Electronic Financial Services and Nigeria Economic Growth

This study empirically examined the impact of electronic financial services on Nigeria economic growth. The specific objectives were to determine the impact of WEB online transaction on Nigeria economic growth, evaluate the impact of POS transactions on Nigeria economic growth, and to ascertain the impact of ATM transactions on Nigeria economic growth. Ex post facto design was adopted. The data used for this study were collected from Central Bank of Nigeria (CBN) statistical bulletin covering the period 2010-2023. Data collected were analyzed using descriptive statistics, multiple regression analysis and post estimation tests. Findings revealed that web online transactions (WEB= 0.134670 with a p-value of 0.0000 (p < 0.05) have positive significant impact on Nigeria economic growth (GDP), point of sales transaction (POS=0.013153 with a p-value of 0.7205 (p > 0.05) have positive insignificant impact on Nigeria economic growth (GDP). It however showed that automated teller machine (ATM=-0.104528 with a p-value of 0.0608(p > 0.05) have negative insignificant impact on Nigeria economic growth (GDP). Based on the findings, the study concludes that the expansion and adoption of electronic financial services particularly web-based platforms can serve as a catalyst for economic growth and development in Nigeria. However, for this potential to be fully realized, the country must address limitations in infrastructure, usage, and accessibility of various electronic payment systems.