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Financial Technology and Poverty Reduction in Ibadan, Nigeria

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Abstract

Banks must create a specific cell focused on achieving financial inclusion, and they must monitor progress using transaction history, significant customer analytics for business growth, and nonperforming assistance administration. This study investigates the effect of Financial Technology on Poverty Reduction in Selected Semi-urban areas of Ibadan Metropolis, Oyo state. The study аdоpted a cross sectional survey research design. A close ended self-administered questionnaire was used to collect data. A five-point Likert Scale was used to measure the variables. The Pearson moment correlation coefficient as well as descriptive statistics consisting of simple percentages was adopted to analyze the data. The findings show that financial inclusion does not contribute to the alleviation of poverty in Nigeria. In conclusion, the study's findings are especially important for developing measures to encourage financial inclusion in Nigeria. Since low household income is the main cause of involuntary financial exclusion in the region, the research emphasizes the significance of creating policies that are intended to raise household income levels. The study recommended that management of fintech should create adequate credit plans based on the borrower's aims (the top reason for borrowing was for business purposes, accounting for 41% of all borrowing), "other purposes," which included consumer loans, and other factors (45%) and since the urban poor have a limited ability to save, households should be allowed to open bank accounts without being compelled to keep a minimum amount.

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  • Kabiru Aderemi , Adeyemo, & Ayoola Abimbola, Eso,, 2022. "Financial Technology and Poverty Reduction in Ibadan, Nigeria," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 4(3), pages 48-67, December.
    • Handle: RePEc:ris:amjoms:0063
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