Electronic Financial Solutions and Performance of Small Scale Enterprises (SSEs) in South West, Nigeria

Abstract

The study examined the effect of electronic financial solutions on performance of small scale enterprises (SSEs) in Southwest, Nigeria. Data were sourced from management and employees of SSEs operating within the Southwest geographical region of Nigeria. The study found that SMS transaction alerts channels, automated teller machine services, mobile banking applications and point of sale terminals have significant positive relationship with the performance of SSEs in Southwest, Nigeria. Implications of the findings from the study was that ease in terms of usage, cost effectiveness, convenience, assurance of website security, and accessibility has enabled SSEs to adopt electronic financial solutions for various business transactions. The study concluded that electronic financial solutions have significant effect on the performance of SSEs in Southwest, Nigeria. The study recommended that banks should strengthen the security of electronic payment system in order to reduce possible threat to users especially those within the SSE space. Also, there should be increased awareness of consumers which will accelerate adoption of the electronic payment platforms.