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Electronic Payment System: Effect on Financial Inclusion in Nigeria

Nwobu, Emmanuel Kenechukwu (2022) Electronic Payment System: Effect on Financial Inclusion in Nigeria. Masters thesis, Dublin, National College of Ireland.

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Abstract

In a country like Nigeria, there is still a study gap on the contribution of e-payment platforms to financial inclusion. Investigating the contribution of e-payment platforms to financial inclusion in Nigeria would help formulation of policies and strategies that support bringing financial services closer to the people for increased economic activities. Against this background, the need to carry out this research becomes necessary. The study determined the effect of electronic payment systems on financial inclusion in Nigeria from 2008 to 2021. The objectives were: to determine how internet access affects access to financial services in Nigeria; to ascertain how financial literacy effects access to financial services in Nigeria and to ascertain how changes in technology affects access to financial services in Nigeria. An ex-post facto research design was adopted for this study to achieve the objectives of the study using disaggregated data on internet access, financial literacy and changes in technology as well as data on access to financial services in each of the states in Nigeria. data was gathered from Central Bank of Nigeria e-payment insights as well as from yearly report of Central Bank of Nigeria monetary consideration procedure execution from 2008 to 2021 and it was investigated utilizing Ordinary Least Square (OLS) relapse model with the guide of SPSS form 23.0 .Internet access was found to have a statistically significant impact on access to financial services in Nigeria (R = .509, P = 0.000 at P < 0.05). The review laid out that financial literacy significantly affects access to financial services (R = .690, P = 0.000 at P < 0.05). There was huge connection between changes in technology and financial inclusion in Nigeria (R = .500, P = 0.000 at P < 0.05). The regression coefficients (β) of 0.928, 0.855 and 1.007 show that increased internet access, financial literacy and use of mobile banking (changes in technology) would have positive contribution on access to financial services in Nigeria. Findings from this study therefore suggest that the application of technology in Nigeria’s financial system will ultimately increase financial services to the unbanked. Additionally, financial literacy affects financial advancement which assumes a fundamental part in making a suitable monetary framework. In view of the discoveries, it was suggested that states and strategy producers in Nigeria are advised to formulate policies concerning the monetary administrations by carrying out certain mediations to improve the business climate fundamental for economic growth, including banks and other monetary establishments, to work and grow financial inclusion.

Item Type: Thesis (Masters)
Subjects: D History General and Old World > DT Africa
H Social Sciences > HF Commerce > Electronic Commerce
H Social Sciences > HG Finance > Financial Services
Divisions: School of Business > Master of Science in Finance
Depositing User: Clara Chan
Date Deposited: 03 Aug 2022 14:30
Last Modified: 03 Aug 2022 14:30
URI: https://norma.ncirl.ie/id/eprint/5698

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