Fintech and business growth in the banking industry: An outlook from Opay microfinance bank Nigeria limited

Abstract

The study focused on Fintech and business development in Microfinance banks with special emphasis on Small and Medium Scale Enterprises (SMEs) that uses Moinepoint Microfinance bank innovative technology and services. FinTech is the term used to describe new financial services, products, and models that incorporate elements of emerging technology and have the potential to significantly influence established financial markets and services. There is paucity of empirical literature on Fintech as regards to Nigeria as similar studies have been done in most developed nations focusing on the banks rather than the SMEs. Survey research design was adopted and primary data was generated from 400 SMEs using Moniepoint Fintech in South East Nigeria and the data was subjected to multiple regression analysis with the help SPSS version 22. It was concluded that SMEs in Nigeria are now better positioned to thrive as most of the MFBs in recent time has dished out cutting-edge Fintech that businesses can leverage on and that POS terminal, Mobile application and online credit facilities are readily available in the region and these has reshape how businesses are carried out and have also reduced drastically the cost of carrying cash thereby promoting the CBN cashless policy. The study recommend that Moniepoint MFB just like every other bank should carry out more sensitization communication on the benefit of their online credit facilities, mobile applications and the ease of use of their PoS terminal.