Papers by OLUBUKOLA AKINWUNMI
Self, 2022
In an uncertain world, governments, from the fiscal perspectives are struggling to steer the worl... more In an uncertain world, governments, from the fiscal perspectives are struggling to steer the world to sustained growth paths while monetary policy gasps for options with inflation becoming a global economic phenomenon. The markets need a policy rejig that can stimulate efficient allocation of capital and human resource for the optimal benefits of the global economy. This paper, using descriptive analysis, makes a case for a global resurgence of effective fiscal policy in the growth strategy through a new collaborative deal for public-private sector engagement for growth stimulating capital reallocation and sustenance of globalization through renegotiated international trade protocols.
The paper examines the impact of innovation and policy in payments services on financial inclusi... more The paper examines the impact of innovation and policy in payments services on financial inclusion in Nigeria. It was found out that competition enhancing policies are mire impactful on financial inclusion in Nigeria than usage of technology innovation
This paper explored the preference of the poor for informal financial services within Dape, a slu... more This paper explored the preference of the poor for informal financial services within Dape, a slum community in Abuja, the Federal Capital Territory of Nigeria. It revealed that tacit factors such as trust and relatedness are essential considerations in the choice of informal financial services by the poor.
Technology is redefining the financial services industry. This article explores the future of the... more Technology is redefining the financial services industry. This article explores the future of the financial services industry in the context of new technologies. Technological innovations were reviewed and likely implications for the industry were highlighted. The article suggests that a symbiotic relationship among new and incumbent financial services providers will benefit the industry.
Financial Technology Companies (FinTechs) are strongly challenging the traditional providers of f... more Financial Technology Companies (FinTechs) are strongly challenging the traditional providers of financial services whereas the regulatory framework to manage their operations in many jurisdictions is not clearly defined. This paper examines the regulatory issues in respect of Fintechs, reviews regulatory approaches in leading FinTech hubs and proffer recommendations for improving the regulatory landscape in Nigeria. It advocated an accommodative approach to regulating innovators in financial services, and in line with best practices among regulators, identified the need for a dedicated structure to support FinTechs and oversee their operations.
Thesis Chapters by OLUBUKOLA AKINWUNMI
PHD DISSERTATION, NILE UNIVERSITY NIGERIA, 2021
This dissertation explored the importance of ICT infrastructure for the deepening of financial se... more This dissertation explored the importance of ICT infrastructure for the deepening of financial services sector. It identified the components of ICT Investment that support the proliferation of access to financial services and analysed data on ICT penetration indicators against financial depth indicators to suggest relationship between ICT investment and financial depth. The case of Nigeria was further examined towards proving the essentiality of ICT Investment and digital inclusion to promoting access to financial services. The Nigerian narrative, as evidenced in available literature, underscores the plethora of efficiency gains that investment in ICT brought to financial services. However, it was lacking in determining, if those gains translated into improved access to financial services for the unbanked towards financial deepening. This study therefore examined that gap in available literature through the prism of Christensen’s theory of disruptive innovation from the technological improvement perspectives, which is leveraged by financial services innovators, globally. Three selected financial depth indices were investigated to determine the impact of digital inclusion on them using Autoregressive Distributed Lag Models based on quarterly data from 2004 to 2018. It was established that the investment in ICT through its digital inclusion proxies i.e. mobile phones and broadband penetration have impact on financial sector deepening. Mobile phones penetration, in two of the three models has significant positive influence on savings mobilization and access to financial services. Similarly, broadband penetration in two of the three models has significant positive influence on access to financial services and access to credit. Hence, establishing that disruptive innovation brought about by investment in new technology strengthens financial deepening in Nigeria. Contrastingly, Internet penetration, which anchors the social impact of technology for disruptive innovation does not have significant effect on any financial sector deepening indicators in the three models, perhaps due to the low level of internet penetration in the country, high cost of internet services, weak quality of internet service amongst other factors. This finding departs from other studies with regards to effect of internet penetration. We therefore propose that policies should be geared towards harnessing the opportunities presented by modern telecommunication technology to foster financial inclusion by extending modern ICT to areas that are digitally excluded. This should be supported by encouraging financial services innovators through provision of financial services infrastructure such as ATMs, Bank Agents and Service Kiosks as financial touchpoints for the unbanked who may not ordinarily have access to the ICT facilities such as the internet.
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Papers by OLUBUKOLA AKINWUNMI
Thesis Chapters by OLUBUKOLA AKINWUNMI