The Application of Digital Payment Technologies and Small-Scale Business Development in Uyo Metropolis, Akwa Ibom State, Nigeria

Uke; Akam Friday PhD; Samuel; Jeremiah Udofia Jackson Anietie Udofia

doi:10.56201/jbae.vol.12.no8.2026.pg1.10

📄 Download Paper

The Application of Digital Payment Technologies and Small-Scale Business Development in Uyo Metropolis, Akwa Ibom State, Nigeria

Uke, Akam Friday PhD, Samuel, Jeremiah Udofia Jackson Anietie Udofia

Abstract

This study examined the application of digital payment technologies and small business development in Uyo Metropolis, Akwa Ibom State, Nigeria. To achieve the objectives of the study, three research questions were formulated. The population of the study comprised 142 selected small business owners in Uyo Metropolis. A structured questionnaire designed by the researchers was used for data collection. The instrument was face-validated by experts in the School of Management to ensure content validity. The reliability of the instrument was determined using Cronbach’s Alpha technique, which yielded a reliability coefficient of 0.87, indicating that the instrument was reliable. Mean and standard deviation descriptive statistics were used to answer the research question, the findings revealed that digital payment technologies, POS terminals, internet banking, and ATM services have a significant positive impact on small business development in Uyo Metropolis. The study concluded that the effective utilization of digital payment technologies enhances operational efficiency, improves profitability, and promotes sustainable growth of small businesses. Based on the findings, the study recommended that small business owners should be provided with regular training and support on digital payment systems to improve adoption and utilization. It further recommended that financial institutions and government agencies should promote policies that enhance access to digital financial services in order to strengthen small business development in Akwa Ibom State.

Keywords

Digital Payment Technologies; Small Business Development; Point of SaleInternet Banking

References

Anyasi, C. O. Otubu, L. G. (2009). Empirical Analysis of Benefits of Cashless Economy on the Management of Small and Medium Scale Enterprises in Bayelsa State. International Journal of Academic Research in Business and Social Sciences, 5(20): 186-195. Avlonitis, G. J. and Karayanni, D. A. (2011). The impact of Internet use on Business to Business Marketing in American and European Companies. Journal of Industrial Marketing Management, 29(11): 41-59. Akingunola, R. O. (2011). Small and medium scale enterprises and economic growth in Nigeria: An assessment of financing options. Pakistan Journal of Business and Economic Review, 2(1), 78–97. Central Bank of Nigeria. (2023). Payment system vision 2025: Enhancing digital payments in Nigeria. Creswell, J. W., & Creswell, J. D. (2018). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). SAGE Publications. Organisation for Economic Co-operation and Development (2021). The digital transformation of SMEs. Featherman, M. S., & Pavlou, P. A. (2003). Predicting e-services adoption: A perceived risk facets perspective. International Journal of Human-Computer Studies, 59(4), 451– 474. Olatunji, A. A., & Bello, T. A. (2022). Point-of-sale technology and business sustainability among SMEs in Nigeria. Nigerian Journal of Management Sciences, 23(1), 67–81. Rogers, E. M. (2003). Diffusion of innovations (5th ed.). Free Press. Small and Medium Enterprises Development Agency of Nigeria. (2021). MSME survey report 2021. Abuja, Nigeria: SMEDAN. Taiwo, J. N., & Agwu, M. E. (2017). The role of SMEs in economic development: A study of Nigerian SMEs. International Journal of Research in Business Studies and Management, 4(8), 1–15. Ukpong , O. U. and Uke, A. F. (2016). Cashless Economic Policy and Sustainable Development in Nigeria Economy: The Missing Links. Journal of Educational Policy and Entrepreneurial Research ISSN: 2408- 770X , ISSN: 2408- 6231 Vol. 3, N0.3. 2016. Pp 80-86 World Bank. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank.

The Application of Digital Payment Technologies and Small-Scale Business Development in Uyo Metropolis, Akwa Ibom State, Nigeria

Abstract

Keywords

References

More Articles from JOURNAL OF BUSINESS AND AFRICAN ECONOMY