The increasing reliance on digital banking solutions has significantly transformed financial services, with Automated1Teller1Machine (ATM) transactions playing a critical role in banking operations. This study examines the impact of ATM transactions on the1 financial performance of Deposit Money Banks (DMBs) in Nigeria, utilizing a Robust Least Squares (RLS) estimation technique to analyze quarterly data from 2009 to 2023. The study employs Return on Assets (ROA), Return on Equity (ROE), and Capital Adequacy Ratio1 (CAR) as proxies for financial performance. The findings reveal that while ATM transactions exhibit a statistically insignificant effect on ROA and ROE, they have a significant positive relationship with CAR, suggesting that ATM services contribute more to the financial stability of banks than to their profitability. The study also highlights key challenges associated with ATM usage, including network failures, fraud risks, and high maintenance costs, which may limit its full potential in enhancing bank performance. Given these findings, the study recommends that Nigerian banks strengthen ATM infrastructure, enhance cybersecurity measures, integrate emerging technologies such as blockchain, and implement customer education programs to optimize ATM efficiency and mitigate associated risks. These measures will enhance financial inclusion, improve customer satisfaction, and sustain the overall financial health of deposit money banks in Nigeria.
Abstract Financial technologies (Fintech), such as digital payments, have become transformative economic tools. Yet despite technological advances and the documented benefits of financial inclusion, 1.3 billion adults remained unbanked in 2024, and cash persists globally. Why is fintech growth accompanied not by more intermediation but by persistent disintermediation (through cash and, increasingly, Bitcoin) that varies significantly across countries? I present a theory of disintermediation identifying three primary drivers: weak state capacity, underdeveloped infrastructure, and political institutions shaping citizens’ incentives regarding formal finance. The first two are supply-side factors: weak state capacity enables merchants to demand cash payments to avoid taxation, strengthening informal sectors, and lacking banking infrastructure raises the cost of intermediation. The third is a demand-side factor extending Hirschman’s ‘Exit, Voice, and Loyalty’ framework to finance: autocratic governance increases citizens’ exit from formal finance. I test this theory through two empirical analyses using two-way fixed effects, each capturing disintermediation within a different population: First, cash dependency among the broad population of economic actors in 158 countries, 2001–2020 ( n = 2760). Second, the choice of peer-to-peer over exchange-based channels among cryptocurrency users in 161 countries, 2019–2024 ( n = 921), using a novel dataset provided by Chainalysis, a market leader in blockchain intelligence. The two measures are deliberately not parallel: the cash analysis tests the theory on the broadest possible population, while the Bitcoin analysis tests whether the same institutional drivers predict the choice of disintermediated channels within the population of cryptocurrency users. Consistent results across populations this different indicate that the theorized mechanism is general rather than an artifact of either measure. Results are robust across estimators, including Callaway and Sant’Anna staggered difference-in-differences. Findings demonstrate that supply and demand drivers each shape disintermediation, and establish a research agenda investigating fintech adoption through financial disintermediation.
The rapid diffusion of crypto currency in Nigeria has attracted considerable attention from academics, practitioners, and policymakers. This study investigates the determinants of crypto-currency adoption, market growth, and price dynamics in Nigeria, with a particular focus on financial inclusion, regulatory environment, technological advancement, investor sentiment, and macroeconomic factors. The research objectives are (i) to assess the appeal and growth trajectory of crypto-currencies in Nigeria; (ii) to identify the risk factors that shape their evolution; and (iii) to derive policy-relevant insights for regulators and industry stakeholders. A quantitative approach was employed using quarterly data spanning 2012-2023 (N = 43). Five hypotheses were formulated and tested using a battery of time-series techniques: Granger-causality, unit-root tests, Johansen cointegration, and autoregressive distributed-lag (ARDL) modelling. The proxies for the independent variables were: number of crypto users, transaction volume, and number of exchanges (cryptocurrency adoption); number of regulatory approvals, regulatory clarity, and regulatory support (regulatory environment); internet penetration, mobile-phone adoption, and tech-startup count (technological advancement); social-media mentions, sentiment analysis, and investor-confidence index (investor sentiment); and GDP growth, inflation, and exchange rate (economic factors). Dependent variables included percentage of the population with financial-service access, number of bank accounts, mobile-money adoption (financial inclusion); market capitalization, trading volume, and new listings (crypto-market growth); standard deviation of price returns and frequency of price jumps (price volatility); and number of transactions and users (crypto demand). The empirical findings reveal a complex interplay among the variables. Granger-causality tests indicate bidirectional predictability between crypto currency adoption and financial inclusion, as well as unidirectional causality from regulatory environment, technological advancement, investor sentiment, and economic factors to their respective outcomes (p < 0.05). Unit-root tests confirm stationarity of all series (I(0)), justifying the use of cointegration analysis. Johansen tests detect at least one cointegrating vector for each hypothesis, suggesting long-run equilibria. ARDL models provide nuanced short-run dynamics: a 1 % improvement in regulatory quality raises market growth by 0.98 % (p < 0.001); technological advancement has a modest, borderline-significant short-run effect on adoption (p = 0.09); investor sentiment exhibits a contemporaneous calming effect on volatility followed by a lagged increase (p = 0.04); and economic factors display a near-unit elasticity (0.98, p < 0.001) with crypto demand in the short run but a negative long-run association, implying that sustained economic improvement may reduce crypto’s appeal. The study concludes that while regulatory clarity, technological infrastructure, and macroeconomic stability are pivotal in shaping the short-run trajectory of the Nigerian crypto market, their long-run impact can be ambivalent. Investor sentiment emerges as a significant driver of price volatility, underscoring the role of behavioural factors in this emerging asset class. The findings underscore the need for a balanced regulatory framework that encourages innovation while safeguarding financial stability, alongside targeted investments in digital infrastructure and financial-literacy programmes.
This chapter explores how youth-led Fintech is reshaping pathways to planetary sustainability by combining digital innovation with regenerative economic principles. It examines the theoretical foundations linking Fintech, environmental goals, and youth agency, highlighting how mobile banking, blockchain-based transparency, and AI-driven analytics mobilise green finance and expand inclusion. Drawing on global case studies across Africa, Asia, Europe, and the Americas, the chapter demonstrates how young innovators use digital tools to advance clean energy access, carbon accountability, ethical consumption, and circular-economy financing. It also discusses challenges including digital divides, regulatory gaps, greenwashing, and data risks and offers policy directions to strengthen youth-inclusive, accountable, and scalable sustainable Fintech ecosystems.
This article examines cryptocurrency adoption in the Bicol Region of the Philippines through 14 months of multisited ethnography with the Bicol Blockchain Community (BBC) and three national government agencies. Against libertarian narratives framing blockchain as a tool of financial emancipation, the Bicol case reveals institutional absorption: the incorporation of a nominally anti-statist technology into existing hierarchies of governance, credentialing and capital accumulation. While agencies and community entrepreneurs forged mutually beneficial alliances, material and symbolic benefits accrued primarily to those with prior educational and economic advantages. Extending domestication theory and scholarship on techno-politics, the study develops institutional absorption as a concept for the cultural studies of technology: a culturally constituted process through which digital disruption is translated into legible, governable and hierarchical form. Rather than a universal account of the Global South, the concept offers a core analytical perspective for remittance-dependent, climate-vulnerable peripheral regions, with boundary conditions specified for comparative testing.
This study delves into how blockchain, artificial intelligence (AI), and financial technology (FinTech) can complement one another to propel inclusive banking with regard to emerging economies like Nigeria. It examines how the convergence of these technologies has the potential to improve the provision of service, lower costs of operation, improve financial inclusivity, and improve security in the financial industry. The research also investigates how AI can be leveraged to make informed decisions based on data, how blockchain technology can provide transparency and immutability, and how FinTech platforms can provide underbanked and unbanked people with easily accessible alternatives to conventional financial services. Even though it brings advantages, the convergence also comes with devastating drawbacks, such as issues of data privacy, ethical dilemmas when using AI, scalability constraints of blockchain, cybersecurity threats, and unclear regulations. This paper identifies critical risks and offers strategic suggestions to financial institutions, technology disruptors, and policymakers based on a thorough conceptual analysis and review of the literature over the last few years. These include investing in digital infrastructure, encouraging ethical AI activities, improving regulatory environments, and creating public-private partnerships. The study concludes that although this intersection of these technologies has enormous potential for fueling inclusive finance, their use will need a balanced approach combining innovation with effective governance, moral protection, and human-centered design. Developing strong, accessible, and inclusive financial systems can be expedited by the synergy of blockchain, artificial intelligence, and fintech if harnessed correctly.
The paper focuses on the interaction between the fields of financial technologies and sustainable development, highlighting the contribution of technological advancements in the financial field towards economic development, social inclusion, and environmental protection. Financial technologies (FinTech), utilizing blockchain, mobile banking, and artificial intelligence technologies, have completely transformed the world of finances making it more efficient, transparent, and accessible. The application of FinTech in sustainability projects is essential for the accomplishment of important SDGs such as financial inclusion, poverty reduction, and the establishment of green finance mechanisms, including carbon trade and green bonds. Yet, the study notes several barriers to the successful integration of the two spheres that can include regulatory uncertainty, data protection problems, and the problem of digital divide.
This study examines the effect of blockchain adoption on market efficiency in selected African capital markets from 2014 to 2025. It is motivated by persistent inefficiencies in African stock exchanges, including weak liquidity, information asymmetry, delayed settlement, high transaction costs, and limited digital financial infrastructure. The study adopts a quantitative longitudinal panel design and develops a Blockchain Adoption Index covering blockchain infrastructure, settlement digitisation, fintech ecosystem indicators, and regulatory innovation. Market efficiency is measured using stock return predictability, bid-ask spread, price delay, turnover ratio, and information efficiency indicators, while institutional quality is introduced as a moderating variable. The study applies Dynamic Panel System Generalised Method of Moments estimation to address endogeneity, persistence effects, and unobserved heterogeneity. The findings show that blockchain adoption has a positive and statistically significant effect on market efficiency across African capital markets. Specifically, blockchain adoption improves liquidity, reduces informational frictions, narrows bid-ask spreads, and strengthens price discovery. The interaction result further shows that institutional quality enhances the positive effect of blockchain adoption on market efficiency. The study concludes that blockchain-enabled financial infrastructure can improve capital market performance in Africa when supported by strong governance, credible regulation, and effective digital infrastructure. It recommends increased investment in exchange digitisation, blockchain-based settlement systems, regulatory harmonisation, and institutional capacity development.
The rapid development of cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs) has transformed the global monetary landscape and accelerated the transition toward a cashless society. While critics argue that digital currencies threaten financial stability due to volatility, disintermediation, energy consumption, and regulatory concerns, this paper contends that the increasing competition among digital and fiat currencies can generate significant economic benefits. By examining the evolution of cryptocurrencies, the emergence of stablecoins, the global adoption of CBDCs, and the case of Zimbabwe's hyperinflation, this study argues that currency competition encourages governments to pursue more disciplined fiscal and monetary policies, strengthens policy credibility, and helps anchor inflation expectations. Greater monetary credibility also expands policymakers' ability to respond effectively to future economic downturns. Although digital currencies present important risks, many of these challenges can be mitigated through technological innovation, appropriate regulation, and institutional development. Overall, this paper concludes that a wellmanaged transition toward a cashless society can promote competition, innovation, and long-term economic resilience rather than undermine financial stability.
George Nana Agyekum Donkor, John Kwaku Darko Okrah, Dimy Doresca
This chapter discusses the overview of Small and Medium Enterprises (SME) development, conventional approaches to financing SMEs, challenges of SME financing, and the changing landscape of SME financing in Africa. SMEs generate about 90 per cent of economic activity in Africa, but their structure and informality exclude them from formal value chains, markets, and access to bank credit. They benefit from conventional finance like government credit programmes and factoring that complement formal finance like commercial bank credit, microfinance, venture capital (VC), and specialised stock markets. However, persistent challenges limit funding for small businesses because of structural and institutional barriers, information asymmetry and transparency gaps, low managerial capacity, high transaction and screening costs, and the government crowding-out effect. Innovative models like digital finance, impact investing, fintech, crowdfunding, cryptocurrency, blended finance, supply-chain finance (SCF), and development finance institutions (DFIs) are also helping SMEs bypass credit market shortfalls to access capital. This chapter provides relevant recommendations for governments, policymakers, and key stakeholders.
This chapter examines the evolving architecture of digital remittances and diaspora finance in Africa, situating these flows within the broader framework of continental economic integration under the African Continental Free Trade Area (AfCFTA). With remittance inflows to Africa exceeding $96 billion in 2024, the chapter analyses how digital transfer technologies, blockchain-based platforms, and mobile money innovations are reshaping the cost structure, speed, and transparency of cross-border payments. It evaluates the persistent challenge of high transaction costs in Sub-Saharan African corridors and the role of FinTech disruptors in narrowing the gap toward the Sustainable Development Goal target of 3%. The chapter further explores diaspora investment channels, including diaspora bonds and equity platforms, and assesses their potential for productive capital mobilisation aligned with AfCFTA investment priorities. The chapter concludes with recommendations for integrating diaspora finance into continental development strategies.
Decentralised finance (DeFi) is a relatively new trend in finance that uses blockchain, smart contracts, and distributed ledger technology to offer financial services in a decentralised manner. Although scholars have made many theoretical advances in decentralised finance in recent years, knowledge of its theoretical structure and future research areas remains limited. This is why this study provides a bibliometric analysis of 1002 articles on DeFi published in Scopus between 2012 and 2026. The analysis uses performance analysis and a science mapping approach based on citation analysis, co-authorship, bibliographic coupling and keyword co-occurrence analysis. The results reveal a remarkably high annual growth rate of 39.34% and DeFi’s dynamism and interdisciplinary nature. The three main countries involved in DeFi research are the USA, China, and the UK. Management Science, Energy Economics and Technological Forecasting and Social Change became the main scientific journals for disseminating knowledge about DeFi. Analysis of thematic changes showed a transition of scientific interests from blockchain and cryptocurrencies to new topics, like artificial intelligence, sustainability, governance, and financial inclusion. Overall, the current study provides a better understanding of the intellectual, conceptual, and social basis of DeFi and highlights possible research areas in the use of artificial intelligence in DeFi, decentralised governance, and sustainable digital financial system development.
The application of blockchain technology in streamlining cross border trade is quite pertinent within the African context, due to the underlying border delays and cumbersome documentation processes. This exploratory research focuses on examining, through case studies, how ten African nations have been applying blockchain technology in comparison to their BRICS counterpart. The study further examines the significance of blockchain technology in streamlining cross-border trade and rules of origin documentation within the context of the African Continental Free Trade Area (AfCFTA). The following nations, such as Egypt, Tunisia, South Africa, Botswana, Mauritius, Rwanda, Ethiopia, Kenya, Nigeria, and Ghana, were selected because they are actively participating in the African Continental Free Trade Area (AfCFTA)'s Guided Trade Initiative (GTI). The other aspect of this research examines the significance of the deployment of distributed ledger technology in BRICS. The significance of this study is to glean lessons from BRICS on the adoption of BCT. Critical realism is the philosophical underpinning of the research. This study applies the inductive approach, qualitative research design, and a case study research strategy. By examining existing case studies of blockchain applications in these selected African and BRICS nations, key lessons are learnt to enhance policy formulation. The result of this research is to enhance policy development on adoption of Block chain technology to build intra-African trade.
Abstract This research examines the adoption of blockchain and fintech innovation in emerging markets, focusing on the drivers, barriers, and regulatory dynamics. Using a cross-sectional quantitative survey of 114 fintech leaders and entrepreneurs across 60 emerging-market countries, the research examines perceptions of blockchain’s role in cost reduction, efficiency, and financial inclusion through decentralized finance (DeFi), tokenized assets, and digital wallets. Findings show respondents broadly agree that blockchain fosters new business models and competitive advantage, perceive strong benefits in transparency, cost reduction, and efficiency, and hold favorable views of regulatory support, clear guidelines, and sandboxes, while still recognizing regulatory, organizational, and technological barriers to adoption. Fintech leaders reported significantly higher familiarity and stronger belief in blockchain’s potential than entrepreneurs. The study applies Institutional Theory, the Technology–Organization–Environment framework, and Disruptive Innovation Theory to highlight policy, organizational, and technological implications. Because the sample was purposive and responses were uniformly positive, the findings describe the perceptions of engaged practitioners rather than statistically generalisable or audited adoption outcomes.
Financial Technology (FinTech) is reshaping the worldwide financial industry by introducing innovations like digital transactions, artificial intelligence (AI), blockchain, mobile banking, data analysis, and integrated finance. These advancements are improving the effectiveness, openness, and availability of financial services, fostering financial inclusion, and decreasing reliance on traditional banking systems. This research investigates how FinTech plays a crucial role in stimulating innovation, inclusivity, and digital change in the financial landscape. It also delves into the opportunities arising from digital financial services and the obstacles related to cybersecurity, data protection, adhering to regulations, and ethical considerations. The research is grounded in an examination of recent literature, industry studies, and policy papers to grasp present trends and future advancements in FinTech. The results indicate that FinTech has emerged as a vital facilitator of sustainable financial expansion and economic progress. The research offers valuable perspectives for scholars, decision-makers, financial organizations, and industry professionals to comprehend the direction of digital finance.
Regulatory permissiveness is widely prescribed as the primary institutional lever for digital asset adoption. This study challenges that prescription. Analyzing NFT and DeFi adoption across 105 countries using Principal Component Analysis (PCA)-constructed composite indices and multivariate Ordinary Least Squares (OLS) regression, we find that the Frontier Technology Readiness Index (FTRI) is the dominant structural correlate across all specifications, consistently outperforming competing explanatory variables. Regulatory environments neither independently explain adoption nor are associated with it linearly: both permissive and restrictive environments outperform mostly prohibited jurisdictions, suggesting that regulatory clarity rather than permissiveness is the operative institutional dimension. NFT and DeFi markets follow empirically distinct pathways: NFT adoption shows stronger associations with digital marketplace maturity while DeFi is more closely associated with technological infrastructure, suggesting that treating Web3 as a homogeneous policy category is unwarranted. National income conditions how effectively technological readiness is associated with adoption gains, with structural determinants exhibiting considerably reduced explanatory power in lower-middle-income economies. For policymakers, these findings reframe the debate: the primary structural correlate of digital asset adoption is technological capacity, not regulatory stance, and below a development threshold, neither intervention is reliably associated with adoption gains.
Promoting harmonious interaction between human beings and the ecological environment has become a key issue for achieving sustainable development. Given the cross-regional mobility of resources and production activities, a single region cannot merely rely on its own efforts to balance economic expansion and carbon reduction. In this context, Digital finance can play a key role in improving information connectivity, facilitating green capital allocation, and reducing transaction costs for cross-regional low-carbon collaboration. Against this background, this study introduces and quantifies regional coordinated emission reduction potential by integrating economic ties, geographical proximity, and interregional carbon emissions from a network perspective. By using the panel fixed effect model, the study explored how digital finance shapes this potential and identified the energy-related carbon consumption structure as a transmission mechanism. Findings reveal that the carbon emission spillover effect is most powerful under the combined influence of economic similarity and geographical proximity. Digital finance significantly enhances the potential for regional coordinated emission reduction, and the effect is even stronger in provinces with lower potential for coordinated emission reduction or weaker fiscal decentralization. The level of digitalization and the depth of usage have a greater influence than the breadth of coverage. In addition, the energy-related transmission channels exhibit clear heterogeneity. The coal-related emission channel provides relatively stronger evidence, whereas the gas-related channel shows a countervailing effect.
This study presents a comprehensive bibliometric analysis of 1,567 scholarly publications to map the evolution of Fintech from 2005 to 2025. Leveraging the SPAR4SLR framework and advanced tools like Biblioshiny, three critical paradigm shifts are identified: the transition from foundational digital banking (2005–2014) to AI-driven financial systems (2015–2019), pandemic-accelerated digitization (2020–2022), and the current era of ethical AI and decentralized finance (2023–2025). The analysis reveals that post-2020 research predominantly focuses on technological innovations such as blockchain and algorithmic trading, while ethical implications remain underrepresented—highlighting a significant governance gap. Geographical disparities are also evident, with most publications originating from North America and Europe, despite Sub-Saharan Africa and South Asia emerging as key regions for fintech adoption. This research provides actionable policy recommendations to bridge these gaps, including a framework for AI ethics in credit scoring and strategies for fintech integration.
The growth of crypto-asset markets and the rise of environmental, social, and governance (ESG) investing reflect two significant transformations at the intersection of technology and finance. While crypto markets are driven by decentralized digital innovation, ESG investment is shaped by societal demands for sustainable capital allocation. This study examines how participation in a high-risk technology-driven market, such as crypto-assets, is associated with sustainability-oriented investment preferences through the development of both financial and digital finance skills. Using survey data collected in February 2024 in Thailand, a country characterized by strong policy support for ESG investment products and rapid crypto adoption, we employed partial least squares structural equation modeling (PLS-SEM) to test a sequential mediation model. The results reveal that crypto-asset ownership is positively associated with financial literacy, which in turn enhances digital financial literacy, leading to stronger ESG investment preferences. The study's findings highlight how technology-enabled financial engagement can foster the skills required for responsible investing, suggesting that digital finance participation and sustainable investment promotion are interconnected pathways rather than separate domains. Policy implications include integrating digital capacity-building into ESG promotion and leveraging technologically engaged investors as a channel for advancing sustainability goals in capital markets.
This study examines the factors contributing to cryptocurrency adoption in South Africa. This study utilized an exploratory research design that applied a qualitative technique. 10 key informants were selected using purposive sampling from organizations involved in the bitcoin industry in South Africa. The study demonstrates that the adoption of cryptocurrencies in the country is influenced by factors such as financial inclusion and access, innovation and entrepreneurship, economic diversification and regulatory frameworks, and teamwork. The challenges and hurdles encompass legislative ambiguity, cybersecurity risks, investor safeguarding, financial education and awareness, infrastructure limitations, and accessibility issues. The findings indicate that adopting cryptocurrencies can enhance financial inclusion, stimulate innovation and entrepreneurship, and tackle systemic problems in the financial industry. Nevertheless, the effective implementation and assimilation of cryptocurrencies in South Africa will necessitate a collaborative endeavour among all parties involved. Robust regulatory frameworks, comprehensive educational programmes, and cooperative endeavours are essential for maximizing the advantages of cryptocurrencies while minimizing the accompanying hazards.