Impact Of Financial Technology On Small And Growing Business Profitability: A Study Of Small And Growing Business In Abeokuta South Local Government, Ogun State, Nigeria.
Oyedele Ola Olusegun, Ph.D1,ArowosayeOluwapelumi Abiodun2 And Ajasa Lukmon Oladimeji3 Federal University Of Agriculture, Abeokuta, Ogun State, Nigeria. College Of Management Sciences, Department Of Entrepreneurial Studies. Olacollins2014@gmail.com; Oluwap
Volume 1, Issue 1, October 2021
The study investigated the Impact of Financial Technology on Small and Growing Business Profitability in Abeokuta South Local Government Area of Ogun State. Cross-sectional descriptive research design was employed for the study where 133respondents (sample size) from the selected total estimated population of 200 SGBs for the study area and were gathered using well-structured questionnaire. Their responses were tested using appropriate statistical tools of SPSS package using the ANOVA. Our study revealed that a positive relationship exists between financial technology and small and growing business profitability. This implies that financial technology has a great impact on small and growing business profitability. Small and growing business owners should implement financial technology tools into their business activities in order to achieve efficiency which invariably leads to increase in profit in business. HypothesisoneshowsthatR2of0.399,andvalueofP<0.05,AdjustedR2=0.394. HypothesistwoshowsthatR2of0.466,andvalueofP<0.05,AdjustedR2=0.461.R2measuresthepercentageofvariationinthedependentvariablecausedbyvariationintheindependentvariable.Thisresearchprovidesrecommendationsextractedfromfindings that, Small and growing business owners should explore more financial technology tools in order to improve efficiency in business thereby increasing their competitiveness in the global world and bringing about national development to Nigeria; and Government should set strict measures for the establishment of financial technology company in order to curb the increasing number of scammers.