Financial technology (FinTech) continues to transform and influence the Nigerian financial sector. In recent years, the banking industry in Nigeria has increasingly emphasized mobile banking and internet banking as strategic tools for cost reduction and profit enhancement. However, the extent to which FinTech contributes to the growth of Nigeria’s financial sector remains a critical issue. This study therefore examines the impact of financial technology on financial service delivery by deposit money banks and its effect on the growth of the Nigerian financial sector from 2012 to 2024. The Autoregressive Distributed Lag (ARDL) model was employed to analyze both the short-run and long-run relationships among the variables. Prior to estimation, the Augmented Dickey-Fuller (ADF) unit root test was conducted to determine the stationarity properties of the data. Additional diagnostic tests were also carried out to validate the robustness of the results. The findings revealed that FinTech has a significant and positive effect on financial service delivery among Nigerian deposit money banks. Furthermore, FinTech was found to significantly influence Nigeria’s economic growth. Based on these findings, the study recommends that bank managers enhance the efficiency and usability of mobile, internet, and point-of-sale platforms, while policymakers should create an enabling environment that promotes the adoption and effective use of financial technology to support financial sector development and economic growth in Nigeria.
Kingsley Stanley Usifoh (Wed,) studied this question.