Conference Paper

THE IMPACT OF DIGITAL PAYMENT SYSTEM ON ECONOMIC GROWTH IN NIGERIA

Abstract This study investigated digital financial services and economic growth of Nigeria from 2009 to 2024. The study specific objectives include investigation of the relationship between automated teller machine services and real gross domestic product; evaluation of the relationship between point of sales services and real gross domestic product; determination of the relationship between mobile banking services and real gross domestic product from 2009 to 2024 in Nigeria. A purposive sampling technique was adopted for the collection of quarterly secondary data from the Central Bank of Nigeria. The quarterly data collected were analyzed using univariate, bivariate and multivariate analyses. The findings from the VECM indicated that automated teller machine services positively and insignificantly influence real gross domestic product in Nigeria; point of sales services positively and insignificantly influence on real gross domestic product in Nigeria; mobile banking services positively and insignificantly influences real gross domestic product in Nigeria. On the basis of the findings, the study concluded that digital payment methods influence the economic growth of Nigeria. Hence, the study recommended amongst others that appropriate policies aimed at promoting and enhancing the availability and penetration of digital financial services should be implemented and made effective as this will increase real gross domestic product of the country. Keywords: Automated teller machine, Point of sale, Mobile banking, Economic growth