Financial Support and Competitive Advantage of Selected Financial Technology Firms in Lagos State, Nigeria
Year: 2024
Type: article
Abstract: The competitive landscape of financial technology (fintech) industry in Nigerian is challenged byseveral factors such as underserved consumer needs, as well as funding shrinkage occasioned byglobal investment decline. This recoil necessitates a deep understanding of the factors that affectstheir competitive advantage. This study thus investigates the impact of financial support, a businessincubation strategy on competitive advantage of fintech firms in Lagos State, Nigeria. This studyadopts a survey research design to collect primary data from a population of 200 owners/managersof registered fintech firms in Lagos State, Nigeria. Total enumeration was used to determine thesample size of 200 owner/managers. Data was collected using an adapted and close endedquestionnaire and a response rate of 73% (146) was obtained. The validity and reliability of theresearch instrument was established using Average Variance Extracted, Composite Reliability, andCronbach’s alpha coefficients, thus ensuring its accuracy and consistency. Descriptive statisticsand inferential statistics were utilised to analyse the data. The findings of the study revealed thatfinancial support does not exhibit a significant effect on competitive advantage (β = 0.067, R2=0.028, p > 0.05) fintech firms in Lagos State, Nigeria. Based on the conducted investigation, it isclear that the impact of financial support alone on competitive advantage in fintech enterprisesmay not be statistically significant. The study therefore recommends that fintech companies inLagos State, Nigeria should pay attention to other factors not limited to financial support, to helpmeet the growing consumer needs and build their competitive advantage
Authors: Ayodeji Gbenga Bamidele, Edafe Bawa Dogo
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7065913931