The Impact of Financial Technology (Fintech) on Traditional Banking and Allied Financial Services in Portharcourt, Nigeria

This study examined the impact of Financial Technology (FinTech) on the financial ecosystem of Nigeria’s. energy capital city of Port Harcourt. The study focused on how two critical dimensions of FinTech - Digital Payment Systems and Blockchain and Cryptocurrency Technologies - affect the effectiveness of traditional banking and allied financial services, operationalized here as Customer Satisfaction and Financial Accessibility, with Regulatory Framework serving as a moderating variable. The research adopted a descriptive survey design, targeting staff and customers of selected commercial banks in Port Harcourt. A structured questionnaire was used to collect data, and the responses were analyzed using Pearson Product-Moment Correlation Coefficient (PPMCC) and Multiple Regression Analysis. The findings revealed a significant positive relationship between Digital Payment Systems and both Customer Satisfaction and Financial Accessibility, the two proxies of Effective Financial Services – the criterion variable. Similarly, Blockchain and Cryptocurrency Technologies were found to significantly enhance transparency, efficiency, and trust in financial transactions as evidenced in Customer Satisfaction and Financial Accessibility. Furthermore, the study established that Regulatory Framework plays a crucial moderating role, ensuring that the adoption of FinTech strengthens the stability and performance of traditional banking systems rather than displacing them. The study concluded that FinTech integration has redefined customer experience, improved service delivery, and increased financial accessibility in Port Harcourt. In the light of these findings, it is recommended that banks upscale their investment in digital infrastructures and collaborate with FinTech firms. Also, regulators should establish adaptive frameworks to balance innovation with consumer protection.