IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 8 NO. 2 2022
DOI: https://doi.org/10.56201/ijssmr.v8.no2.2022.pg101.109

---

Financial Technology and Financial Inclusion in Nigeria

Lilian Ugwuanyi, Ph.D , Okore Amah Okore, Ph.D

---

Abstract

This study investigated the impact of financial technology on financial inclusion in Nigeria. The study adopted the survey research design. Primary data were sourced through a field survey by the use of questionnaire. The study opted for the use of questionnaire because of the unavailability of secondary data to proxy the variables under consideration; and to gather reliable and first-hand information about the reality of financial technology and financial inclusion. The target populations for the study were the rural dwellers of some of villages near Enugu urban, such as Ugbawka, Nara, Agbani, Nkerefi and Akpougu. Samples of 300 persons were selected using the judgm ental sampling technique. The percentage and graphical representation (pie chart) was used in the analysis of data collected from the questionnaire. The a priori expectation was that financial technology enhances financial inclusion. Findings from the study revealed that Financial Technology eases accessibility to financial services, such as deposit, withdrawal, account opening, savings, borrowing, bill payment, etc.; has brought financial and banking services close to the doorstep of customers/users and has reduced significantly the frequency with which customers congest the banking hall. The study therefore recommended a renewed interest on financial technology as well as insisting on good policies that will enhance the sustainability of financial technology in Nigeria.

keywords:

Financial: Technology: Inclusion: Nigeria

---

References:

Adesanya, O. O. ( 2017). Financial inclusion in Nigeria: The challenges of banks and mobile
money operators, IFC Satellite Seminar at the ISI World Statistics Congress on
“Financial Inclusion” Marrakech, Morocco, 14 July 2017, Bank for International
Settlement, 1-15

Babajide, A. A.; Oluwaseye, E. O.; Lawal, A. I, & Isibor, A. A. (2020). Financial Technology,
Financial Inclusion And Msmes Financing In The South - West Of Nigeria, Academy of
Entrepreneurship Journal, 26(3): 1-17

Bruhn, M., & Love, I. (2014). The real impact of improved access to finance: Evidence from
Mexico. The Journal of Finance, 69(3), 1347-1376

Collins, D., Morduch, J., Rutherford, S., & Ruthven, O. (2009). Portfolios of the poor: How the
world's poor live on $2 a day. Princeton University Press.

Demirguc-Kunt, A., & Levine, R. (2007). Finance and Inequality: Theory and Evidence.
Annual Review of Financial Economics 1: 287–318

Ellis, K., Lemma, A., & Rud, J. P. (2010). Financial inclusion, household investment and growth
in Kenya and Tanzania. London: ODI Project Briefing No.43 Overseas Development
Institute.

Han, R., & Melecky, M. (2013). Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis. World bank policy
research working paper 6577. World Bank.

Iriobe, G. & Akinyede, O. (2017). The Effect of Financial Technology Services on Banks
Customers Satisfaction in Nigeria, 1-9

Nanda, K.. & M. Kaur. (2016). Financial Inclusion and Human Development: A Cross-Country
Evidence. Management and Labour Studies 41 (2): 127-153.

Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability, Borsa Istanbul
Review, 18(4): 329-340

Sahay, R.; Allmen, U. E.; Lahreche, A.; Khera, P.; Ogwa, S.; Bazarbash, M. & Beaton, K.
(2020). The Promise of Fintech: Financial Inclusion in the Post COVID-19 Era.
Washington, DC: International Monetary Fund
United Nations. (2016). Digital financial inclusion. international telecommunication union, issue
brief series, inter-agency task force on financing for development. United Nations.
Available at: http://www.un.org/esa/ffd/wp-content/uploads/2016/01/Digital-Financial
Inclusion_ITU_IATFIssue-Brief.pdf. (Accessed 11th August 2022).

DOWNLOAD PDF

---

Back