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Impact of Fintech (Financial Technologies) Usage on The Financial and Non-Financial Performance of Small and Medium Scale Enterprises in Nigeria

Year: 2022

Type: article

Abstract: Small Medium Enterprises contribute immensely to the economic development of any country globally.Thus, their involvement in new innovative usage in recent times cannot be over-emphasized.Among the innovative is Financial Technologies (FinTech) which assists the enterprises to improve their performance.Therefore, this study examined the impact of Financial Technology usage on the financial and non-financial performance of Small the Medium Enterprises' in Nigeria.The study was carried out in Oyo State, Nigeria.381 SMEs' were randomly selected from the 33 LGAs of the Oyo State.The data were analyzed using the one-way ANOVA analytical technique.The findings revealed that there is a significant relationship between FinTech usage and SME customer satisfaction; customer retention; turnover; and profitability.The study concluded that FinTech improves SMEs' performance significantly.It was recommended that SMEs should continue the implementation of FinTech in business operation because its improved financial and non-financial performance.

Source: International Journal of Academic Research in Accounting Finance and Management Sciences

DOI: 10.6007/ijarafms/v12-i2/13262

Authors: Taibat Adenike Akanbi, M. O. Oladejo, O. A. Oyeleye

Institution: Ladoke Akintola University of Technology

Language: English

Topic: FinTech, Crowdfunding, Digital Finance

Subfield: Management Information Systems

Field: Business, Management and Accounting

Domain: Social Sciences

SDGs: Decent work and economic growth, Industry, innovation and infrastructure

Open Access status: diamond

OpenAlex ID: W4281844874