EMERGENCE OF FINANCIAL TECHNOLOGY AND MICRO, SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA

Abstract

The research took a realistic look at how the development of financial technology has affected Nigeria's thriving MSME sector. A total of 69 participants were used in the study, which followed a descriptive research methodology. Research on descriptive and inferential statistical models was performed using primary source data. The scientific analytical results exposed that, Flutterwave and Opay have a positive significant relationship with service delivery. This implies that as the services improve, service delivery also improve in the MSMEs in Nigeria. But unfortunately, Flutterwave has a negative significant nexus with capital structure, while Opay has significant relationship with capital structures of MSMEs in Nigeria. Regarding the impact of Fintech construct on MSMEs’, the study found a significant performance and efficiency. However, the constructs, considered individually, Flutterwave and Opay have significant impact on service delivery, while Flutterwave and Opay have insignificant and substantial impact on capital structure respectively. Based on the findings, the study recommends that MSMEs should adopt Fintech payment channels in their operations as it centers on ease, speed and convenience, MSMEs should explore Fintech serves as they are easy and collateral free loans in sourcing for capital. Government should provide an environment that would allow Fintech to strive and reduce the cost of Fintech operations in order to create a corresponding job opportunities in the society.