Background of the Study
Financial inclusion is a key priority for Nigeria, as it seeks to extend financial services to the unbanked and underserved populations. The rise of financial technology (fintech) companies has played a significant role in this effort, providing innovative digital solutions that offer financial services to individuals and businesses that were previously excluded from traditional banking systems. However, the growth of fintech in Nigeria has also led to an increase in financial fraud, with reports of fraudulent activities targeting fintech platforms, their users, and service providers.
Forensic accounting has the potential to address these issues by investigating and uncovering fraud within the fintech sector. By applying forensic accounting techniques such as data analysis, fraud detection, and forensic audits, forensic accountants can play a crucial role in identifying vulnerabilities, protecting consumers, and ensuring the integrity of financial transactions within the fintech ecosystem. This study aims to evaluate the impact of forensic accounting in mitigating fraud within Nigeria's fintech sector, thus supporting the country's financial inclusion efforts.
Statement of the Problem
The rapid growth of fintech in Nigeria has created significant opportunities for financial inclusion, but it has also increased the risk of fraud, with several high-profile fraud cases reported. Despite the advantages fintech offers, the lack of robust financial controls and oversight mechanisms leaves room for fraudulent activities. Forensic accounting can play a crucial role in addressing these issues, but its impact on financial inclusion in Nigeria's fintech sector remains insufficiently explored. This research aims to assess how forensic accounting can help mitigate fraud and enhance the integrity of the fintech industry, thereby promoting financial inclusion.
Objectives of the Study
To evaluate the role of forensic accounting in detecting and addressing fraud within Nigeria's fintech sector.
To assess the impact of forensic accounting on promoting transparency and trust in fintech services.
To propose strategies for enhancing the use of forensic accounting to support financial inclusion in Nigeria's fintech industry.
Research Questions
What role does forensic accounting play in detecting and addressing fraud in Nigeria’s fintech sector?
How does forensic accounting contribute to enhancing transparency and trust in fintech services?
What recommendations can be made to improve the use of forensic accounting in promoting financial inclusion through fintech?
Research Hypotheses
Forensic accounting significantly reduces fraud in Nigeria’s fintech sector.
The application of forensic accounting improves transparency and trust in fintech services.
Enhanced forensic accounting practices contribute to greater financial inclusion in Nigeria through fintech.
Scope and Limitations of the Study
This study will focus on the fintech sector in Nigeria and evaluate the impact of forensic accounting on detecting and addressing fraud within this industry. The research will explore specific cases of fraud in fintech companies and assess the effectiveness of forensic accounting techniques in mitigating these risks. Limitations may include limited access to data from fintech companies and potential reluctance to disclose sensitive fraud cases.
Definitions of Terms
Forensic Accounting: The use of specialized accounting techniques to detect fraud, investigate financial crimes, and provide litigation support.
Financial Inclusion: The provision of financial services to individuals and businesses who are otherwise excluded from traditional banking systems.
Fintech: Financial technology companies that provide digital financial services such as payments, loans, and insurance through innovative platforms and mobile applications.b
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