An Evaluation of the Role of Technology in Transforming Financial Management in Nigerian Universities: A Case Study of Obafemi Awolowo University
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Background of the Study
Technology has revolutionized many sectors, including education, by streamlining operations, enhancing efficiency, and providing innovative solutions to longstanding challenges. In Nigerian universities, financial management has historically been plagued by inefficiencies, manual processes, and inadequate systems for tracking and allocating resources. As a result, many universities have struggled with issues such as misallocation of funds, poor budget management, and a lack of transparency (Adebayo & Ibrahim, 2025).
Obafemi Awolowo University (OAU), one of Nigeria’s leading institutions, has been at the forefront of adopting technology to improve its financial management systems. The university has implemented various technological tools such as financial management software, automated budgeting systems, and online payment platforms to enhance its financial operations (Akinyemi & Fashola, 2024). These technological innovations have the potential to transform financial management by reducing errors, improving transparency, and providing real-time data to administrators. However, there is limited research on how effectively these technologies are being utilized and their impact on the university’s financial performance.
This study will evaluate the role of technology in transforming financial management at Obafemi Awolowo University, assessing how technological innovations have impacted financial decision-making, resource allocation, and transparency.
Statement of the Problem
Despite the growing adoption of technology in Nigerian universities, there is a lack of comprehensive research on its effectiveness in transforming financial management practices. While Obafemi Awolowo University has introduced several technological innovations, the actual impact of these changes on financial performance, accountability, and management efficiency remains unclear. This study seeks to evaluate how technology has reshaped financial management at OAU and its potential for improving financial operations in other Nigerian universities.
Objectives of the Study
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To evaluate the role of technology in improving financial management at Obafemi Awolowo University.
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To assess the impact of technological innovations on financial decision-making and resource allocation at the university.
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To provide recommendations for further integrating technology to improve financial management in Nigerian universities.
Research Questions
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How has technology transformed financial management at Obafemi Awolowo University?
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What impact has technology had on financial decision-making and resource allocation at OAU?
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How can technology further enhance financial management in Nigerian universities?
Research Hypotheses
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H₀: Technology has not significantly improved financial management at Obafemi Awolowo University.
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H₀: Technological innovations have not significantly impacted financial decision-making and resource allocation at OAU.
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H₀: Further integration of technology will not significantly enhance financial management in Nigerian universities.
Scope and Limitations of the Study
This study will focus on Obafemi Awolowo University and will examine the role of technology in its financial management practices. The study will exclude other universities and types of institutions. Limitations may include limited access to internal financial data and the potential reluctance of university administrators to disclose sensitive information.
Definitions of Terms
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Technology in Financial Management: The use of digital tools and software systems to manage financial resources, including budgeting, reporting, and financial decision-making.
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Financial Management: The process of planning, organizing, directing, and controlling financial activities to achieve institutional goals.
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Resource Allocation: The process of distributing financial resources to various departments, projects, or activities within the institution.
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