IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT (IJEFM )

E-ISSN 2545-5966
P-ISSN 2695-1932
VOL. 9 NO. 7 2024
DOI: 10.56201/ijefm.v9.no7.2024.pg154.167

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FinTech and Financial Inclusion in Nigeria. The Mediating Role of Digital Financial Literacy

OTUYA Sunday, ALONGE Anthonia Damilola, and OLUWAFEMI Philo Onome

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Abstract

The study examined the determinants of FinTech usage, the relationship between FinTech adoption and financial inclusion; as well as the mediating effect of digital financial literacy on this relationship. The study, anchored on vulnerable group theory of financial inclusion, adopted the survey research design with a quantitative approach. Google Forms was used to create the structured survey tool, which was then sent to people via FinTech platforms. The snowball sampling technique was adopted due to lack of predetermined list of people utilising FinTech in Nigeria. SEM with AMOS was used to analyse the data. Findings of the study revealed that perceived security, usefulness, and confidence in FinTech platform have a significant positive effect on the level of usage of financial technology. Further, financial technology usage was found to have a significant positive effect on financial inclusion, while the mediating role of digital financial literacy is found to be positive and significant suggesting that increased knowledge about FinTech platforms improves the positive effect of financial technology adoption on financial inclusion. The study concludes that FinTech usage significantly influences financial inclusion in Nigeria.

keywords:

FinTech, Financial Inclusion, Digital Financial Literacy

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