The Effect of Mobile Wallet Usage on Financial Management Among Nigerian SMEs: A Study of OPay Users in Lagos
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Background of the Study
In recent years, mobile wallets have revolutionized the way individuals and businesses manage their financial transactions, particularly in developing economies like Nigeria. Mobile wallets, such as OPay, provide users with the ability to store, transfer, and manage funds through smartphones, offering a convenient alternative to traditional banking services. This innovation has played a crucial role in improving financial inclusion, particularly for small and medium enterprises (SMEs), which have historically struggled with access to financial services (Olaoye & Alabi, 2024).
In Lagos, a major commercial hub in Nigeria, the adoption of mobile wallets like OPay has seen significant growth, particularly among SMEs seeking efficient and cost-effective ways to manage daily transactions, pay employees, and access credit facilities. The mobile wallet ecosystem enables SMEs to reach a larger customer base, manage their finances more effectively, and increase their operational efficiency. However, despite the apparent benefits, the adoption of mobile wallets and their effect on financial management practices among Nigerian SMEs remains underexplored (Afolabi & Akintoye, 2023).
This study investigates the effect of mobile wallet usage on financial management among Nigerian SMEs, focusing specifically on OPay users in Lagos. The aim is to understand how mobile wallets influence the financial practices of SMEs, particularly in relation to cash flow management, record-keeping, and access to financial services.
Statement of the Problem
While mobile wallet usage among Nigerian SMEs is on the rise, there is limited research on the actual impact of this technology on the financial management practices of these businesses. Specifically, the role of mobile wallets in improving or hindering financial planning, budget management, and record-keeping within SMEs has not been adequately studied. This gap is critical, as effective financial management is vital for the sustainability and growth of SMEs, especially in a dynamic and fast-paced economy like Nigeria's. This study seeks to fill this gap by focusing on OPay users in Lagos, evaluating how mobile wallet usage affects their financial management practices.
Objectives of the Study
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To examine the effect of mobile wallet usage on financial management practices among Nigerian SMEs.
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To evaluate the role of OPay in enhancing financial decision-making and cash flow management for SMEs in Lagos.
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To provide recommendations for optimizing mobile wallet usage to improve financial management among Nigerian SMEs.
Research Questions
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How does mobile wallet usage influence financial management practices among Nigerian SMEs?
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What role does OPay play in enhancing financial decision-making and cash flow management for SMEs in Lagos?
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What strategies can be adopted to improve the financial management practices of Nigerian SMEs through mobile wallets?
Research Hypotheses
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Mobile wallet usage does not significantly influence financial management practices among Nigerian SMEs.
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OPay does not significantly enhance financial decision-making and cash flow management for SMEs in Lagos.
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There are no significant strategies to optimize mobile wallet usage for better financial management in Nigerian SMEs.
Scope and Limitations of the Study
This study will focus on SMEs in Lagos using OPay, examining their financial management practices from 2020 to 2024. Limitations include potential biases in self-reported data and challenges in generalizing findings to SMEs outside Lagos.
Definitions of Terms
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Mobile Wallet: A digital wallet that allows users to store and manage their financial information, including funds, for electronic transactions.
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Financial Management: The process of managing the financial operations of a business, including budgeting, cash flow management, financial decision-making, and record-keeping.
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OPay: A mobile wallet and financial service platform that offers payment solutions, money transfers, and financial management tools in Nigeria.
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