The impact of the ICT revolution is now evident in virtually all countries, Nigeria, inclusive. Hence, the phenomenal global transition toward a "digital economy" with an estimated worth of $11.5 trillion globally. Today in Nigeria, it is estimated that there are about 210-250 FinTech operators/companies operating in the Nigerian space, and these players have brought about the valuation of the industry to $153.1 million in 2017 and is projected to rise up to $543.3 million by 2022.
This study therefore intends to address and/or proffer possible practical and lasting solutions to the aforementioned challenges and problems regarding data and FinTech and its role in the development of the digital economy with Nigerian firms as a case study.
Understanding how Financial Institutions work and their willingness to adapt to trending technologies, partnership or funding FinTech firms, would propel rapid development of the Nigerian digital economy. Also, the results of the research would aid Regulatory decision making which is envisaged to lead to improved ICT infrastructure, reduce the number of the unbanked population, and foster increased due diligence and protection of citizens' data.