Optimizing the Growth of SMES through Fintech Solutions in Nigeria: Management Imperatives

Abstract

Even though Fintech's rise in popularity has made it easier for SMEs to accept payments, obtain loans, and expand their businesses, many of them still face a variety of difficulties, some of which include their inability to obtain loans from traditional banks despite Fintech's existence. In order to fill in these gaps (the missing link), this study looks at how Fintech has affected the expansion of SMEs in Nigeria from a management standpoint. The survey, desk research design, and ex post facto research design were all used in the study. The Google form used to collect the main data had eighteen questions on age, gender, and Fintech solutions. The secondary data came from the Central Bank of Nigeria Statistical Bulletin for the year 2022. From 2009 to 2021, all financial banks in Nigeria provided their understudied financial technology characteristics, which were all taken into account in this study. In particular, the Automated Teller Machine (Volumes), Mobile Banking Services (Volumes), Internet Banking Services (Volumes), Point of Sale (Volumes), and SME Growth Rate as determined by SME Contribution to GDP numbers were chosen. As the study concludes, Fintech solutions give small and medium-sized enterprises (SMEs) improved tools for monitoring and organizing financial data, which helps them make better financial decisions and enhances their overall financial performance and contribution to the Nigerian economy. However, there are still issues facing the sector. Therefore, the report suggests that Nigeria should develop a policy to promote SMEs to utilize Fintech and that her agencies instruct SMEs on how to make the most of this Fintech solution.