December 2025 Edition

Impact of Digital Technologies on The Financial Management Practices of Small Businesses in Lagos Metropolis

Lawal Kamaldeen A. A PhD, Agbi, Babatunde Daniel PhD, Zubair Shaib Bashir PhD

Abstract

This study investigates the impact of digital technologies on the
financial management practices of small businesses in Lagos
metropolis. A mixed-methods approach was used, combining both
quantitative and qualitative methods. The results show that digital
technologies have improved financial management practices,
increased efficiency, and enhanced customer experience.
However, small businesses also face challenges when adopting
digital technologies, such as technical issues, training needs, and
cost. The study recommends that small businesses should invest in
digital technologies and provide training to employees to maximize
the benefits. Policymakers and industry associations should also
provide support and resources to small businesses to help them
adopt digital technologies. The study contributes to the
understanding of the impact of digital technologies on small
businesses and provides insights for practitioners and
policymakers.

Keywords

Digital technologies, financial management practices, small businesses, efficiency, customer experience.

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