The Role of Digital Payment Platforms in Improving Financial Accountability: A Case Study of Paystack
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Background of the Study
Digital payment platforms have become integral to financial transactions in Nigeria, offering efficiency, security, and transparency. Paystack, a leading payment platform, has transformed the way businesses and individuals conduct financial transactions, promoting financial accountability through traceable payment records and real-time reporting (Usman & Ibrahim, 2024).
Financial accountability is critical in ensuring the proper use of financial resources and building trust among stakeholders. Digital payment platforms like Paystack enable users to monitor transactions, reduce fraud, and enhance compliance with financial regulations (Adetunji & Okafor, 2023).
This study examines the role of Paystack in improving financial accountability in Nigeria.
Statement of the Problem
Despite the widespread adoption of digital payment platforms, issues such as data breaches, transaction errors, and limited regulatory oversight undermine their effectiveness in promoting financial accountability. For Paystack, ensuring that its platform aligns with accountability standards is essential but under-explored (Adeola & Usman, 2023).
This study addresses the need to evaluate the impact of digital payment platforms on financial accountability, using Paystack as a case study.
Objectives of the Study
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To assess the role of Paystack in improving financial accountability in Nigeria.
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To identify the challenges faced by digital payment platforms in promoting financial accountability.
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To propose strategies for enhancing the accountability of digital payment platforms.
Research Questions
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How does Paystack improve financial accountability in Nigeria?
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What challenges do digital payment platforms face in promoting financial accountability?
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What strategies can enhance the accountability of digital payment platforms?
Research Hypotheses
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H₀₁: Paystack does not significantly improve financial accountability in Nigeria.
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H₀₂: Challenges faced by digital payment platforms do not significantly affect their role in promoting financial accountability.
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H₀₃: Proposed strategies do not significantly enhance the accountability of digital payment platforms.
Scope and Limitations of the Study
The study focuses on Paystack’s role in improving financial accountability in Nigeria. Limitations include restricted access to proprietary platform data and potential bias in stakeholder evaluations.
Definitions of Terms
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Digital Payment Platforms: Online systems that facilitate electronic transactions between parties.
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Financial Accountability: The responsibility to manage financial resources transparently and report on their use.
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Paystack: A Nigerian FinTech company providing payment processing solutions.
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