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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