Impact of Information and Communication Technology on Effective Financial Management: Experience from Nigerian Small and Medium Enterprises

Authors

  • BAMIGBOYE Omololu Adex Department of Accounting, Faculty of Management Sciences, Osun State University, Osogbo, Nigeria.
  • OLATUNJI Ibrahim Gbenga Accounting and Finance, Faculty of Humanities, Management and Social Sciences, Kings University, Odeomu Nigeria
  • SALIMON Akeem Isola Department of Accounting, Faculty of Management Sciences, Osun State University, Osogbo, Nigeria
  • ADENLE Oluwatimileyin Esther Department of Accounting, Faculty of Management Sciences, Osun State University, Osogbo, Nigeria

Keywords:

Information and Communication Technology, Financial Management, Small and Medium Enterprises, Businesses

Abstract

This study examined the impact of Information and Communication Technology (ICT) on financial management in Nigerian Small and Medium Enterprises (SMEs). The objective was to understand the link between ICT usage and its effectiveness in managing finances within SMEs in Nigeria. Secondary data were analyzed using thematic analysis. Six key themes emerged: enhanced efficiency and automation, improved decision-making, increased transparency and accountability, infrastructure and cyber threats, human resource capacity and the digital divide, and data management challenges. The study concluded that ICT can significantly improve financial management by boosting efficiency, decision-making, and transparency. Recommendations include addressing infrastructure, cyber security, human resource capacity, and data integration challenges to help Nigerian SMEs fully leverage ICT for effective financial management.

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Published

2025-02-01

How to Cite

BAMIGBOYE Omololu Adex, OLATUNJI Ibrahim Gbenga, SALIMON Akeem Isola, & ADENLE Oluwatimileyin Esther. (2025). Impact of Information and Communication Technology on Effective Financial Management: Experience from Nigerian Small and Medium Enterprises. Journal of Accounting, Finance, and Contemporary Management Research , 1(2), 116–135. Retrieved from https://jafacomar.lautech.edu.ng/index.php/jafacomar/article/view/24

Issue

Vol. 1 No. 2 (2024): LAUTECH Journal of Accounting, Finance and Contemporary Management Research (JAFACOMAR)

Section

Articles