The influence of the evolvement of financial technology (FINTECH) firms on the delivery of financial services

Samson  Ogege; Tarila  Boloupremo

doi:10.23762/FSO_VOL8_NO4_5

Published : 2020-12-28

Vol. 8 No. 4 (2020)

The influence of the evolvement of financial technology (FINTECH) firms on the delivery of financial services

Samson Ogege

Tarila Boloupremo

DOI: https://doi.org/10.23762/FSO_VOL8_NO4_5

Abstract

This work examined the evolvement of financial technology (fintech) in Nigeria’s commercial capital city, Lagos, and its influence on the delivery of financial services in Nigeria. The purposive sampling technique was adopted to select members of the population of financial services consumers in Lagos, the commercial and economic capital of Nigeria. A sample size of 400 was drawn with a total of 303 copies of the questionnaire properly completed, returned, and found sufficient to be employed for data analysis. ANOVA regression analysis was employed to analyse the data. The findings of the study indicated that factors such as the increase in technological advancement and its usage by younger consumers are the major drivers of financial services. Furthermore, it was established that many customers preferred fintech companies to traditional financial institutions in the scope of the delivery of financial services. It was also established that fintech companies have a significant influence on customer satisfaction and are changing the dynamics of competition in the delivery of financial services in Nigeria.

Keywords:

finance, technology, service delivery, firms, fintech, Nigeria

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Ogege, S. ., & Boloupremo, T. (2020). The influence of the evolvement of financial technology (FINTECH) firms on the delivery of financial services. Forum Scientiae Oeconomia, 8(4), 87–98. https://doi.org/10.23762/FSO_VOL8_NO4_5

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Samson Ogege

ogegesamson@yahoo.com

Affiliation:

University of Lagos, Nigeria Nigeria

Bio Statement (e.g., department and rank)

Samson Ogege, Ph.D., is a senior lecturer in the Department of Finance at one of Nigeria’s leading universities, the University of Lagos. Research interests include small and medium scale entrepreneurship, corporate financial management, international finance, and financial economics.

Tarila Boloupremo

tarila.boloupremo@uat.edu.ng

Affiliation:

University of Africa, Toru-Orua, Nigeria Nigeria

Bio Statement (e.g., department and rank)

Tarila Boloupremo, Ph.D., is a lecturer in the Department of Banking and Finance, University of Africa, Toru-Orua, Bayelsa state, Nigeria. Research interests include corporate finance, monetary & fiscal policy, development finance and financial mathematics.