Summary
The research aimed to address four hypotheses concerning the adoption of FinTech in Nigeria. These hypotheses explored whether FinTech is being adopted in traditional accounting practices, whether its integration necessitates a transformation in the skill set and methodologies of accounting professionals, and whether the absence of a regulatory framework impacts its adoption. Additionally, the study examined if FinTech adoption impacts the skill set and roles of accounting professionals, influences auditing practices, and whether regulatory uncertainties affect investors' participation in the Nigerian FinTech industry.
Data was collected from various accounting and FinTech professionals in Nigeria, and a regression analysis was conducted to test the significance of different variables (Error reduction, Customer perception and satisfaction, Compliance and Regulations,, and Cost reduction on FinTech adoption.
Key findings from the analysis include:
- The integration of FinTech significantly necessitates a transformation in the skill set and methodologies of accounting professionals (CS was significant with a p-value of 0.0011).
- The adoption of FinTech significantly impacts the skill set and roles of accounting professionals (CI was significant with a p-value of 0.0205).
- The absence of a regulatory framework and the evolution of FinTech did not show significant influence on FinTech adoption or auditing practices (CR and ER were not significant with p-values of 0.1976 and 0.9808, respectively).
