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

Taibat Adenike Akanbi · M. O. Oladejo · O. A. Oyeleye

12 citations0/0 files storedInternational Journal of Academic Research in Accounting Finance and Management Sciences

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FinTech, Crowdfunding, Digital Finance Digital Transformation in Financial Services Financial Literacy and Behavior

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.

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2014How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction 1996Measuring performance in entrepreneurship research 2018Distinguishing between Theory, Theoretical Framework, and Conceptual Framework: A Systematic Review of Lessons from the Field 2016Influence of Enterprise Risk Management Success Factors on Firm Financial and Non-Financial Performance: A Proposed Model 2016The Fintech Revolution: An Opportunity for the West African Financial Sector 2017Entrepreneurship of university students: Important factors and the propensity for entrepreneurship 2018Disruptive Technology and the Fintech Industry in Nigeria: Imperatives for Legal and Policy Responses 2021Learning and innovation in youth-owned small businesses

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