Empirical review summary
| Author/Date | Study | Method/variables | Results | Critics |
|---|---|---|---|---|
| Organizational studies | ||||
| Muthinja (2016) | Investigated the relationship between financial innovation and Kenyan bank performance | Multiple regression with ATM, internet banking | Findings show that financial innovations contribute to banks’ performance | Only two financial innovation variables were used. Study limited to 2016. Used nonrobust method |
| Chipeta and Muthinja (2018) | Impact of financial innovation on Kenyan banks’ financial performance | FMOLS with internet subscription, debit card, GDP, ATM | Findings reveal a positive alliance of financial novelty and banks’ performance | Results show positive impact based on single country |
| Okereke (2016) | We examined the impact of cashless bank operations on the Nigerian economic growth | VECM with mobile and internet banking, mobile payment, GDP | Results unveiled that growth is affected by financial innovation | Study limited to 2016. Used nondynamic method on time series |
| National studies | ||||
| Dunne and Kasekende (2016) | Examine the impact of financial innovation on money demand in SSA (1980–2013) | Co-integration with ATM, POS, internet banking | Results unveiled a negative link between financial innovation and money demand | Study limited to 2013. Findings showed a negative link |
| Anthony and Aboagye (2014) | Investigated the relationship between financial innovations and Ghanaian economic growth from 1990 to 2009 | ARDL with mobile account, internet subscription, debit card, GDP | Results revealed that financial innovation negatively affects economic growth. Bidirectional causality exists between financial innovation and economic growth | Study limited to 2009 in a single country. Findings showed negative effects on growth. Causality is bidirectional |
| Silve and Plekhanov (2014) | Examine the effect of technological innovations on the developing economies growth | GMM with ATM, POS, internet banking, debit card, GDP | Results show that technological innovations accelerate economic growth | Study ends in 2014. Findings show positive effects on growth |
| Okafor et al. (2017) | Determine the long-term affiliation of growth and financial modernization variables in Nigeria | Co-integration with ATM, POS, credit cards, mobile money, GDP | Modernization variables vary widely with economic growth | Some variables show positive links, while others show negative links. Study limited to co-integration |
| Author/Date | Study | Method/variables | Results | Critics |
|---|---|---|---|---|
| Investigated the relationship between financial innovation and Kenyan bank performance | Multiple regression with ATM, internet banking | Findings show that financial innovations contribute to banks’ performance | Only two financial innovation variables were used. Study limited to 2016. Used nonrobust method | |
| Impact of financial innovation on Kenyan banks’ financial performance | FMOLS with internet subscription, debit card, GDP, ATM | Findings reveal a positive alliance of financial novelty and banks’ performance | Results show positive impact based on single country | |
| We examined the impact of cashless bank operations on the Nigerian economic growth | VECM with mobile and internet banking, mobile payment, GDP | Results unveiled that growth is affected by financial innovation | Study limited to 2016. Used nondynamic method on time series | |
| Examine the impact of financial innovation on money demand in SSA (1980–2013) | Co-integration with ATM, POS, internet banking | Results unveiled a negative link between financial innovation and money demand | Study limited to 2013. Findings showed a negative link | |
| Investigated the relationship between financial innovations and Ghanaian economic growth from 1990 to 2009 | ARDL with mobile account, internet subscription, debit card, GDP | Results revealed that financial innovation negatively affects economic growth. Bidirectional causality exists between financial innovation and economic growth | Study limited to 2009 in a single country. Findings showed negative effects on growth. Causality is bidirectional | |
| Examine the effect of technological innovations on the developing economies growth | GMM with ATM, POS, internet banking, debit card, GDP | Results show that technological innovations accelerate economic growth | Study ends in 2014. Findings show positive effects on growth | |
| Determine the long-term affiliation of growth and financial modernization variables in Nigeria | Co-integration with ATM, POS, credit cards, mobile money, GDP | Modernization variables vary widely with economic growth | Some variables show positive links, while others show negative links. Study limited to co-integration | |
Source(s): Compiled by author
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