Digital Payments System and Financial Management of Small-Scale Business in Anambra State, Nigeria

Onuegbu Ebere C; Ezekwere Uzochukwu

doi:10.56201/jafm.vol.11.no10.2025.pg54.64

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Digital Payments System and Financial Management of Small-Scale Business in Anambra State, Nigeria

Onuegbu Ebere C, and Ezekwere Uzochukwu

Abstract

This study determined the association between digital payments system and financial management of small-scale business in Anambra State, Nigeria. Specifically, this study assesses the benefits of digital payment systems ad the challenges face in adopting digital payment systems and their impact on financial management. Survey research design was adopted for this study. The supermarket has total staff strength of 45 employees, distributed across various departments such as administration, accounts, sales, cashiering, and customer service. Data were generated from questionnaire administered to the respondents. Correlation coefficient was employed to test the hypotheses. This study concludes that digital payment systems play a significant role in enhancing the financial management of small businesses. The results showed that the benefits derived from these systems significantly contribute to financial transparency and decision-making. However, issues such as high transaction fees, poor internet connectivity, and security risks also have a significant impact on financial management, limiting the full potential of digital payments adoption. Overall, digital payment systems are an essential tool to improve financial processes, but overcoming the challenges associated with digital payment systems is essential to maximizing the sustainability impact of SMEs. Based on the findings, the study specifically recommends maximizing benefits through training and recording integration. Business owners and employees should receive regular training on digital payment platforms and integrate these systems with financial accounting tools to improve transparency, accuracy, and informed decision-making.

Keywords

Digital payments systemFinancial management and Small-scale business

References

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Digital Payments System and Financial Management of Small-Scale Business in Anambra State, Nigeria

Abstract

Keywords

References

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