IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 1 2024
DOI: https://doi.org/10.56201/jafm.v10.no1.2024.pg110.122

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Nexus Between Financial Technology and Financial Inclusion in Nigeria

Prof. Ubesie Madubuko Cyril; Ugwu, Priscilla Ngozi & Gozie-Onu Eugenia Adanna

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Abstract

Over the years, the banking sector in Nigeria has come up with technologically-driven financial services aimed at increasing the attractiveness of banking services to Nigerians. With the advent of financial technology, it is expected that financial inclusion would be enhanced. Thus, this study examined the nexus between financial technological advancement and financial inclusion in Nigeria for the period 2013-2022. Financial technology was proxied by automated teller machine banking technology, Point of Sale banking technology, web banking technology and mobile banking technology while financial inclusion was proxied by deposit mobilized by rural branches of deposit money banks in Nigeria. Ordinary Least Squares (OLS) simple regression technique was employed to analyze the data in order to determine the ‘individual’ impacts of the independent variables on the dependent variable. Findings showed that ATM, POS, web and mobile banking technologies had positive and significant impact on financial inclusion in Nigeria. However, the study showed that the ‘individual’ impacts of POS (t = 10.72) and mobile (t = 10.61) on financial inclusion in Nigeria were more significant than those of ATM (t = 5.11) and web banking (t = 6.51), respectively. The study concluded that financial technology has a significant relationship with financial inclusion in Nigeria. The researcher recommended, that deposit money banks should fashion out ways of making POS and mobile banking more accessible to all categories of businesses and individuals so as to enhance financial inclusion in Nigeria.

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