ABSTRACTS
This study investigates the impact of Financial Technology (FinTech) on traditional accounting practices in Nigerian firms. Through a quantitative research design, empirical data was gathered to analyze the adoption and influence of FinTech, blockchain technology, and artificial intelligence/machine learning (AI/ML) in accounting processes. Surveys were administered to professionals in the accounting and finance sectors, focusing on demographic information, FinTech usage, perceived impact, and challenges/opportunities. Purposive sampling was employed, with a sample size of 300 participants.
Data analysis utilized statistical techniques including descriptive statistics, correlation analysis, and regression analysis. Findings revealed a significant positive impact of FinTech on automation and digitization, with respondents recognizing its role in streamlining accounting workflows. Blockchain technology was found to enhance transparency and security in financial transactions and auditing practices, while AI/ML contributed to improved real-time financial reporting and decision-making.
Recommendations include promoting FinTech adoption, integrating blockchain technology, leveraging AI/ML, addressing concerns and resistance, regulatory support, and continuous professional development. Implementation of these recommendations could enhance efficiency and transparency in Nigerian accounting practices, contributing to the advancement of the profession and financial sector.
