INFLUENCER MARKETING AND THE ADOPTION OF FINANCIAL TECHNOLOGY SERVICES BY SMEs IN CALABAR, NIGERIA

Abstract

The rise and widespread utilization of influencer marketing tactics in the digital era have
sparked numerous academic inquiries into its effects on the buying behaviour of consumers
across various industries. This study investigates the relationship between influencer
marketing and the utilization of FinTech services among Small and Medium Enterprises
(SMEs) in Calabar, Nigeria. The primary objective was to explore the effects of content
marketing, influencer endorsements, and influencer product reviews on the adoption of
FinTech among SMEs. Employing a cross-sectional research approach, data was gathered
from 200 SME operators in Calabar using a structured questionnaire survey. Subsequently,
descriptive analysis was conducted on the collected data, and the study's hypotheses were
tested utilizing the multiple regression technique. The findings indicate that influencer
product reviews have the most substantial positive influence on the adoption of FinTech by
SMEs in Calabar, followed by influencer endorsements and content marketing. These results
suggest that influencer marketing plays a pivotal role in motivating Nigerian SMEs to adopt
FinTech services. As a result, this research suggests that managers of FinTech companies
in Nigeria should form strategic partnerships with prominent content creators and industry
authorities to inform and convince SMEs about FinTech solutions. This approach aims to
cultivate trust and enhance the rate of adoption among SME operators. Furthermore,
acknowledging the constraints of this study, it is advised that future researchers integrate
larger sample sizes and extend the scope of their investigations to encompass additional
Nigerian states. This expansion would yield more extensive empirical data, facilitating
broader applicability of the findings.