The Impact of Fintech on Financial Development in Nigeria between years 2002 - 2021


Financial Technology popularly referred to as “Fintech”, is said to be financial innovation facilitated by technology to change the way financial goods or services- like loans and investment are accessed by businesses and individuals. Fintech introduced a new dimension into the Financial System of Nigeria, however there is limited empirical studies into the relationship between Fintech and Financial development. Hence, this study employed variables that measures financial access, depth and stability of the system, using the World Bank Global Financial Development 4x2 framework as a guide. The study covers years 2002 – 2021; with 2002 to 2013 being the pre-Fintech prominence era in comparison to period 2014 to 2021 as the Fintech prominence era. Although data limitation meant that the empirical study could only look into years 2009 – 2019. Transaction values of Fintech channels were employed as the explanatory variables, to check their impact on some dependent variables that represents financial products and services related to Lending, Banking, and Investments. Longitudinal quantitative time series data were collected from CBN monthly Statistical bulletin, EFInA, IMF and World Bank databases. These were validated in line with relevant OLS regression assumptions, using Augmented Dicker Fuller test to ensure unit root. The Ordinary Least Square regression method was used to investigate how these Fintech activities drives Financial Development indexes, comparing the pre-Fintech prominence era with the Fintech-prominence era. The results shows Mobile transaction had the most influence on all three indexes in the pre-Fintech prominence era, while POS had the most impact in the Fintech prominence era. The researcher recommends that strategies that increases the usage of Fintech channels by new and existing users be encouraged, as this will improve the Nigerian Financial Development over time.



DOI (Digital Object Identifier)

Permanent link to this resource:



George, Yinka (Oxford Brookes Business School)


Supervisors: Le Riche, Antoine

Oxford Brookes departments

Oxford Brookes Business School
Department of Accounting, Finance and Economics


Year: 2023



© George, Yinka
Published by Oxford Brookes University
All rights reserved.

Related resources

This RADAR resource is Part of Get Published!


  • Owner: Yinka George
  • Collection: Research
  • Version: 1 (show all)
  • Status: Live
  • Views (since Sept 2022): 1,009