Conference Paper

Unlocking the Financial Inclusion in Nigeria: The Transformative Role of Financial Technology

Abstract Despite the recent progress in the development of financial inclusion in Africa, the significant improvement in Nigeria remains relatively low compared to other developing and emerging economies. Therefore, this study investigated the impact of financial technology on financial inclusion in Nigeria between 2011 and 2023. Financial inclusion was proxied with Bank accounts per 1,000 people while some Fintech companies and ATM usage were used to represent financial technology and Secured internet services and mobile subscriptions were the selected control variables in the study. Data on the variables were gathered from World Bank Development Indicators, Statista, and CBN statistical Bulletin. The ordinary Least Square method of analysis was employed to analyze the data through Excel Data analysis. The results revealed that ATM usage among adults posited a negative relationship with financial inclusion while Secured internet servers, the number of fintech companies, and mobile subscriptions have a positive relationship with financial inclusion. Also, it was discovered that ATM usage among 1000 adults and secured internet services significantly influence financial inclusion while mobile subscriptions and some fintech companies were found to be statistically insignificant to influence financial inclusion within the period under investigation. The study concluded based on the findings that financial technology variables and control variables jointly transformed financial inclusion in Nigeria. It was recommended that mobile devices and internet access should be subsidized to enhance the access of low-income earners and government should foster industry collaboration between fintech companies and conventional banks. Keywords: Fintech, Financial Inclusion, Bank Accounts per 1,000 people, Number of Fintech Companies.