The role of financial forecasting in achieving business sustainability: A study of Interswitch Nigeria
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Background of the Study
Financial forecasting is a vital tool for businesses to predict future financial outcomes based on historical data, market trends, and economic conditions. Accurate financial forecasting helps businesses in planning, decision-making, and achieving sustainability by aligning resources with projected needs. Interswitch Nigeria, a leading provider of digital payment services in Nigeria, operates in an ever-evolving financial technology sector, where innovation, competition, and regulatory changes significantly impact its financial performance. As the company grows, the role of financial forecasting becomes increasingly important in maintaining profitability and ensuring long-term business sustainability (Suleiman & Eze, 2023). Financial forecasting enables Interswitch to plan for cash flow management, investments, and budgeting, helping the company stay agile amidst uncertainties. However, despite the significance of forecasting, many businesses, including those in the financial technology industry, struggle with accurately predicting market conditions, regulatory changes, and consumer behavior. This research aims to explore the role of financial forecasting in achieving business sustainability at Interswitch Nigeria and assess how well the company leverages forecasting to maintain its competitive edge.
Statement of the Problem
Interswitch Nigeria operates in a highly dynamic and competitive financial technology sector where market conditions, technological advancements, and regulatory changes can disrupt business operations. While the company employs financial forecasting tools, it is unclear how effectively these forecasts contribute to achieving business sustainability in the face of these challenges. Without accurate forecasting, Interswitch may face difficulties in managing liquidity, budgeting, and investment decisions, which could undermine its long-term sustainability. This study seeks to examine the role of financial forecasting in Interswitch Nigeria’s strategy for achieving business sustainability and identify areas where its forecasting practices can be improved.
Objectives of the Study
- To evaluate the role of financial forecasting in achieving business sustainability at Interswitch Nigeria.
- To assess the effectiveness of Interswitch Nigeria's financial forecasting practices in maintaining profitability.
- To propose strategies for improving financial forecasting practices at Interswitch Nigeria to ensure long-term business sustainability.
Research Questions
- How does financial forecasting contribute to business sustainability at Interswitch Nigeria?
- How effective are Interswitch Nigeria’s financial forecasting practices in predicting future financial conditions?
- What strategies can Interswitch Nigeria adopt to improve its financial forecasting for better business sustainability?
Research Hypotheses
- Financial forecasting significantly contributes to achieving business sustainability at Interswitch Nigeria.
- The effectiveness of Interswitch Nigeria's financial forecasting practices positively impacts the company's long-term profitability.
- Improving financial forecasting practices will enhance the business sustainability of Interswitch Nigeria.
Scope and Limitations of the Study
This study focuses on Interswitch Nigeria, with an emphasis on evaluating the role of financial forecasting in achieving business sustainability. Data will be collected from Interswitch’s financial records and reports from the past five years (2020-2025). Limitations include potential access restrictions to sensitive financial data and the challenge of generalizing findings to other companies in the fintech sector.
Definitions of Terms
- Financial Forecasting: The process of predicting a company’s future financial outcomes based on historical data, market trends, and economic indicators.
- Business Sustainability: The ability of a company to maintain its operations and profitability over the long term while minimizing risks and adapting to changes.
- Profitability: The ability of a company to generate earnings relative to its expenses over a specified period.
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