An ARDL Approach on Fintech and Economic Growth in Nigeria

The purpose of the study was to examine fintech and economic growth in Nigeria Economy. This study adopted the ex-post facto research design to collect data and analyse the study’s variables since the variables are after facts. Time-series quarterly data were collected on the variables from the CBN statistical bulletin from 2012 to 2021 on financial technology transaction channels such as ATM, POST, internet banking and mobile technology and economic growth. The study employed ARDL techniques to establish the effect of financial technology on economic growth. Based on the results, it was revealed that ATM has a negative and an insignificant impact on economic growth in Nigeria, MOB has a positive and an insignificant effect on economic growth in Nigeria, INB has an insignificant and a positive impact on the current value of economic growth in Nigeria. Lastly, further findings showed that changes in the current of POS have an insignificant and a negative impact on economic growth in Nigeria. The study recommended that ATM should be reduced by way of introducing additional security in form biometric of security question before transactions are approved. Finally, internet technology should be prevented by prompting the e-banking system to challenge the user to provide additional security questions or code generation with the physical device.