Financial Strategies for Entrepreneurial Marketing Among SMES in Nigeria – The Role of Fintech

Abstract

This study examines the role of financial technology (fintech) in financial strategies for entrepreneurial marketing among Small and Medium Enterprises (SMEs) in Nigeria. The rapid growth of fintech has transformed the way businesses operate, innovate, and compete in the market. Despite the increasing importance of fintech, there is a dearth of research on its impact on entrepreneurial marketing among SMEs in Nigeria. This study bridges this gap by investigating the effect of fintech adoption on marketing performance and financial management practices among SMEs in Nigeria. A quantitative cross-sectional survey design was employed, utilizing a structured questionnaire with a 5-point Likert-type scale to capture respondents' perceptions on the subject. The study targeted owners of SMEs across Nigeria, with 75 out of 103 questionnaires duly filled and returned. The data were analyzed using descriptive statistics, correlation analysis, and multiple ordinary-least-squares (OLS) regression. The findings indicate that fintech adoption has a significant positive effect on marketing performance (β = 0.56, p < 0.01) and financial management practices (β = 0.48, p < 0.01) among SMEs in Nigeria. Regulatory issues were found to be a significant challenge to fintech adoption (β = -0.35, p < 0.01). The study's results suggest that SMEs in Nigeria can leverage fintech to improve their marketing performance and financial management practices. However, regulatory issues need to be addressed to enhance fintech adoption. The study's findings have implications for policymakers, regulatory bodies, and SMEs in Nigeria. Policymakers should create policies that support fintech adoption among SMEs, while regulatory bodies should develop guidelines for fintech adoption to ensure security and stability. SMEs should invest in fintech solutions and provide training and development programs for employees to enhance their fintech skills.