INNOVATIONS IN FINTECH, E-CURRENCY, CRYPTO CURRENCY AND BIG DATA IN THE FINANCIAL SECTOR

This study examines innovations in financial technology (FinTech), with particular focus on the emergence and nature of e-currency, cryptocurrency, and Big Data within the financial sector, using a desktop research approach. The study finds that FinTech has emerged as a key driver of digital transformation, significantly improving efficiency, expanding financial inclusion, and disrupting traditional financial intermediation. Evidence from the literature also indicates that FinTech innovations have enhanced service delivery while creating new opportunities within the financial ecosystem. However, the study identifies notable challenges associated with FinTech adoption, including increased exposure to cyber risks, fraud, and the potential use of cryptocurrencies for illicit financial activities. In addition, technical issues such as system vulnerabilities and integration challenges with existing financial infrastructure persist. The study further reveals that empirical research on FinTech in developing economies, particularly Nigeria, remains limited. . The study concludes that while FinTech holds significant potential for advancing financial systems, its benefits depend on a stable and well-regulated environment. Accordingly, the study recommends strengthening regulatory frameworks to enhance oversight and cybersecurity, promoting the integration and listing of FinTech firms on the capital market, encouraging strategic partnerships between banks and FinTech companies, investing in digital infrastructure and human capital development, and designing inclusive policies that expand financial access to underserved populations.