2021
DOI: 10.2478/sues-2021-0018
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Fintech Innovation in the Financial Sector: Influence of E-Money Products on a Growing Economy

Abstract: The FinTech innovation of e-money products in the financial sector has not gained sufficient recognition in Nigeria’s developing country. Despite the numerous economic benefits associated with this innovation, physical cash for financial transactions is still prevalent. Banks are still experiencing some level of cash withdrawals and deposits by individuals who refuse to embrace modern technology. This study stresses the economic benefits of e-payment channels available today and statistically supports evidence… Show more

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Cited by 14 publications
(10 citation statements)
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References 16 publications
(7 reference statements)
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“…Even the ability to innovate can show as a powerful network in your organization (Pop et al, 2018). In general, the ability to innovate can have different types, including the ability to innovate in the field of fintech (Omodero, 2021). According to the reviewed scientific literature, it seems that there are two types of approaches to innovation capability: a) an approach that assumes innovation capability in a systemic view and as one of the parts of the organization's system and its patterns are based on data and Outputs are provided with an internal process that leads to innovation; b) an approach that introduces the ability to innovate as a metasystemic element in any part that can be entered, and has stated the conditions and needs of innovation, regardless of its location.…”
Section: Organizational Innovation Capabilitymentioning
confidence: 99%
“…Even the ability to innovate can show as a powerful network in your organization (Pop et al, 2018). In general, the ability to innovate can have different types, including the ability to innovate in the field of fintech (Omodero, 2021). According to the reviewed scientific literature, it seems that there are two types of approaches to innovation capability: a) an approach that assumes innovation capability in a systemic view and as one of the parts of the organization's system and its patterns are based on data and Outputs are provided with an internal process that leads to innovation; b) an approach that introduces the ability to innovate as a metasystemic element in any part that can be entered, and has stated the conditions and needs of innovation, regardless of its location.…”
Section: Organizational Innovation Capabilitymentioning
confidence: 99%
“…Despite the low rate of FDI in certain countries, the broad use of ICT in this industry 4.0 has extended across nations. ICT aids Nigeria in a variety of ways, including the usage of internet services, sophisticated contemporary phones, digital banking services [29], online tax filing [30], remote employment options, online marketing and advertisement, and so on. In the middle of all of these technical advancements, the Nigerian government thought it would be prudent to tax enterprises substantially involved in telecommunications, internet services, banking, and financial services individually on the technological advancements brought into the country.…”
Section: Conclusion and Recommendationmentioning
confidence: 99%
“…It also promotes financial deepening and enhances access to capital and other financial services by ensuring the efficiency and effectiveness of the financial sector and financial intermediation (Abubakar, Y. I.etal, 2020). As a result, the relationship between financial sector development and economic growth has been a topical issue (Omodero, 2021). The relation between financial development and economic growth has been one of the most investigated topics in economics (Junior Abeka, et The channels through which the financial sector development catalyze economic growth includes, mobilizing and pooling savings, producing information ex-ante about possible investments, supporting the efficient allocation of capital and enhancement of total factor productivity, monitoring investments and exerting corporate governance, diversification, and management of risks, reduces information asymmetries, reducing transaction and monitoring costs, reducing the volatility of the economy by providing a variety of instruments and information to cope with adverse shocks through consumption and investment smoothing (Levine, 1997, Levine, 2004and Mlachila, 2016.…”
Section: Introductionmentioning
confidence: 99%