Financial Technology as a Tool for Promoting Financial Inclusion in Nigeria A Theoretical Review

Main Article Content

Ezeocha, Chukwuemeka Maurice


Financial technology (FinTech) as a concept and practice, started gaining serious worldwide traction following the outbreak of the global financial crisis in 2008. Thus, this paper is undertaken to critically discuss the emerging trends in financial technology and how they enhance financial inclusion, as well as the problems faced by financial technology in financial inclusion, with a specific focus on Nigeria. The paper adopts the exploratory qualitative research approach, using secondary data sources involving an extensive review of recent articles, periodicals, empirical and analytical studies, policy discussions, working papers, and other documented materials found to be pertinent to the study. The paper reveals that over the last decade, Fintech’s contribution to financial inclusion in Nigeria has exploded. FinTech has improved the usual way of rendering financial services and has created new inventions that have made financial activities not only more accessible but also faster, thereby easing the lives of financial service users in Nigeria, where mobile network technology is powering financial inclusion and bringing more people into the financial system. Despite the contributions of FinTech to financial inclusion in Nigeria, the paper notes the issue of high level of attrition in customer patronization and the threat of Cyber-attacks as major challenges. Based on this therefore, the paper recommends the need for regulatory bodies to do more to bring synergy between the operating companies and their interactions with the customers and prospective consumers for proper sensitization about these fintech services, considering the disinterest of many due to distrust of the system. Furthermore, the paper recommends that regulatory bodies should develop a more effective framework for monitoring cyber risk management at financial institutions using technology and laws that will duly prosecute cyber criminals and serve as a deterrent to others.

Keywords: Financial Inclusion, Financial Technology, Fintech Innovations, Nigeria

Article Details

Financial Technology as a Tool for Promoting Financial Inclusion in Nigeria: A Theoretical Review. (2024). African Journal of Management and Business Research, 15(1), 166-181.

Copyright (c) 2024 Ezeocha, Chukwuemeka Maurice (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Ezeocha, Chukwuemeka Maurice, Federal Polytechnic, Kaura Namoda, Zamfara State, Nigeria. 

Department of Banking and Finance,

Federal Polytechnic, PMB 1012, Kaura Namoda, Zamfara State, Nigeria. 

Adeola, O., & Evans, O. (2017). Financial inclusion, financial development, and economic diversification in Nigeria. The Journal of Developing Areas, 51(3), 1-15.

Aja, K. (2021). FinTech, the answer to financial inclusion in Nigeria.

Anyfantaki, S. (2016). The evolution of financial technology. Economic Bulletin;1 (44), 47-62.

Beck, T. (2020). Fintech and financial inclusion: Opportunities and pitfalls. ADBI Working Paper 1165. Tokyo: Asian Development Bank Institute. Available:

Central Bank of Nigeria (2012). National Financial Inclusion Strategy (NFIS). A Central Bank of Nigeria Publication.

Central Bank of Nigeria (2018). National Financial Inclusion Strategy (Revised): Financial inclusion in Nigeria.

Central Bank of Nigeria (2021). Central Bank of Nigeria e-payment statistics for the financial System. Available: system/e-payment statistics

Demirguc-Kunt, A., Klapper, L., Singer, D.; & Van Oudheusden, O. (2015). The global findex database 2014: Measuring financial inclusion around the world. Policy research working paper 7255, World Bank Group, Washington, DC.

Enhancing Financial Innovation and Access. (2021). EFInA access to financial services in Nigeria 2020 survey. Available:

Frost, J. (2020). The economic forces driving fintech adoption across countries. Bank for International Settlements. BIS working papers No 838.

Iwedi, M., Kocha, C. & Wike, C. (2022). Effect of digitalization of banking services on the Nigerian economy. Contemporary Journal of Banking and Finance, 2(1), 1-9.

Kadjie, C. F., Hikouatcha, P., Njamen Kengdo, A. A., & Nchofoung, T. N. (2022). Determinants of adoption of electronic payment by small and medium-sized enterprises (SMEs) in Cameroon. African Journal of Science, Technology, Innovation and Development, 1-13.

Kama, U. & Adigun, M. (2013). Financial inclusion in Nigeria: Issues and challenges. Central Bank of Nigeria Occasional Paper, No. 25

Kanga D, Oughton C, Harris L & Murinde, V. (2021). The diffusion of fintech, financial inclusion and income per capita. The European Journal of Finance;1-29.

Karsh, S. A.& Abufara, Y. (2020). The new era of financial technology in banking industry. Journal of Southwest Jiaotong University;55(4):1-13

Khera, P.; Ng, S.; Ogawa, S.; & Sahay, R. (2021). Measuring digital financial inclusion in emerging market and developing economies: A new index, IMF Working Paper, WP/21/90.

Miao, Z. & Juanjuan, Y. (2018). Research on financial technology and inclusive finance development. advances in social science. Education and Humanities Research; 294(1):65-71.

Monapp (2023). The role of technology in promoting financial inclusion in Nigeria. Available:

Ogaga, A. (2024). CBN lifts ban on Opay, Moniepoint, two other fintech banks. Daily Post Newspaper, June 3, 2024. Retrieved from,moniepoint-two-other-fintech-banks

Ogbuji, I. A.; Ologundudu, M. M. & Oluyomi, O. O. (2020). Comparative analysis of financial technology and traditional bank performance in Nigeria: THE CAMELS APPROACH, Unilag Journal of Business. 6(1):145-169.

Ogunode, O. A.; Akintoye, I..R.; Ajayi, M. & Joshua, A. A. (2022). Cyber security and financial innovation of selected deposit money banks in Nigeria. Universal Journal of Accounting and Finance, 10(3):643-652

Okojie. J (2023). How tech is driving financial inclusion for MSMEs. BusinessDay, August 9, 2023. Available:

Ozili, P.K. (2020). Theories of financial inclusion. Özen, E. and Grima, S. (Ed.) Uncertainty and Challenges in Contemporary Economic Behaviour (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Bingley, 89-115. Available:

Ozili, P.K. (2021). Financial inclusion and business cycles. Journal of Financial Economic Policy, 13(2), 180-199.

Salampasis, D.G. & Mention, A.L (2018). Open innovation in financial institutions: Individual and organizational considerations. International Journal of Transitions and Innovation Systems, 6(1), 62-87.

Schueffel, P. (2016). Taming the beast: A scientific definition of fintech. Journal of Innovation Management. 4(4):32-46.

Temitayo, O. (2023). The impact of fintech on financial inclusion in Nigeria. Retrieved from:

Torsten, W. & Jack, J. K. R. (2023). Nigeria-fostering financial inclusion through digital financial services", IMF Selected Issues Paper.

Tunji, S. (2024). CBN bans banks, fintechs from international money transfer services, hikes application fee by 1,900%. Nairametrics. Retrieved from:

Wayne, T.; Soetan, T.; Bajepade, G. & Mogaji, E. (2020). Technologies for financial inclusion in Nigeria. Research Agenda Working Papers. Vol 2020 No 4 pp 40-56

World Bank Group (2021). The global findex database 2021 - financial inclusion, digital payments, and resilience in the age of COVID-19, The Global Findex Database 2021 (