FINTECH AND THE NIGERIAN FINANCIAL SYSTEM
Abstract
ABSTRACT This study empirically examined the relationship between Fintech and the Nigerian financial system. The variables adopted for measuring Fintech and the Nigerian financial system respectively are as follows; Neo-banks, P2P, Neo-brokers, Virtual currencies, mobile wallets and Neo-lenders for Fintech while Traditional banks, Credit market, Traditional brokers, Traditional currencies, Traditional wallets and Traditional bank lending was used for the Nigerian financial system. Data was collected through an online Google survey form and analysis was done by percentage frequency and Likert Scale analysis. Results show that there is a significant relationship between elements of fintech and elements of the Nigerian financial system such as Neo-banks and traditional banking, Neo-brokers and traditional brokers, Virtual currencies and traditional currencies, Mobile wallets and traditional wallets, Neo-lenders and traditional bank lending. Results further show that there is no significant relationship between P2P platform and the credit market. Conclusion is then given that certain elements of Fintech have a significant impact and effect on certain elements of the Nigerian financial system while others such as P2P platform has no effect or impact. Recommendations are thus as follows. The elements of the Nigerian financial system such as traditional banking, traditional brokers, traditional currencies, traditional wallets and traditional bank lending should continuously update and upgrade to meet up with the technological changes in the economy so as not to go obsolete. This should be done with complete adherence to the regulations and laws guiding the Nigerian financial system. Further recommendation is that elements of the Nigerian financial system can collaborate with elements of Fintech to better improve its service delivery. For the Nigerian credit market, the recommendation is that they should not fall below standard in order not to be overtaking by the wave of new technology being developed on daily basis.
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