nigeria: ARDL Approach},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {9},
      number = {2},
      pages = {278-288},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1710026.pdf},
      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.},
      month = {August},
  }