Department of Finance

The impact of financial technology on economic development in nigeria, using descriptive statistics, correlation analysis and the panel data techniques. The random-effect method is thus applied for estimating the SGR model based on the Hausman test result. Overall, findings from the study seem to provide evidence that digital banking devices variables are critical factors that influences the sustainable growth rate of listed deposit money banks in Nigeria. Based on the findings of this study, the study recommends that banks should provide more automated teller machine and also improve on its security be encouraged more people to use it. Also, the Central Bank of Nigeria and deposit money banks should make POS more accessible to all individual or businesses and also reduce the fee charged on POS terminal usage. Furthermore, banks should collaborate with network providers to ensure that the network provider provide 4G network that is very fast so that customer will be motivated to use this digital banking devices. Additionally, banks should fortify their cyber security as this will reduce the incidence of cyber-crimes which will encourage more people to carry out internet banking. Management of banks should invest more on digital banking devices like mobile banking, point of sales, automated teller machine and internet banking.

This study investigates the relationship between financial inclusion and economic growth in Nigeria for the period 2000 to 2024. Financial inclusion was measured using the number of bank branches per 100,000 adults, automated teller machines (ATMs) per 100,000 adults, borrowers from commercial banks per 1,000 adults, and current account holders per 1,000 adults, while economic growth was proxied by the real gross domestic product (RGDP) growth rate. The study relied on secondary data obtained from credible sources, including the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, and World Bank Development Indicators. Data were analyzed using descriptive statistics, correlation analysis, panel unit root tests, Johansen Fisher Panel Cointegration Test, and Panel Fully Modified Least Squares (FMOLS) regression. The results indicate that the number of bank branches and bank borrowers have a significant positive impact on economic growth, whereas ATMs and current account holders exhibit a significant negative effect. These findings suggest that while expanding physical banking infrastructure and credit access support economic growth, digital banking access and current account proliferation may not automatically translate into growth unless accompanied by targeted financial inclusion strategies. The study concludes that effective policy interventions are required to optimize the benefits of financial inclusion and recommends the strategic deployment of banking resources, particularly to underserved populations, to enhance Nigeria’s economic performance.

This study examined the effect of capital structure on the financial performance of deposit
money banks with international authorization listed on the Nigerian Exchange Group (NGX).
The study covered seven banks over a six-year period (2018–2023), yielding a total of 42
bank-year observations. Secondary data were extracted from audited annual financial
statements, while financial performance was proxied by Return on Assets (ROA). The capital
structure variables included Total Debt Ratio (TDR), Equity Ratio (ER), Long-Term Debt
(LTD), and Short-Term Debt (STD). Data were analysed using descriptive statistics,
correlation analysis, diagnostic tests, and multiple regression techniques through SPSS 25.
The descriptive statistics revealed that Nigerian deposit money banks rely heavily on debt
financing, particularly short-term debt. Correlation results showed no significant linear
relationship between ROA and the capital structure variables, although strong internal
correlations existed among TDR, ER, and STD. Diagnostic tests confirmed the absence of
multicollinearity, heteroskedasticity, autocorrelation, and non-normality. Due to perfect
multicollinearity between TDR and ER, both variables were excluded from the regression
model, leaving LTD and STD as the final predictors.
The regression results showed that Long-Term Debt (LTD) had a positive but statistically
insignificant effect on financial performance, while Short-Term Debt (STD) exerted a
negative and insignificant effect. The model’s explanatory power was weak (R² = 0.070),
indicating that capital structure accounts for only 7% of variations in bank profitability.
Based on the 5% significance threshold, all hypotheses were accepted, showing that none of
the capital structure variables significantly predicted financial performance during the
period under review.
The study concludes that capital structure does not have a significant effect on the financial
performance of internationally active Nigerian banks, suggesting that profitability in the
banking sector is driven more by operational efficiency, asset quality, regulatory compliance,
and macroeconomic factors than by leverage decisions. The study recommends that bank
managers adopt balanced financing strategies while regulators strengthen policies that
promote sustainable liquidity and risk management.

The study examines the ef ect of Government Capital Budgetary Expenditure on Stock Market Performance. The ordinary least squares econometric tool was employed to empirically examine the relationship within 1984-2021. The study found out that Government expenditure on health has a negative significant influence on stock market performance in Nigeria; Government expenditure on education has a positive significant influence on stock market performance in Nigeria; government expenditure on agriculture has a positive but insignificant effect on stock market performance in Nigeria; Government expenditure on defense has a negative insignificant impact on stock market performance in Nigeria. The study recommends that the Government should prioritize accountability and transparency when allocating and carrying out capital budgetary expenditures. There should be sufficient policy coordination between the monetary and fiscal authorities to preserve macroeconomic stability. Communication and cooperation between the public, business, and civil society sectors should be promoted in order to spot investment opportunities, resolve issues, and create an atmosphere that supports strong stock market performance. Lastly, promoting economic and stock market diversification is necessary to lessen reliance on Government spending as the main factor influencing stock market performance. In order to improve resilience and sustainability, this encourages the growth of other industries, including manufacturing, agriculture, and services.

This study examines the effect of FinTech on financial inclusion in Nigeria, with emphasis on the access and usage dimensions of financial inclusion. The study adopts a secondary data, time series in nature for quoted deposit money banks within the period of 2000 to 2024. The study utilized the multivariate ordinary least square technique, descriptive statistics and Pearson correlation to lucidly explain the impact of financial technology on financial inclusion in Nigeria. This study is a hypothesis testing study in which it examines the relationship between financial technology and financial inclusion in Nigeria within the period of 2000 to 2022. The multivariate ordinary least square was used to estimate the result. ATM usage and mobile banking was found to impact positively on financial inclusion in Nigeria while point of sales services impact negatively on financial inclusion in Nigeria. The estimation results indicate that the determination coefficient adjusted (R2) of 0.94 shows that 94% of performance variation can be explained by variables of ATM usage, mobile banking and point of sales services; while the rest (6%) is explained by other variables outside the model. However to strengthen the statement, multicollinearity was tested using a correlation matrix. The test results obtained correlation coefficient values lower than 0.9, so it can be said that the model used is free from the problems of multicollinearity. The study recommends that concerted effort should be directed at promoting the provision and adoption of FinTech enabled services as they can act as key drivers of financial inclusion in Nigeria.

Financial technology (FinTech) has revolutionized banking operations globally, reshaping the efficiency and performance of deposit money banks (DMBs) in Nigeria. This study examines the impact of financial technology on the performance of Nigerian deposit money banks, focusing on key financial indicators such as profitability, operational efficiency, customer outreach, and risk management. The research explores various FinTech innovations, including mobile banking, internet banking, automated teller machines (ATMs), blockchain technology, and artificial intelligence-driven banking solutions. The study adopts a quantitative research approach, utilizing secondary data from the financial statements of selected banks, Central Bank of Nigeria (CBN) reports, and relevant financial databases. Econometric models are employed to analyse the relationship between FinTech adoption and bank performance metrics such as return on assets (ROA), return on equity (ROE), and non-performing loan ratios (NPLs). Findings reveal that financial technology has significantly enhanced banking efficiency, reduced operational costs, and expanded financial inclusion in Nigeria. However, challenges such as cybersecurity threats, regulatory bottlenecks, and initial high implementation costs have constrained the full potential of FinTech in the sector. The study highlights the need for robust regulatory frameworks, increased robust regulatory frameworks, increased investment in cybersecurity measures, and continuous innovation to sustain the positive impact of financial technology on the banking industry. The study concludes that financial technology is a key driver of bank performance and long-term sustainability. It recommends that deposit money banks leverage advanced digital solutions, collaborate with FinTech start-ups, and strengthen risk management strategies to enhance financial performance and competitiveness in Nigeria’s dynamic banking landscape.

The study examined income inequality, access to credit, and financial inclusion spanning periods from 1995 to 2023 based on the accessibility of data. Four hypotheses were raised and evaluated using the fully modified ordinary least squares estimator. Based on the analysis conducted, the following findings were made that: the number of ATMs per 100,000 adults (ATM) has a negative but statistically insignificant coefficient (-0.0877, p = 0.6695); the number of registered mobile money accounts (MMA) also showed a negative but statistically insignificant relationship with income inequality (-0.0051, p = 0.4920); outstanding loans from commercial banks (LCB) have a positive but statistically insignificant coefficient (15.7753, p = 0.3713); and the private credit to GDP ratio (PRC) is the only variable with a statistically significant positive relationship with income inequality (0.1417, p = 0.0235). As a result of these findings, it was recommended that: policymakers should implement measures to ensure equitable access to credit, including prioritizing loans to underserved groups, such as small and medium-sized enterprises (SMEs), women, and low-income individuals, while creating incentives for financial institutions to extend credit to marginalized communities; should be made to increase mobile money accounts usage, particularly in rural and underserved areas; financial literacy programs should be introduced to educate borrowers on managing loans effectively and using them for productive ventures; and financial institutions should integrate ATMs with more advanced features, such as bill payment, mobile money transfers, and account opening, to make them more impactful for low-income users.

This study examined the effect of dividend policy and financial performance of deposit money banks in Nigeria. The objective of this study is to examine the relationship between earnings per share and financial performance. Using time series data generated from secondary sources through the publications of Nigeria Stock Exchange and financial statements of the Fidelity Bank under review. The study also employed OLS multiple regression analytical techniques to establish the relationships among the variables of dividend policy and financial performance of Fidelity bank Plc. The findings reveal that there is significant relationship between financial performance and earnings per share. It is recommended among others that an optimal dividend policy that maintains an appropriate balance between dividend earnings and retained earnings should be undertaken to promote financial health of the deposit money banks.

The aim of this study was to establish the effect and relationship between dividend policy and firm performance among selected quoted firms in Nigeria. In achieving the objective of the study, the study covered companies drawn across manufacturing sector of the Nigerian Stock Exchange Market from the period 2016-2024, evaluating the companies Leverage, Liquidity, Firm Size, and Firm age with two general methods of empirical analysis of data. The preliminary analysis (which comprises of descriptive and correlation analysis) of the data is first conducted to provide background analysis on the data that will generate the initial characterization of the data used in the study. Thereafter, the multiple regressions were conducted using the ordinary least square (OLS) method. The data were analyzed using E-view 0.8 econometric software. The finding was that Leverage (LEV) exerts a negative and strong relationship with Return on Asset (ROA) and the Firm’s Age was negative too but significant. This implies that age of a firm has a long way to impact on the returns of Asset of the firms. This implies that returns on shares may be favourable in the short run but in the long run may affect the investment opportunities of the firm. We now recommend that firm’s total assets (fixed and current) should be maximized to help facilitate appropriate earnings so as to increase shareholders wealth without any deception of increased income

This study examined the effect of financial development and carbon financing on carbon emission in Sub-Sahara Africa. The study adopted stratified sampling technique. The population of the study is the Sub-Sahara African Countries, while the sample of the study was made up of seven (7) Sub-Saharan African Countries. The study employed secondary data collected from World Bank Development Indicators (WBDI) and the International Monetary Fund (IMF) Financial Structure Database. In order to present a robust outcome in the relationships, the pooled mean group (PMG) technique which is an autoregressive distributed lags (ARDL) approach to panel data estimation was adopted for the empirical analysis. However, the presence of cross-sectional dependence in the panel data ensured that the panel correlated standard errors (PCSE) technique was used for robustness tests. Data used for the study is annual panel data for seven SSA countries with developing capital markets covering the period of 2000 to 2023. The findings from the study revealed that financial development exerts divergent effects on carbon emissions in Sub-Sahara African Countries. In particular, the study found that the level of financial liquidity supports sustainability by significantly reducing carbon emissions in SSA, private credit allocation still favours high-emission activities in the region. Thus, it shown that increased credit penetration significantly increases carbon emission. The economic implication is that, financial deepening mitigates climate degradation in SSA economies while the standard of credit and formal funds allocation is highly inefficient in addressing the climate crisis in SSA. The study recommends that, financial flows in SSA countries should be directed toward sustainable sectors while disincentivising carbon-intensive financing either through regulations or explicit incentive measure.