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2023-12-01
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Copyright (c) 2023 Dr. Henry Waleru Akani , Dr. I. Rogers-Banigo
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Digital Finance Transactions And The Stability Of Nigeria Financial Markets
Dr. Henry Waleru Akani
Department of Banking and Finance, Rivers State University, Nkpolu - Port Harcourt, Rivers State, Nigeria
Dr. I. Rogers-Banigo
Department of Banking and Finance, Rivers State University, Nkpolu - Port Harcourt, Rivers State, Nigeria
Keywords: Digital Finance, Stability of Nigeria Financial Markets, Point of Sales, Money Point
Abstract
This study examined the effects of digital finance on the stability of Nigeria financial markets. The objective was to examined how digital finance affects stability of Nigeria financial markets. Time series data were sourced from Central Bank of Nigeria Statistical Bulletin. Percentage of broad money supply and percentage of private sector credit was used as dependent variables while automated teller machine, point of sales, mobile payment and electronic fund transfer. Ordinary least square was used as data analysis methods. the study found that 46.5 percent variation in the dependent variable was explained by the independent variable, the model was found to be statistically significant while the Durbin Watson found that the absence of serial autocorrelation among the variables in the time series. Beta coefficient of the variables shows that ATM has negative effect on the dependent variable while POS, MP and EFT have positive and significant effect on financial sector stability. 50 percent variation in the dependent variable was explained by the independent variable, the model was found to be statistically significant while the Durbin Watson found that the presence of serial autocorrelation among the variables in the time series. Beta coefficient of the variables shows that ATM has negative effect on the dependent variable while POS, MP and EFT have positive and significant effect on financial sector stability. From the findings, the stud conclude that digital fiancé have significant effect on financial market stability. It recommends that policies such as the cashless policy and the e-naira should be integrated with the objective of achieving financial markets stability in Nigeria.