{"id":3403,"date":"2025-12-28T16:27:57","date_gmt":"2025-12-28T16:27:57","guid":{"rendered":"https:\/\/journals.amssr.org\/grjhpa\/?p=3403"},"modified":"2026-02-04T16:31:45","modified_gmt":"2026-02-04T16:31:45","slug":"fintech-adoption-and-stock-market-development-as-catalysts-for-sustainable-capital-formation-in-nigeria","status":"publish","type":"post","link":"https:\/\/journals.amssr.org\/grjhpa\/2025\/12\/28\/fintech-adoption-and-stock-market-development-as-catalysts-for-sustainable-capital-formation-in-nigeria\/","title":{"rendered":"FINTECH ADOPTION AND STOCK MARKET DEVELOPMENT AS CATALYSTS FOR SUSTAINABLE CAPITAL FORMATION IN NIGERIA"},"content":{"rendered":"\n<p>Download PDF<\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/journals.amssr.org\/grjhpa\/wp-content\/uploads\/sites\/5\/2026\/02\/FINTECH-ADOPTION-AND-STOCK-MARKET-DEVELOPMENT-AS-CATALYSTS-FOR-SUSTAINABLE-CAPITAL-FORMATION-IN-NIGERIA.docx.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of FINTECH ADOPTION AND STOCK MARKET DEVELOPMENT AS CATALYSTS FOR SUSTAINABLE CAPITAL FORMATION IN NIGERIA.docx.\"><\/object><a id=\"wp-block-file--media-773868ef-b82e-4a90-b9a4-c6d00ab37e54\" href=\"https:\/\/journals.amssr.org\/grjhpa\/wp-content\/uploads\/sites\/5\/2026\/02\/FINTECH-ADOPTION-AND-STOCK-MARKET-DEVELOPMENT-AS-CATALYSTS-FOR-SUSTAINABLE-CAPITAL-FORMATION-IN-NIGERIA.docx.pdf\">FINTECH ADOPTION AND STOCK MARKET DEVELOPMENT AS CATALYSTS FOR SUSTAINABLE CAPITAL FORMATION IN NIGERIA.docx<\/a><a href=\"https:\/\/journals.amssr.org\/grjhpa\/wp-content\/uploads\/sites\/5\/2026\/02\/FINTECH-ADOPTION-AND-STOCK-MARKET-DEVELOPMENT-AS-CATALYSTS-FOR-SUSTAINABLE-CAPITAL-FORMATION-IN-NIGERIA.docx.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-773868ef-b82e-4a90-b9a4-c6d00ab37e54\">Download<\/a><\/div>\n\n\n\n<p>Authors<\/p>\n\n\n\n<p><strong>Gabriel A. Anidiobu, PhD<\/strong><strong><sup>1<\/sup><\/strong><strong> &amp; Felix N. Ezeji, PhD<\/strong><strong><sup>2<\/sup><\/strong><\/p>\n\n\n\n<p><strong><sup>1<\/sup><\/strong><strong>Department of Banking and Finance<\/strong><\/p>\n\n\n\n<p><strong>Enugu State University of Science and Technology, Agbani, Nigeria<\/strong><\/p>\n\n\n\n<p><strong><sup>2<\/sup><\/strong><strong>Research &amp; Planning Department<\/strong><\/p>\n\n\n\n<p><strong>Nigerian Maritime Administration &amp; Safety Agency, Lagos, Nigeria<\/strong><\/p>\n\n\n\n<p><strong>Corresponding Author:\u00a0 +2347036610673; <em>gabriel.anidiobu@esut.edu.ng<\/em><\/strong><\/p>\n\n\n\n<p><strong>ABSTRACT<\/strong><\/p>\n\n\n\n<p><strong>Research Purpose:<\/strong><strong> <\/strong>This study assessed how fintech adoption proxied by digital payments rate, POS transactions and mobile money; stock market development measured by market capitalization growth, impacted sustainable capital formation in Nigeria, captured through gross fixed capital formation (GFCF).<\/p>\n\n\n\n<p><strong>Design\/Methodology\/Approach:<\/strong><strong> <\/strong>Using quarterly data from Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, World Bank\/IMF and CEIC\/Trading Economics (2012-2024), study applied a Vector Autoregression (VAR) model, adapting Law Siong Hook\u2019s 2024 ADB framework to assess how fintech adoption and stock market growth affected capital formation.<\/p>\n\n\n\n<p><strong>Finding:<\/strong><strong> <\/strong>Capital formation. in Nigeria showed persistence, with lagged GFCF remaining significant (Coef. = 0.28; p = 0.019). Fintech adoption via digital payments rate (Coef. = 0.12; p = 0.041) and mobile money value (Coef. = 0.09; p = 0.022) positively influenced capital formation, while POS transactions had only marginal impact (Coef. = 0.07; p = 0.054). Stock market capitalization growth also boosted GFCF (Coef. = 0.11; p = 0.036), whereas inflation reduced it (Coef. = \u20130.10; p = 0.026). Granger causality confirmed fintech indicators, stock market growth and inflation significantly drove capital formation, which in turn influenced market development, establishing a bidirectional relationship between capital formation and stock market growth.<\/p>\n\n\n\n<p><strong>Implications:<\/strong><strong> <\/strong>Nigeria\u2019s capital formation was self-reinforcing, empowered by fintech adoption and stock market development but stifled by inflation, stressing need for policies that foster innovation, deepen financial markets and ensure price stability to sustain investment growth.<\/p>\n\n\n\n<p><strong>Originality\/Value Added: <\/strong>Study highlights need for integrated payment systems that connect traditional, digital and instant platforms to improve accessibility, efficiency and inclusiveness, thereby strengthening capital formation in Nigeria. Based on Technology Acceptance Model, It also shows digital finance adoption depends on perceived usefulness and ease of use, which ultimately shape its impact on capital formation in the economy.<\/p>\n\n\n\n<p><strong>Keywords:\u00a0 <\/strong>Financial Technology, Stock Market, Capital Formation, VAR<strong>\u00a0 <\/strong>Model and Nigeria<strong>\u00a0<\/strong><\/p>\n\n\n\n<p><strong>REFERENCES<\/strong><\/p>\n\n\n\n<p>Abina, A.P. &amp; Mogbeyiteren, O.L. (2021). Capital formation and economic growth in Nigeria: An econometric analysis. <em>African Journal of Business and Economic Development, 1<\/em>(12), 112\u2013 116. https:\/\/www.ijaar.org\/articles\/ajbed\/v1n12\/ajbed-v1n12-Dec21-p11216.pdf.&nbsp;<\/p>\n\n\n\n<p>Al-Assaf, G., Abdel-Halim, M. &amp; Shehadeh, M. (2025). 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(2024). <em>The future of global fintech: Towards resilient and inclusive growth<\/em>. https:\/\/www3.weforum.org\/docs\/WEF_The_Future_of_Global_Fintech_2024.pdf<\/p>\n\n\n\n<p>Yusuf, S. N., Ibebi, C. &amp; Mogbeyiteren, O. (2024). External debt and capital formation in Nigeria: New insight from the quantile autoregressive distributed lag (QARDL) model. <em>Journal of Economics and Allied Research, 9<\/em>(2), 45\u201363. https:\/\/jearecons.com\/index.php\/jearecons\/article\/view\/418.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Download PDF Authors Gabriel A. Anidiobu, PhD1 &amp; Felix N. Ezeji, PhD2 1Department of Banking and Finance Enugu State University of Science and Technology, Agbani, Nigeria 2Research &amp; Planning Department Nigerian Maritime Administration &amp; Safety Agency, Lagos, Nigeria Corresponding Author:\u00a0 +2347036610673; gabriel.anidiobu@esut.edu.ng ABSTRACT Research Purpose: This study assessed how fintech adoption proxied by digital payments rate, POS transactions and mobile money; stock market development measured by market capitalization growth, impacted sustainable capital formation in Nigeria, captured through gross fixed capital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3282,"comment_status":"open","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,38,37],"tags":[],"class_list":["post-3403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grjhpa","category-vol-2-issue-1","category-volume-2"],"_links":{"self":[{"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/posts\/3403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/comments?post=3403"}],"version-history":[{"count":1,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/posts\/3403\/revisions"}],"predecessor-version":[{"id":3405,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/posts\/3403\/revisions\/3405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/media\/3282"}],"wp:attachment":[{"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/media?parent=3403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/categories?post=3403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjhpa\/wp-json\/wp\/v2\/tags?post=3403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}