IMPACT OF MICRO FINANCING IN PROMOTING ENTREPRENEURSHIP IN NIGERIA (A STUDY OF SOME POS, KUDA, MONIE POINT, OPAY AGENTS IN BIDA METROPOLIS)

In the wake of Nigeria's aggressive shift toward a cashless economy, financial technology (Fintech) has emerged as a critical driver for small-scale business growth. Traditional microfinance banks (MFBs) have historically faced challenges such as high collateral requirements and cumbersome protocols, leaving many small business owners in regions like Bida Metropolis underserved. This study examines the impact of microfinancing and digital financial services provided by leading fintech platforms—specifically Kuda, Moniepoint, and Opay—in promoting entrepreneurship within Bida Metropolis. The research focuses on how these platforms' Point of Sale (POS) systems and mobile banking tools facilitate financial inclusion, liquidity management, and business expansion for local entrepreneurs. The study adopts a descriptive survey research design, utilizing structured questionnaires administered to a sampled population of small business owners and POS agents in Bida. Data analysis is conducted using descriptive statistics and regression analysis to determine the correlation between fintech adoption and entrepreneurial performance indicators such as daily transaction volume and profit generation. Preliminary findings indicate that fintech platforms have significantly reduced transaction bottlenecks and improved access to "nanofinance" through instant settlements and flexible credit facilities. In Bida, Moniepoint and Opay POS systems are particularly vital, serving as both a primary business model for agents and a critical payment infrastructure for retail traders. While adoption has increased financial literacy and inclusion, challenges such as network instability, transaction failures, and cybersecurity concerns persist as barriers to full-scale entrepreneurial development. The study concludes that fintech-driven microfinancing is a transformative tool for entrepreneurship in Bida Metropolis, bridging the gap left by traditional banking. It recommends that regulatory bodies like the Central Bank of Nigeria (CBN) strengthen digital infrastructure and that fintech providers lower service fees to further incentivize small business participation.