Abstract
Abstract The FinTech innovation of e-money products in the financial sector has not gained sufficient recognition in Nigeria’s developing country. Despite the numerous economic benefits associated with this innovation, physical cash for financial transactions is still prevalent. Banks are still experiencing some level of cash withdrawals and deposits by individuals who refuse to embrace modern technology. This study stresses the economic benefits of e-payment channels available today and statistically supports evidence to substantiate their usefulness. In this study, we use banks’ e-money products as the independent variables, while GDP is employed as a proxy for the economy. The data are collected from 2006-2019 and are analyzed with multiple regression techniques using E-views version 9 software. The result shows that all banks’ e-money products have a significant favorable influence on the economy except the POS that is yet to gain momentum. The study suggests the full implementation of the cashless policy, proper education of the populace and guidelines to check electronic fraud.
Highlights
Financial Technology (Fintech) is a combination of the words 'financial services and digital technology
The primary aim of this study is to examine the impact of Fintech innovation through e-money products on the economic growth of Nigeria
Omodero C.O., (2021) Fintech innovation in the financial sector: influence of e-money products on a growing economy study, the Jarque-Bera p-value is 3.74, which is greater than 5%
Summary
Financial Technology (Fintech) is a combination of the words 'financial services and digital technology. Omodero C.O., (2021) Fintech innovation in the financial sector: influence of e-money products on a growing economy the past, customary methods of conducting financial transactions dominated the emerging economies including Nigeria. Fintech has afforded people who are regarded as ‘unbanked’ the opportunity to buy or sell online with just their smart mobile phones. It has promoted the innovation of a 'cashless society' in Nigeria. Fintech innovation in the Nigerian financial sector is not without challenges in society, the foremost common food markets in Nigeria are yet to embrace e-money products. According to Ekwueme and Egbunike (2012), seventy percent of banking
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