IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 11 NO. 2 2025
DOI: 10.56201/jafm.vol.11.no2.2025.pg227.247

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Impact of Mobile Payments on Financial Inclusion in Nigeria

Ofure Josephine CHIEJINA, Romanus Chukwumah IKE

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Abstract

The research analysed the influence of mobile payments (MPs) on financial inclusion (FI) in Nigeria from 2001 to 2023 (23 years). This was conducted about mobile banking (MB), unstructured supplementary service data (USSD), and e-wallets (EW), and their influence on FI, as indicated by total rural deposits (TRD) in Nigeria. This study employed secondary data gathering methods, utilising time series data from the CBN Bank Supervisory Annual Report, CBN Statistical Bulletin, and Nigeria Deposit Insurance Corporation NDIC) Annual Reports covering the period from 2001 to 2023. The study employed several statistical techniques, including descriptive statistics, correlation analysis, and further diagnostic tests. Based on the hypothesis established for this research, the selected method of data analysis was ordinary least squares (OLS) regression analysis, utilising the software E-VIEWS 9.0. The results indicated that MB and USSD exert a positive significant influence on TRD in Nigeria, whereas EW has a negative negligible effect on TRD in Nigeria. The study revealed that MPs significantly influence FI in Nigeria. The study recommended that financial institutions should expand the reach of mobile banking and USSD services by improving network infrastructure in rural areas and reducing transaction costs. Governments and stakeholders should implement educational campaigns to enhance the understanding and trust of rural populations in mobile payment systems, including e- wallets.

keywords:

Mobile, Payments, Financial, Inclusion, Banking and E-Wallets

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