Uche Chukwukaelo Entrepreneurship has been argued to be an aspect of the business field of study in terms of contributing to the economic growth and development of various economies (Matenda & Sibanda, 2023).
The rising level of entrepreneurs and start-ups in the global business space has made research into understanding entrepreneurial behaviour, attributes and factors for successful entrepreneurship worthwhile.
Martínez-González, Álvarez-Albelo, Mendoza-Jiménez and Kobylinska (2022) opined that entrepreneurship has relevance at a global and regional level in terms of facilitating employment, enhancing business competitiveness and industry performance as well as improving standard of living.
The emerging use and advancements of technology and innovation have brought about intense applications of digital transformations that enhance entrepreneurship outcomes (Gans, Kearney, Scott & Stern, 2021).
Financial Technology companies (Fintechs) have been known to disrupt various industries with innovative products and services by introducing digital technologies that are applied by individuals, groups, businesses and society at large.
According to Zhongqing, Shuai, Shizheng, Luting and Yang (2019) financial technology (Fintech) is a digitally enabled technology based on automated payment processes, online systems, block chain, big data, and intelligent investment that are used in enabling business transactions.
Its investments has increased from 12.2 billion dollars to 153.1 billion dollars in 2010 to 2016 and are still growing (Zhongqing et al., 2019; Mohsin, Hani, Atta, Al-Alawnh Ahmad & Samara, 2023).
This article focuses on how Nigerian entrepreneurs can leverage financial technology innovations that are widely used in the United States of America to improve business operations and drive economic growth in Nigeria.
Financial technology (FinTech) tools and platforms that have proven successful for entrepreneurs in the United States of America that can be used by Nigerian Entrepreneurs for Economic Growth.
According to Varga (2017), financial technology is thriving and growing, making a massive contribution to the financial services and overall global economies.
The core of the impact of fintech in Nigeria is based on the rapid growth in developing countries like United Kingdom and United states of America, thus the fintech seen in Nigeria is dependent on internationally traded financial services and technologies.
The following are identified as factors that can aid or hinder financial technology operations in Nigeria: growing international competition for financial services, rapid transformation of financial services business models, advancement in technology innovation, expanding demographic and geopolitical trends, impacting of emerging markets, changing regulatory and taxation environment and rapid evolution of consumer behaviour preferences (Varga, 2017; Mittal, 2019; Ogege & Boloupr, 2020).
Ismail, Bajwa, Zuraiz, Quresh and Ahmad (2023) commented on how financial technologies are transforming the performance of small and medium enterprises based on platforms such as stripe, PayPal, QuickBooks and wave that provide boundaryless operations.
These FinTech tools, techniques and platforms have revolutionized the way entrepreneurs manage and administer their finances, access capital, and grow their businesses in the United States
Some U.S success stories of Fintech application in enterprises include Airbnb through the utilization of stripe for financial transactions processing, uber through the utilization of square software for payment processing as well as crowdfunding for sourcing finance for business.
The relevance of financial technology continues to increase day to day, from the side of service providers to consumers in terms of opportunities and risks (Ramesh, 2019).
Larsson (2018) explained that fintech plays a significant role in the modern financial system-by providing technology-based financial services or products.
Thus, through the integration of financial technology into small businesses in Nigeria, there can be increased efficiency in their operations, reduction in costs, improvements in financial management and enhancements in customer experience.
The use of the financial technology now provides entrepreneurs with the ability to bank, invest, purchase, distribute, communicate, explore from home, work, cafes, or virtually anywhere an internet connection can be made.
Also, crypto-currency, digital cash or online cash, electronic cash are new concepts in electronic payment systems for entrepreneurs because it combines computerized features of convenience, security, accessibility and privacy.
Conclusion and Future Outlook:
The increasing integration of financial technology in entrepreneurship in Nigeria would expand the contribution to economic growth by transformation of traditional banking systems, advancing the reachability of financial services through financial inclusion as well as driving business efficiency.
Nigerian entrepreneurs can take a cue from U.S to use Fintech to improve innovations in streamlining financial transactions, reducing costs and strengthening ease of doing business and infrastructural convenience.
Finally, through FinTech the perspectives of Nigerian entrepreneurs to compete would expand globally using technology to access new markets and customers.
In the coming future, key areas of Fintech and entrepreneurship in Nigeria include growing use of artificial intelligence, cloud computing, and machine learning, expanding blockchain activities and cryptocurrency results.
It is recommended that government and other stakeholders in Nigeria work together to enhance the evolving regulatory landscape for Fintech and entrepreneurship.
