Financial Technology, Its Digital Fraud Effects on Financial Inclusion and Nigerian Economic Growth in 1985-2024: A Simultaneous Model Approach

This study examined interconnected effects of financial technology on financial inclusion levels in conjunction with the growing prevalence of digital fraud in Nigeria economy 1985-2024. The study employed the following advanced econometric techniques; simultaneous equation model using two-stage Least Squares technique (ILS) estimate, Augmented Dickey-Fuller (ADF) tests, cointegration test and Granger causality test along with adjusted R- squared, Durbin-Watson statistic, f- statistic and t- statistic. Based on the above econometric techniques conducted, it was observed that financial fraud via fanatical technology services accessibility has significant effects on financial inclusion in Nigeria. Financial technology service penetration rate in Nigeria has significant effects on financial fraud via fanatical technology services accessibility. Gross domestic product and mobile and internet transaction system service in Nigeria has a positive influence on financial fraud via fanatical technology services accessibility. Fraud via fanatical technology services accessibility has significant impact on gross domestic product and mobile in Nigeria economy. The researcher recommends that; more emphasis of control should be placed on financial infrastructure technology innovation services upgrade and inter-security alter adoption which will be beneficial and its usage will significantly reach in addressing financial fraud via fanatical technology in Nigerian economy. There is need for CBN to addresses corporate governance in identifying fraud-risk factors within all banks, social network and should be implemented by all bank management teams on the supervisory of the central bank of Nigeria, Federal ministry of finance and NDIC.