International Journal of Academic Multidisciplinary Research (IJAMR)   Year: 2023 | Volume: 7 | Issue: 8 | Page No.: 1-11 Technological Innovations and Financial Deepening Of Small and Medium Scale Enterprises in Nigeria Download PDF EHIEDU, Chukwunweike Victor & OTEME, Blessing Avwerosuo Abstract: This research looked at the 30 years between 1992 and 2021 in Nigeria to determine if there was any correlation between technological innovation and the financial development of small and medium scale firms. Measures of technological innovation, such as the prevalence of Automated Teller Machine (ATM), Point of Sale (POS), Internet Banking (INTB) and Mobile Banking (MOB) were compared to a proxy for financial development-the ratio of credit extended to small and medium-sized businesses to GDP at basic prices (CSMSE-GDP) in Nigeria. Data for the study were culled from the Central Bank of the Nigeria (CBN) Statistical Bulletin, CBN Annual Report, CBN Bank Supervisory Annual Report, and Nigeria Deposit Insurance Corporation (NDIC) Annual Reports from 1992 through 2021. Statistical methods such as the unit root test, multiple regression analysis, and correlation analysis were employed. Based on the results, it is clear that the impact of technological innovation indicators on CSMSE-GDP in Nigeria is complex. Although INTB and MOB were shown to have no significant effects on CSMSE-GDP in Nigeria, the majority of the independent variables, including ATM and POS, did have significant effects. As a result, the research indicated that technology advancements had substantial effects on the financial development of SMEs in Nigeria. In light of the results, we suggest that appropriate rules be considered and developed to guarantee that no Nigerian, regardless of financial level, is denied access to the internet and related services. Because of this, it's important to put money into inexpensive infrastructure that improves the availability of high-speed internet and constant power.