Donald Okoh, Bosede C. Olopade, Oluwasegun S. Eseyin


This study examines the impact of digital payment on gross domestic product in Nigeria. Quarterly time series data from first quarter of 2009 to the fourth quarter of 2020 were used. In this study, Gross Domestic Product (GDP), Value of Automated Teller Machine Payment (ATMV), Value of Point of Sale (POSV), Value of Mobile Application Payment (MAPV) Value of Instant Payment (NIPV) are proxies to measure digital payment in Nigerian economy. The data used were obtained from Central Bank of Nigeria Statistical Bulletin (2020).”“The Phillips-Perron test results showed that all the variables were stationary at first difference except MAPV and CPI which was integrated at level 1(0), this means the series, ATMV, POSV, NIPV, GDP and interest rate were integrated at order one I(1).”“The short run ARDL regression results revealed that the use of MAPV and POSV have positive and significant impact on gross domestic product in Nigeria. This positive impact is as a result of usage of digitalpayment transactions through technology acceptance and diffusion of innovation of cashless policy in Nigeria. The results also revealed that NIPV and ATMV have inverse and significant impact on Gross Domestic Product in Nigeria. The negative impact can be attributed to poor power, inadequate internet/machine infrastructures, delay in the reversal of failed bank transactions, non-availability of cash at ATM points. The study, therefore, recommended that government should develop a new school curriculum to include digital finance education, the Central Bank of Nigeria should conduct periodic spot check on ATM points, charges for internet services should be regulated from time to time by the appropriate regulatory body and law should be enacted to curb incident of internet fraud.”


Digital Payment, Digital Economy, Economic Growth, Sustainable Development, Nigeria.

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