Digitalization and financial services industry in Nigeria from 2010 to 2023
Digitalization
DOI:
https://doi.org/10.60787/mjrdp.vol15no2.188Keywords:
Digitalization, Financial Services, Automated Teller Machine, Point of Sale, Internet Banking, Economic Growth.Abstract
This study examines the impact of digitalization on the financial services industry and economic performance in Nigeria over the period 2010–2023. The rapid expansion of digital financial innovations such as Automated Teller Machines (ATMs), Point of Sale (POS) terminals, and internet banking has transformed financial intermediation and enhanced the delivery of banking services. Despite these developments, questions remain regarding the extent to which these digital financial channels contribute to overall economic growth in Nigeria. The study adopts a quantitative research design using secondary annual time-series data sourced from the Central Bank of Nigeria Statistical Bulletin. The empirical analysis is based on econometric techniques including the Augmented Dickey-Fuller (ADF) unit root test and the Johansen cointegration approach to determine both the stationarity properties of the variables and the existence of long-run relationships. The model specifies Real Gross Domestic Product (RGDP) as the dependent variable, while ATM transactions, POS transactions, and internet banking represent the key explanatory variables. The findings of the study are expected to provide evidence on the role of digital financial services in enhancing economic performance and financial intermediation efficiency in Nigeria. The study contributes to policy discussions on financial inclusion, digital transformation, and sustainable economic development in emerging economies.Downloads
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