Financial Innovation and Public Revenue Performance in BRICS Countries: A lesson for Nigeria (Published)
The global revenue shortfall in emerging economies has created concern for quest into innovative techniques to broaden public revenue sources. Hence, this study on financial innovation and public revenue performance in BRICS countries. Sample data were collected from selected countries of Brazil and South Africa to benchmark Nigerian ; revenue performance from 2010 to 2020.The technique of Random Effect (RE) was suggested by Hausman test to study public revenue performance on cashless mobile payment (CMP), volume of electronic payment (EPV), and volume of web pay users (WPU).The findings suggest that, CMP and WPU significantly increase public revenue in the selected countries while, EPV exhibited negative relationship with public revenue. The study recommended amongst others that, the revenue generating authorities in Nigeria needs to implement sound digital economic policies to ensure ease of revenue collection; and Central Bank of Nigeria should develop state-owned payment system that is secured, efficient and reliable so as to restore public confidence in the use of electronic payment systems. Brazil and South Africa should enhance their country’s technical capacity to streamline electronic payment systems in order to competitively confront declined revenue stream from electronic sources compared to the industrialized economies.
Citation: Silva Opuala – Charles and Jonah O. Orji (2022) Financial Innovation and Public Revenue Performance in BRICS Countries: A lesson for Nigeria, European Journal of Business and Innovation Research, Vol.10, No.7, pp.,31-52