Impact of Blockchain Technology on Financial Technology in Nigeria


Authors : WunmiAJAYI; Mathias MADEWA; Olusola FATOYE; Samuel OLADIPO

Volume/Issue : Volume 7 - 2022, Issue 9 - September

Google Scholar : https://bit.ly/3IIfn9N

Scribd : https://bit.ly/3CwfAg8

DOI : https://doi.org/10.5281/zenodo.7141259

A blockchain is an organized, decentralized, unchangeable database that facilitates the recording of network transactions. Blockchain has evolved as a technology that may be employed in a variety of industries in recent years. It is claimed to be the technology that will make transacting simple, effective, safe, and inexpensive. The primary goal of this work was to investigate the impact of blockchain on financial technology in Nigeria. A systematic review was adopted for this paper. The search method began with the identification of digital libraries and web resources that were screened for relevant materials. Six scholarly papers were chosen after screening relevant literatures. Data were retrieved in a methodically and organized into four major themes; concept, importance, impact, and challenges of blockchain on financial technology in Nigeria. The findings indicate that blockchain technology has the potential to improve the efficiency of numerous areas of the financial industry. It can improve and change cross-border payment, trade finance, capital markets, as well as financial reporting and compliance. It also simplifies the process of getting to know your consumer. Blockchain deployment is expected to disrupt the banking and financial systems by enabling a new method of payment, speedier trade execution, a secure ledger, smart contracts, and a variety of other advances. As a result of the finding, this work motivate policymakers to return to the boycott on blockchain exchanges in Nigeria and by understanding these challenges, they can discover arrangements to them and this in turn will offer assistance the nation colossally.

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