Examining the role of virtual teams on project management processes in the Nigerian fintech sector

This study examined the role of virtual teams on project management processes in the Nigerian fintech industry. To achieve this aim, the study sought to examine how communication technology utilisation, trust, and geographical distribution of team members affected the project management processes of virtual team members in the Nigerian fintech industry. Building upon the theoretical frameworks of social presence theory and transaction cost theory, the study adopted a quantitative approach and used a sample of 385 employees of fintech firms in Nigeria. Using an electronic close-ended questionnaire (Google forms), data were collected from 378 participants, indicating a response rate of 98.2%. Purposive sampling technique was used to select the study’s participants. Data were analysed using both descriptive (frequencies and percentages) and inferential statistics (multiple linear regression) via the aid of STATA 17. Findings from the study revealed that communication technology utilization (β = 0.3114694, p < 0.05) and geographical distribution of team members (β =0.7622249, p < 0.05) both had statistically significant effects on project management processes. Trust was found to have an insignificant effect on project management processes (β = -0.0085031, p > 0.798). The study concluded that virtual teams significantly and positively affects project management processes in the Nigerian fintech industry, and recommends that firms in the industry should continue with the use of virtual teams in their given projects. Also, the study recommends that policies regarding work in the virtual environment should be formalised so as to maximise the benefits associated with virtual work.