FINANCIAL TECHNOLOGY AND ECONOMIC DEVELOPMENT IN NIGERIA

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.