Establishment of Financial Technology Companies: A Panacea for Youth Employment Generation in Nigeria

Abstract

The financial technology companies have strong influences on youth employment generation in Nigeria. Their role in economic growth and development cannot be overemphasized. Therefore, this study investigated factors that militate against establishment of more financial technology companies in Nigeria. The study is aimed at finding the solution to poor youth employment generation in Nigeria. The method of data collection was questionnaire administered to youths in the South East Geopolitical Zone of Nigeria. The questionnaire is in a fixed response type with a Likert type response format. The bench mark was 2.5 mean and frequency counts were used in analyzing the data. The resulted show that fragmented regulation framework, high operational and compliance cost, funding and capital scarcity, infrastructural deficit, and macroeconomic volatility are some of the factors that militate against establishment of more financial technology companies in Nigeria. Among the recommendations are that government should adopt policies that will encourage the establishment of more financial technology companies so that youth employment will be assured in Nigeria. They should improve infrastructural facility like digital identity verification, good roads and electricity supply in Nigeria in order to improve employment
generation so that economy can grow and living standard increased in Nigeria.