Title: Analysis Of The Effect Of Financial Technology (Fintech) On Financial Inclusion In Nigeria
Authors: OMONODE, Augustine T M.Sc, EHIEDU, Victor C Ph.D, Erhijiakpor Andrew E.O. Ph.D
Volume: 9
Issue: 5
Pages: 90-103
Publication Date: 2025/05/28
Abstract:
This study examined the analysis of the effect of financial technology (FinTech) on financial inclusion in Nigeria from the period of 1993 to 2022 (30years). In order to evaluate the effect of financial technology on financial inclusion in Nigeria, the following measures financial technology, namely; Automated Teller Machine (ATM), Point of Sale (POS), Internet Banking (INTB), Nigeria Interbank Settlement System (NIBSS) and Nigeria Electronic Fund Transfer (NEFT) in relation to financial inclusion proxied with Number of Bank Branches (NBB) in Nigeria. The CBN Statistical Bulletin, CBN Annual Report and CBN Bank Supervisory Annual Report from 1993-2023 were used to acquire data for the research. Descriptive statistics, correlation analysis, diagnostics tests, unit root test, and multiple regression analysis were used to assess the research hypotheses. Based on the results of the previous chapter, ATM has a negative significant effect on NBB, POS has a positive significant effect, INTB has a negative insignificant effect on NBB, and MOB has a positive significant effect on NBB. NIBSS has a positive significant effect on NBB with a p-value (sig. value) of 0.0000, while NEFT has a negative significant effect on NBB with P-value of 0.0540. The study recommended that managers of financial institution should from time to time train customers with regard to ATM, its benefits, risk exposure, physical and electronic security to avoid financial loss in the hands of hackers, trainings should be held for bank staff in short periods to acquaint them with modern developments of the sophisticated technology in changing times to improve the financial inclusion in Nigeria.