Impact of Digital Finance Technologies on Agricbusiness Development in Nigeria


  • Kingsley Nwagu
  • Okanya, Ogochukwu Chinelo
  • M. C. Okafor



This study investigates the impact of digital finance technologies on agribusiness in Nigeria between 2001 and 2019. The design adopted for this study was ex-post-facto, and elicited data used for analysis was from the Central Bank Statistical Bulletin. Following extensive empirical and theoretical reviews, a model was formulated. Credit to the Nigerian agric sector was used as a proxy for agribusiness (the dependent variable). In contrast, the various digital finance technology platforms such as point of sales payment system, mobile money payment system, and automated teller machine payment system are used as a proxy for digital finance technologies (independent variables). For data analysis, the Auto-Regressive Distributed Lag (ARDL) model was deployed while diagnostic tools such as the test of Normality, Serial correlation, Autocorrelation test, Ramsey reset test, and Heteroskedasticity test were applied. The tests confirmed the validity and reliability of the model employed. Inferential results suggested that both point-of-sales payment and mobile money payment systems had a positive impact on agribusinesses in Nigeria, while the automated teller machine payment system had a negative impact on agric businesses in Nigeria. The study recommended that financial inclusiveness in the rural and agricultural-dominated areas in Nigeria should be encouraged to sustain the positive impact digital finance technologies has on Nigerian agribusiness.