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Abstract

The study examined the determinants of information and communication technology adoption, determinants of financial development and the dynamic relationship between information and communication technology adoption and financial development in Nigeria. Furthermore, the study used the general method of moments estimation technique to estimate quarterly secondary data from 2000 to 2019. The main findings of the study are past effect of information and communication technology adoption is positively related to current information and communication technology adoption and statistically significant at 1%. This implies that information and communication technology adoption in the past leads to more adoption of information and communication technology in the present because there is always incremental benefit in the use of information and communication technology. In addition, the study found out that the dynamic effect of information and communication technology adoption influences financial development. Based on the study, using broad money as a percentage of gross domestic product and domestic credit to private sector as a percentage of gross domestic product as measures of financial development respectively, adoption of information and communication technology over time affects the level financial development.