IMPACT OF FINANCIAL TECHNOLOGY (FINTECH) ON FINANCIAL REPORTING IN NIGERIAN BUSINESS

The adoption of Financial Technology (FinTech) has significantly transformed financial reporting, enhancing accuracy, transparency, efficiency, and compliance. This study examines the impact of FinTech innovations, digital payment systems, blockchain technology, and automated accounting software, on financial reporting quality in Nigerian businesses. A descriptive survey research design was employed, targeting financial professionals, auditors, and business owners within Nigeria. A sample of 363 respondents was determined using Taro Yamane’s formula and selected through a simple random sampling technique. Data were collected using structured questionnaires and analyzed using multiple linear regression to assess the relationship between FinTech adoption and financial reporting quality. The findings reveal that digital payment systems improve the timeliness of financial reporting by streamlining transaction processing and
integration into reporting frameworks. Blockchain technology enhances transparency and security by ensuring immutable and verifiable financial records. Automated accounting software contributes to reporting efficiency and compliance by minimizing human errors and automating regulatory adherence. The regression analysis (R² = 0.441) confirms that FinTech adoption significantly influences financial reporting quality, explaining 44.1% of the variation in reporting outcomes. The study recommends stronger regulatory frameworks, increased cybersecurity investments, and enhanced digital literacy for financial professionals to maximize the benefits of FinTech in financial reporting. Future research should explore the role of artificial intelligence in financial fraud detection and conduct comparative studies on FinTech adoption across different business sizes