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The Impact of Fintech on Financial Inclusion in Southern Nigeria

Author

Listed:
  • EZINWA Chibunna Iroakazi

    (Doctoral Scholar, Ballsbridge University, Commonwealth of Dominica, West Indies)

  • BELLO Sunday Ade

    (Visiting Professor of Management, Entrepreneurship, and Leadership; Ballsbridge University, Commonwealth of Dominica, West Indies)

Abstract

This study examines how fintech affects financial inclusion in Southern Nigeria, with a particular emphasis on improving underbanked and unbanked communities’ access to financial services. The study used a mixed methods approach, integrating qualitative interviews and quantitative surveys done throughout the states of Anambra, Lagos, and Rivers. The results show that, especially for younger, tech-savvy people, fintech has greatly increased access to banking services, savings, credit, and investment opportunities. Disparities between urban and rural areas still exist, nevertheless, with rural areas struggling because of a lack of adequate digital infrastructure. Significant obstacles to wider adoption include worries about security and trust. To address security issues and foster consumer trust, the study suggests that government agencies, regulatory bodies, and fintech companies work together to enhance digital infrastructure in rural areas and create regulatory frameworks. To guarantee that every demographic can take full advantage of fintech innovations, financial literacy initiatives must be expanded.

Suggested Citation

  • EZINWA Chibunna Iroakazi & BELLO Sunday Ade, 2025. "The Impact of Fintech on Financial Inclusion in Southern Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(2), pages 256-273, February.
    • Handle: RePEc:bcp:journl:v:9:y:2025:i:2:p:256-273
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    References listed on IDEAS

    as
    1. Bello, Sunday Ade & Godwin Emmanuel Oyedokun & Adeolu-Akande, Modupeola Atoke, 2021. "Financial inclusion and gender-induced poverty in Nigeria," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(8), pages 266-274, December.
    2. Peterson K. Ozili, 2018. "Impact of digital finance on financial inclusion and stability," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 18(4), pages 329-340, December.
    3. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
    4. Mingfeng Lin & Nagpurnanand R. Prabhala & Siva Viswanathan, 2013. "Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending," Management Science, INFORMS, vol. 59(1), pages 17-35, August.
    5. Daniela Gabor & Sally Brooks, 2017. "The digital revolution in financial inclusion: international development in the fintech era," New Political Economy, Taylor & Francis Journals, vol. 22(4), pages 423-436, July.
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    Cited by:

    1. Sydney Clever Keremah, 2026. "Fintech Adoption and Startup Financing in Nigeria: Evidence from Entrepreneurial Finance," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 10(4), pages 1092-1105, April.

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