Main Article Content
Financial Technology, Its Digital Fraud Effects on Financial Inclusion and Nigerian Economic Growth in 1985-2024: A Simultaneous Model Approach
Abstract
This study examined interconnected effects of financial
technology on financial inclusion levels in conjunction
with the growing prevalence of digital fraud in Nigeria
economy 1985-2024. The study employed the following
advanced econometric techniques; simultaneous equation
model using two-stage Least Squares technique (ILS)
estimate, Augmented Dickey-Fuller (ADF) tests, co
integration test and Granger causality test along with
adjusted R- squared, Durbin-Watson statistic, f- statistic
and t- statistic. Based on the above econometric
techniques conducted, it was observed that financial fraud
via fanatical technology services accessibility has
significant effects on financial inclusion in Nigeria.
Financial technology service penetration rate in Nigeria
has significant effects on financial fraud via fanatical
technology services accessibility. Gross domestic product
and mobile and internet transaction system service in
Nigeria has a positive influence on financial fraud via
fanatical technology services accessibility. Fraud via
fanatical technology services accessibility has significant
impact on gross domestic product and mobile in Nigeria
economy. The researcher recommends that; more
emphasis of control should be placed on financial
infrastructure technology innovation services upgrade and
inter-security alter adoption which will be beneficial and
its usage will significantly reach in addressing financial
fraud via fanatical technology in Nigerian economy. There
is need for CBN to addresses corporate governance in
identifying fraud-risk factors within all banks, social
network and should be implemented by all bank
management teams on the supervisory of the central bank
of Nigeria, Federal ministry of finance and NDIC.