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Author
Oseni Salami
Department of Business Administration,
Faculty of Management Sciences,
National Open University of Nigeria, Abuja, Nigeria.
[email protected]; 08036833027
ABSTRACT
The study examined the effect of financial technology services on financial inclusion in Nigeria. The specific objectives were to determine the effects of mobile payment, digital lending, and digital investment on financial inclusion across different population groups. An ex post facto research design was adopted, utilizing primary data collected from 179 valid responses out of 400 distributed questionnaires to financial technology users across urban and semi-urban centers in Nigeria. Data were analyzed using descriptive statistics, correlation, and multiple regression analyses with the Statistical Package for Social Sciences (SPSS, version 27). The model specified financial inclusion as the dependent variable, while mobile payment, digital lending, and digital investment served as independent variables. Results revealed that FinTech services have a significant positive effect on financial inclusion in Nigeria at the 1% significance level (p ≤ 0.01). Among the components, mobile payment had the strongest influence (β = 0.776, p < 0.01), followed by digital investment (β = 0.409, p < 0.01), while digital lending showed a weaker but positive effect (β = 0.159, p < 0.05). This indicates that the adoption of financial technology services enhances financial access and participation, especially among underserved groups. FinTech services significantly promote financial inclusion in Nigeria, with mobile payment and digital investment serving as key drivers, while digital lending requires stronger regulatory oversight. Regulatory bodies should strengthen policy frameworks, improve digital literacy, and enhance infrastructure to sustain inclusive financial growth.
Key words: FinTech, Financial Inclusion, Mobile Payment, Digital Lending, Digital Investment
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