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FINANCIAL TECHNOLOGY AND FINANCIAL INCLUSION: EXPLORING THEIR INTERCONNECTION IN NIGERIA

Chibuzo Anthony Nwankwo·Chinedu Benjamin Eze
Published 27 January 2025
Vol. 11, No. 1 (2023)
pp. 72-84
CC BY 4.0
  1. 1
    Chibuzo Anthony Nwankwo
    Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology
    NG
  2. 2
    Chinedu Benjamin Eze
    Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology
    NG

Over the years, the banking sector in Nigeria has come up with technologically-driven financial services aimed at increasing the attractiveness of banking services to Nigerians. With the advent of financial technology, it is expected that financial inclusion would be enhanced. Thus, this study examined the nexus between financial technological advancement and financial inclusion in Nigeria for the period 2013-2022. Financial technology was proxied by automated teller machine banking technology, Point of Sale banking technology, web banking technology and mobile banking technology while financial inclusion was proxied by deposit mobilized by rural branches of deposit money banks in Nigeria. Ordinary Least Squares (OLS) simple regression technique was employed to analyze the data in order to determine the ‘individual’ impacts of the independent variables on the dependent variable. Findings showed that ATM, POS, web and mobile banking technologies had positive and significant impact on financial inclusion in Nigeria. However, the study showed that the ‘individual’ impacts of POS (t = 10.72) and mobile (t = 10.61) on financial inclusion in Nigeria were more significant than those of ATM (t = 5.11) and web banking (t = 6.51), respectively. The study concluded that financial technology has a significant relationship with financial inclusion in Nigeria. The researcher recommended, that deposit money banks should fashion out ways of making POS and mobile banking more accessible to all categories of businesses and individuals so as to enhance financial inclusion in Nigeria

JournalJournal of Accounting and Financial Reporting
ISSN3065-0461
Volume / IssueVol. 11, No. 1 (2023)
Pages72-84
Published27 January 2025
Access Open Access
LicenseCC BY 4.0 — reuse with attribution
PublisherKeith Publications
Nwankwo , C., Eze, C. (2025). FINANCIAL TECHNOLOGY AND FINANCIAL INCLUSION: EXPLORING THEIR INTERCONNECTION IN NIGERIA. Journal of Accounting and Financial Reporting, Vol. 11 No. 1, pp. 72-84

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