KALU Alexanda Ogbonna Udu
Department of Marketing
College of Management Sciences
Michael Okpara University of Agriculture, Umudike.
BASHIR Ogungbangbe
Department of Marketing
College of Management Sciences
Michael Okpara University of Agriculture, Umudike.
ABSTRACT
The study focused on Fintech and business development in Microfinance banks with special emphasis
on Small and Medium Scale Enterprises (SMEs) that uses Moniepoint Microfinance bank innovative
technology and services. FinTech is the term used to describe new financial services, products, and
models that incorporate elements of emerging technology and have the potential to significantly
influence established financial markets and services. There is paucity of empirical literature on
Fintech as regards to Nigeria as similar studies have been done in most developed nations focusing on
the banks rather than the SMEs. Survey research design was adopted and primary data was generated
from 400 SMEs using Moniepoint Fintech in South East Nigeria and the data was subjected to
multiple regression analysis with the help SPSS version 22. It was concluded that SMEs in Nigeria are
now better positioned to thrive as most of the MFBs in recent time has dished out cutting-edge
Fintech that businesses can leverage on and that POS terminal, Mobile application and online credit
facilities are readily available in the region and these have reshaped how businesses are carried out
and have also reduced drastically the cost of carrying cash thereby promoting the CBN cashless
policy. The study recommended that Moniepoint MFB just like every other bank should carry out
more sensitization communication on the benefit of their online credit facilities, mobile applications
and the ease of use of their POS terminal