FINANCIAL TECHNOLOGY (FINTECH) EVOLVEMENT AND INNOVATIONS: A REVIEW OF LITERATURE
Abstract
This study evaluates the innovations in financial technology (FinTech) and their impact on traditional financial institutions. Literature reviewed showed that FinTech remains the cardinal instrument for the effectuation of digital transformation. In spite of its potency, FinTech companies are largely criticized because they serve as channels of money laundering through Bitcoin. Findings from this study portrays that empirical studies on fintech in developing countries are yet to gain ascendancy. It therefore concludes that given the innovativeness and flexibility to financial services occasioned by Fintech emergence and adoption, it remains the best initiative to promote financial activities in the financial industry globally. The study recommends that there is need for the apex regulatory body to urgently come up with guidelines and framework to regulate the activities of Fintech firms in Nigeria as this will go a long way in promoting investors/market confidence in the financial sector. As a way of promoting financial market deepening in Nigeria, the government should come up with policies to encourage the listing of Fintech firms in the Nigerian bourse. It is also expected that future researchers should seek to examine the impact of FinTech on the spread of COVID-19 in different climes as this will influence policy implication for the government and regulators.
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