FINTECH, SMES, AND SUSTAINABLE DEVELOPMENT IN NIGERIA

Abstract

The study examined the impact of Fintech, Small and Medium Scale Enterprises on sustainable development in Nigeria. The study was focused at looking into how the activities of Fintech and SMEs affect sustainable development in the Nigerian economy. The study sourced for primary data through structured questionnaires distributed among selected respondents. The study analyzed the data and
questionnaires using various statistical tools to ensure the reliability and validity of the instrument used. The study employed the use of descriptive and inferential statistical techniques in testing the stated hypotheses of the study. The findings revealed that social welfare practices (SCOWE) showed no significant correlation with sustainable development, suggesting that these benefits don't directly translate into broader sustainability outcomes, possibly due to the need for more comprehensive strategies or other intervening factors. Surprisingly, Fintech solutions aimed at sustainability (SOLUS) had a negative impact, indicating potential unintended consequences or implementation issues. Similarly, the influence of Fintech on transparency and ethical practices (TACEP), as well as the perception of obstacles and drivers in Fintech adoption (PODR), showed no significant effects, suggesting that these aspects alone are insufficient to drive sustainability without a more systemic and strategic integration. The study therefore recommended the promotion the development and adoption of Fintech tools that improve transparency and adherence to ethical practices within SMEs. This includes creating frameworks and policies that encourage responsible use of Fintech and ensuring these tools are integrated into the broader governance structures of businesses to support long-term sustainable development.