Abstract
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 technology and financial
inclusion in Nigeria for the period 2009-2018. 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.
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