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IJBESM | International Journal of Business, Economics and Strategic Management
Published: August 27, 2026 | Vol. 1 Issue 3 | ISSN: 3139-5929
Research Article

Financial Technology (FinTech) and Money market Development in Nigeria: 2010-2024

1Ogbonna Obinwanne Okechukwu1✉,
2Okonkwo, Ikeotuonye Victor2
1 Ogbonna is a doctorate degree student in the Department of Banking and Finance, Faculty of Management Sciences, Nnamdi Azikiwe University Awka Anambra State, Nigeria. His research interests include Economic development, financial technology, Portfolio management and Financial Management.
2 Okonkwo is a professor of Financial and Risk Management in the Department of Banking and Finance, Faculty of Management Sciences, Nnamdi Azikiwe University Awka Anambra State, Nigeria. His research interests include Economic development, Stock Market Operations, Financial Technology, Risk Management, Insurance and Financial Management
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Abstract

Abstract This study investigated the relationship between financial technology (FinTech) adoption and money market savings mobilization in Nigeria from 2010 to 2024. Using a Generalized Linear Model (GLM) and pairwise Granger causality tests, the study analyzed the effects of key FinTech channels mainly POS, NEFT, RTGS, internet transfers (IWT), mobile app transfers (MAT), and USSDalongside macroeconomic controls such as inflation, monetary policy rate (MPR), and population growth. Using data sourced for Central Bank of Nigeria, National Bureau of statistics and World Bank database, the results revealed that NEFT and USSD significantly and positively influenced savings mobilization, indicating their critical role in promoting formal financial inclusion. Conversely, RTGS, IWT, and MAT had significant negative effects, implying that these channels were primarily used for consumption and settlements rather than savings. POS transactions were positive but statistically not significant, suggesting untapped potential for agent network-driven deposit mobilization. Inflation and MPR were not significant predictors, showing that technology adoption had a stronger effect on savings behaviour than traditional monetary tools. Population growth contributed positively, reflecting the opportunity presented by Nigeria’s expanding customer base. Thus, the findings confirmed that FinTech adoption remains a main driver of savings mobilization, though channel effects are heterogeneous. The study recommended among other for expanding inclusive digital savings products, investing in financial literacy to convert transaction activity into sustainable savings and strengthen financial intermediation.
Keywords: FinTech, Money Market, Savings Mobilization, Financial Inclusion, Nigeria, Generalized Linear Model

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🔓 Open Access | Published by AGSIR Publisher. This article is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).
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