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The role of Mobile Money and Electronic Transfers in Enhancing corporate social responsibility expenditures Towards Nigeria Economic Growth

SULAIMAN Ahmad, MOHAMMED Ibrahim PhD, KHALIFA. M.M PhD, AUWAL Sulaiman

Abstract

This study moderates’ role of innovation specifically financial technology (Fin-Tech) payment services on the relationship between corporate social responsibility expenditures and Nigeria’s economic growth from 1990 to 2023. Anchored on the Endogenous Growth Theory and using the Autoregressive Distributed Lag model, the research explores how mobile money transactions and the National Electronic Funds Transfer system influence the effectiveness of CSR expenditures in driving Nigeria GDP growth. Data sourced from the Central Bank of Nigeria, World Bank, and financial institutions' annual reports were analyzed using unit root tests, co-integration tests, and ARDL bounds testing. Empirical findings revealed a significant long-run and short-run relationship between CSR expenditures, MMT, NEFT, and economic growth. The inclusion of Fin-Tech indicators notably strengthened the positive impact of CSR Expenditures on GDP growth in Nigeria. Diagnostic tests confirmed model adequacy with no serial correlation or heteroscedasticity. The study concludes that financial innovations enhance the developmental effect of CSR expenditures by financial institutions in Nigeria and recommends greater integration of Fin-Tech in CSR Expenditures to improve transparency, outreach, and impact in the Nigerian economy.

Keywords

Mobile Money TransactionsNational Electronic Funds TransferFinancial InstitutionsCSR Expenditures and GDP

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