Effect of Digital Payment on Sustainable Growth in Nigeria


  • Adebola Olubunmi Adebisi
  • Sejoro Mauton Zannu
  • John Olusola Dada


Digital Payment, FinTech, Sustainable Growth


This paper covers the enormous influence of digital payment on sustainable growth and
investigates the dynamic interaction between digital payments and the Consumption
Expenditure of Households (CSP). The article begins by delving into the groundbreaking
advancements in digital payments such as mobile pay, point-of-sale, automated teller
machines, and web pay, highlighting how these breakthroughs drive financial inclusion,
encourage entrepreneurship, and promote sustainable growth, measured by Consumption
Expenditure of Households (CSP). Quarter Data of digital payment were acquired from the
NBS data warehouse, while CSP was obtained from CBN Statistical Bulletin for 2015-2021
and analysed using OLS multiple regression after carrying out the Unit Root Test and ADF.
The research reveals that ATM and Mobile Pay transactions assert a positive, although nonsignificant,
effect on the sustainable growth of Nigeria. Furthermore, POS and Web pay
transactions are found to assert a negative but not significant effect on the CSP. This effect
may not be distant from the reality that financial illiteracy and inadequate internet access
have hampered the utilisation of these payment options. By overcoming geographical
barriers and conventional banking systems, digital payments have opened doors for
underprivileged communities, allowing them to engage in economic activities and supporting
sustainable growth at the grassroots level. The report consequently advocates a strong and
resilient fintech ecosystem capable of unleashing new possibilities and constructing a future
where digital payments are at the forefront of sustainable growth.