Longrun Relationship of Financial System Digitalization and Money Availability, Evidence from West African Country, 2000-2022
- Post by: airjournals
- September 28, 2022
- Comments off
ABSTRACT
The broad objective of this study is to measure the impact of digital finance on money supply in Nigeria. However; the specific objectives of the study are to determine impact of automated teller machine on money supply in Nigeria. Determine impact of point of services on money supply in Nigeria. And finally investigate the impact of web pay on money supply in Nigeria. Ordinary least square was adopted for investigation Result reveals that automated teller machine services positively and significantly impacted on money supply in Nigeria, point of sales services positively and significantly impacted on money supply in Nigeria and finally web pay services positively and significantly impacted on money supply in Nigeria. The implication of result shows that digital finance plays a very serious Positive roles in the extent of money supply efforts. Hence, it was concluded that digital finance should be encouraged to ensure that money supply in economy will make the economic system effective. Since automated teller machine impacts positively on money supply in Nigeria, the Central Bank of Nigeria in synergy with the bank needs to come up with more policy that would enhance digital financing in the economy. Monetary authorities in Nigeria should enforce compliance of the cashless policy in the economy, since it will enhance and promote point of sales activities and still make money available in Nigeria. There should be a lot of orientation and awareness programs to further educate Nigerians on the benefits and workability of web pay financing in the economy so as to enhance financial inclusion in Nigeria financial system.
Keywords: Financial System Digitalization; Money Availability; Nigeria; Automated Teller Machine; Monetary Authorities in Nigeria
BY
Ezema, Clifford Anene PhD1 and Aniekwe, Emmanuel Onuegbunam PhD2