ELECTRONIC PAYMENT PLATFORMS AND ECONOMIC GROWTH IN NIGERIA

This study was conducted to examine the effect of electronic payment platforms on economic growth in Nigeria. The increasing adoption of digital payment systems has transformed the country's financial landscape by promoting financial inclusion, improving transaction efficiency, reducing cash dependency, and enhancing economic activities. Despite these benefits, challenges such as inadequate infrastructure, cybersecurity threats, network failures, and low digital literacy continue to affect the effectiveness of electronic payment platforms. In this study, the researchers specifically investigated the effects of Automated Teller Machine (ATM) transactions and Point-of-Sale (POS) transactions on Nigeria's economic growth. Ex-post facto research design was adopted by the researchers while time-series data were obtained from the Central Bank of Nigeria and the National Bureau of Statistics. Gross Domestic Product (GDP) was used as a proxy for economic growth, while the selected electronic payment channels served as the explanatory variables. Data were analyzed using descriptive statistics, correlation analysis, and multiple regression techniques to determine the nature and the effect of electronic payment platforms on economic growth. The findings revealed that electronic payment platforms have a positive and statistically significant effect on economic growth in Nigeria. It was concluded from the findings of this study that, electronic payment platforms are important drivers of economic growth in Nigeria. The researchers therefore recommended that government agencies, financial institutions, and regulatory authorities should strengthen digital payment infrastructure, improve cybersecurity measures, enhance financial literacy, and expand broadband connectivity, particularly in rural areas, to maximize the economic benefits of electronic payment systems and promote sustainable economic growth.