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An Appraisal of the Role of Technology in Driving Small Business Innovation: A Study of Fintech Start-ups in Sokoto State

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
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  • NGN 5000

Background of the Study
The emergence of technology has had a transformative impact on small businesses worldwide, especially in developing countries. In Nigeria, fintech start-ups have gained significant traction due to their ability to leverage technology to address financial inclusion gaps and offer innovative solutions in payments, lending, and money transfer (Olalekan, 2024). In Sokoto State, a number of fintech start-ups have emerged in recent years, leveraging technology to introduce new business models that simplify financial transactions for underserved communities. Technology has enabled these businesses to improve service delivery, expand market reach, and increase operational efficiency.

However, despite the promising role of technology in driving innovation in small businesses, challenges such as internet connectivity, limited access to capital, and a lack of technical expertise still hinder the full potential of fintech start-ups. This study aims to examine the role of technology in driving innovation in small fintech businesses in Sokoto State, focusing on how these firms use technology to gain a competitive edge.

Statement of the Problem
While technology holds the potential to drive innovation in small businesses, many fintech start-ups in Sokoto State face barriers in fully utilizing technology for business development. These barriers include limited access to funding, a lack of technical skills, and infrastructural issues such as poor internet connectivity. The study seeks to assess how technology drives innovation among fintech start-ups in Sokoto State and the challenges they encounter in leveraging technological advancements.

Objectives of the Study

  1. To evaluate how fintech start-ups in Sokoto State utilize technology for business innovation.
  2. To examine the challenges faced by fintech start-ups in Sokoto State in integrating technology into their business models.
  3. To provide recommendations on how fintech start-ups can better utilize technology to foster innovation and growth.

Research Questions

  1. How do fintech start-ups in Sokoto State leverage technology to drive innovation?
  2. What are the challenges faced by fintech start-ups in Sokoto State in using technology for business innovation?
  3. How can fintech start-ups in Sokoto State overcome the barriers to technological innovation?

Research Hypotheses

  1. H0: Technology does not significantly contribute to driving innovation in fintech start-ups in Sokoto State.
  2. H0: Limited access to capital does not significantly hinder the ability of fintech start-ups to innovate using technology in Sokoto State.
  3. H0: Poor internet connectivity does not significantly affect the ability of fintech start-ups in Sokoto State to leverage technology.

Scope and Limitations of the Study
The study will focus on fintech start-ups in Sokoto State. Limitations include the potential reluctance of start-up owners to share sensitive business data and challenges in accessing remote areas where these businesses operate.

Definitions of Terms

  1. Fintech Start-ups: New businesses that use technology to offer financial services such as payments, lending, and wealth management.
  2. Business Innovation: The introduction of new ideas, products, or processes to improve business performance and competitiveness.

Technology: The use of digital tools and platforms such as mobile apps, cloud computing, and data analytics to enhance business operations and services.





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