The Fintech Disruption: Accessing the Impact of Fintech Innovation on Commercial Banks Performance in Nigeria

The existence of fintech innovations has significantly transformed the financial services sector in Nigeria. They have facilitated the ease of using formal banking channels by people and small enterprises and reduced barriers of entry by them. With the use of technology in delivering financial services, fintech has simplified, lowered the cost and availed the use of payment, savings, and credit facilities to all the people. This has seen an increase in the number of people involved in the economy and economic activity (Okon, Umoh Agbeche, Ekpeni & Ogbuleka, 2024). The most evident ones have occurred in mobile banking, digital wallets, peer-to-peer lending, and payment platforms. All these assist in bridging gaps in infrastructure that previously rendered it difficult to access rural and low-income regions by banks. Therefore, fintech has not solely simplified the work of the customers, but has also evoked efficiency in the financial system of Nigeria and allowed it to conduct more business.