Digital Financial Services and Economic Growth of Nigeria: 2006 – 2021 (Published)
This study investigated digital financial services and economic growth of Nigeria from 2006 to 2021. The study specific objectives include investigation of the relationship between automated teller machine services and real gross domestic product; evaluation of the relationship between point of sales services and real gross domestic product; determination of the relationship between mobile banking services and real gross domestic product; and investigation of the relationship between web banking services and real gross domestic product from 2006 to 2021 in Nigeria. The study anchored on technology acceptance model (TAM) advanced by Davis (1989) and purposive sampling technique was adopted for the collection of quarterly secondary data from the Central Bank of Nigeria. The quarterly data collected were analysed using univariate, bivariate and multivariate analyses. The findings from the VECM indicated that automated teller machine services positively and insignificantly influence real gross domestic product in Nigeria; point of sales services positively and significantly influence on real gross domestic product in Nigeria; mobile banking services positively and insignificantly influences real gross domestic product in Nigeria; and web banking services positively and significantly influence on real gross domestic product in Nigeria. On the basis of the findings, the study concluded that digital financial services influence the economic growth of Nigeria. Hence, the study recommended amongst others that appropriate policies aimed at promoting and enhancing the availability and penetration of digital financial services should be implemented and made effective as this will increase real gross domestic product of the country.
Keywords: ATM, Nigeria, POS, economic growth, web banking