TO GET THE COMPLETE JOURNAL/THESIS FOR TOPIC BELOW,
CALL: 08168759420, 08068231953
WHATSAPP: 08137701720
SIGNIFICANT EFFECT OF FINTECH ON THE GROWTH OF SMES IN RIVERS STATE NIGERIA
ABSTRACT
Small And Medium Enterprises (SMEs) are the backbone of Nigeria’s economy, accounting for most of over 50% of total employment and over 80% of employment growth over the decade former. The survey indicated that, despite their involvement, historical statistics show that out of five SMEs, three of them do not see their first year of activity while 80% of those that continue fail before the fifth year. The overall objective of the study is to determine the significant effect of FinTech on the growth of small and medium enterprises (SMEs) in Rivers State. The general objectives that guided this study were to determine how mobile money influenced the growth of SMEs in Rivers State, to establish how digital lending impacted the growth of SMEs in Rivers State and to measure how online banking has affected the growth of SMEs in Rivers State. Some of the theories used in the study included; Theory of acceptance of technology, Unified theory of acceptance and use of technology, Theory and technology of diffusion innovation, Theory of organization and the environment. The study used a descriptive illustrative design to achieve the goals. Rivers State according to the 2018 Business Register. Stratified random sampling was applied and the formula of Krejcie and Morgan (1997) was used to arrive at the sample size of 105 SMEs. The study used primary data obtained through a self-administered questionnaire. Using forty questionnaires to ensure the validity and reliability of the data, a pilot test was carried out. The data collected was analyzed using version 25 of the Social Science Statistical Package (SPSS) software. Quantitative information was analyzed using inferential and descriptive statistics. The normality test was performed to check for abnormal values. The study also performed the test model specification to determine if the linear regression analysis best fits the data. The coefficient was used to analyze the relationship between the variables. Pearson’s correlation was performed to establish a linear relationship between the study variables. Regression analysis was conducted to establish the nature of the relationship to which the study refers, as there was a positive significance of the effect of FinTech on SME growth. The study attributed 16% of SME growth to mobile money, digital loans and online banking. The study recommends that financial institutions take advantage of the increased use of mobile money services to form partnerships with mobile phone service providers and provide flexible financial services to operators. The study also suggests that a comparative study be carried out to examine other variables and their effect on the growth of SMEs that are not covered by this study.
Key Words: FinTech and Small and Medium Enterprises (SMEs)