FINANCIAL TECHNOLOGY

This study examined the effect of financial technology and financial inclusion on economic growth in selected sub-Saharan African (SSA) countries. The specific objectives of the study are to examine the effect of internet penetration and the influence of financial technology application on economic growth in selected SSA countries, while also examine the role of financial access, the extent financial usage impact and how financial quality impact on the economic growth in selected SSA countries. The method of analysis adopted in the study is the panel non-linear autoregressive distributed lags (PNARDL) approach which was chosen because it allows for the capture of the effect of potential asymmetries in the independent variables on the dependent variable. It therefore captures nonlinear dynamics that standard linear models might miss. With stratified sampling technique and the use of data filtering approach 29 countries were included in the study based on data availability, depth of the Fintec space and regionalization within the period 2014 to 2023. The study found that the internet penetration and financial technology significantly promotes economic growth in SSA countries. Similarly, financial access and financial quality were also found to positively promote economic growth while the reverse was the case for financial usage which was found to exhibit a negative relationship towards economic growth. In addition, the asymmetric effects of ICT infrastructure and Fintec are found to be much larger than the beneficial effects of their positive shocks with the coefficients of mobile banking (MBK) and POS agency positive but significant values of 0.185 and 0.002 respectively dwarfed by their respective coefficient of negative changes of -0.721 and -0.172. This result therefore calls for a combination of measures in addressing the digital deficits in SSA countries and also encouraging financial technology and inclusion while ensuring that digital services are stabilised and efficiently used over time to prevent costly disruptions.

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 analysed 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.

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

This study examined the effect of financial technology on the performance of deposit money banks in Nigeria. Quarterly time series data for the period 2009Q1–Q4 to 2023Q1–Q4 was generated from the Central Bank of Nigeria Statistical Bulletin and global financial index of the World Bank. The study used the ordinary least squares multivariate regression estimation method to analyze the data generated. The findings reveal that Internet banking, ATM usage, and POS terminal usage have significant impact on deposit money banks’ performance in Nigeria, while mobile banking has no significant effect on deposit money bank performance. According to the study's findings, financial technology (FINTECH) variables play a significant role in Nigeria's deposit money bank performance. Based on the findings, the study recommends that deposit money banks should improve their security on mobile transactions and also reduce the various charges associated with mobile transaction usage in Nigeria. It is also important to address Nigeria's poor internet access. In order to gain consumers' trust, network communication security should be strengthened. Concerns about security when using internet banking should be addressed by banks in order to reverse the negative impact on their performance. Furthermore, deposit money banks should upgrade ATM technology to include features such as cardless transactions, biometrics, and improved security measures to enhance user experience and attract more customers; with increased usage, this will improve bank performance. In addition, the adoption rate of point-of-sale (POS) terminals in Nigeria should continue to be improved so that it will contribute positively to deposit money bank performance. This can be achieved by reducing excessive transaction fees and improving the infrastructure required to operate POS systems, such as network access, which will further enhance the performance of banks in Nigeria.

This study examined the effect of financial technology on the performance of deposit money banks in Nigeria. Quarterly time series data for the period 2009Q1-Q4 to 2023Q1-Q4 was generated from the Central Bank of Nigeria Statistical Bulletin and global financial index of the World Bank. The study used the ordinary least squares multivariate regression estimation method to analyze the data generated. The findings reveal that that Internet banking, ATM usage and POS terminal usage have significant impact on deposit money banks performance in Nigeria while mobile banking has no significant effect on deposit money bank performance. According to the study's findings, financial technology (FINTECH) variables play a significant role in Nigeria's deposit money bank performance. Based on the findings, the study recommends that deposit money banks should improve their security on mobile transaction and also cut down the various charges associated with mobile transaction usage in Nigeria. Also, It's also important to solve Nigeria's poor Internet access. In order to gain consumers' trust, network communications security should also be strengthened. Concerns about security when using internet banking should be addressed by banks in order to reverse the negative impact on their performance. Furthermore, deposit money banks should upgrade ATM technology to include features like cardless transactions, biometrics, and improved security measures to enhance user experience and attract more customers and with more customers using this platform it will improve the performance of deposit money banks. In addition, the adoption rate of point-of-sale (POS) terminals in Nigeria should continue to be improved so that it will continue to contribute positively to deposit money bank performance. This can be done by lowering the excessive transaction fees and making improvements to the infrastructure needed to run POS, such as network access. This will further improve the performance of banks in Nigeria.

The study empirically examined the impact of financial technology on performance of deposit money banks in Nigeria over the period 2009Q1 to 2024Q4. The specific objectives of the study were to find out whether automated teller machine (ATM), point of sales terminal (POS), internet banking (INTB) and mobile banking (MOB) have significant relationship with deposit money banks performance. The fully modified least squares method was used for the analysis of data, and the results obtained revealed that automated teller machine (ATM) had significant negative relationship with deposit money banks performance;
point of sales terminal (POS) had a weak negative relationship with DMBP; internet banking (INTB) had a significant positive impact on performance, and while mobile banking (MOB) has a weak positive relationship with deposit money banks performance in Nigeria. The study conclude that in the determination of deposit money banks performance in Nigeria, ATM, POS and
INTB are relevant financial technology factors to be considered because of their critical role in ensuring high level of performance of deposit money banks in Nigeria. The study recommends among others that, management should continue to ensure that more ATM stands or points where customers can easily withdraw money, especially those who in-hard-to reach areas should be provided. Regular and routine servicing and monitoring of these ATM machines must be carried out. These will go a long way to enhance overall banks’ performance in the country.

This study empirically examines the link between financial technology and the rise of cybercrime in Nigeria. The intensity of detected cybercrime (measured in billions of naira) was used as the dependent variable, with three financial technologies, ATMs, internet services, mobile banking and a control variable (an organizational dummy involved in combating cybercrime). are regressed on four explanatory variables consisting of In Nigeria, like EFCC. The ordinary least squares (OLS)
econometric method was used for estimation. Empirical evidence shows that financial technology has a significant impact on cybercrime in Nigeria. ATMs, Internet, and mobile banking facilities in particular are positively and significantly associated with cybercrime in Nigeria. Further evidence shows that cybercrime, cybercrime rates, albeit with a weaker impact, with more active efforts on the part
of the EFCCC to curb cybercrime in Nigeria. This suggests that more efforts are needed. Given the empirical evidence, the development of sophisticated new and innovative cybercriminals to tame technological devices is essential. This should go hand in hand with strong institutional capacity such as the EFCC and strengthening the legal and judicial framework. Reducing the incidence of cybercrime in Nigeria to negligible levels