An Assessment of the Role of Fintech in Promoting Financial Inclusion in Nigeria: Evidence from Paystack
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Background of the Study
Financial inclusion is a critical goal for economic development, aiming to provide individuals and businesses with access to affordable financial services. In Nigeria, a significant portion of the population remains unbanked or underbanked, limiting their economic participation. Fintech companies like Paystack have emerged as key players in bridging this gap by offering innovative digital payment solutions and financial services (Adebanjo & Ibrahim, 2024).
Paystack has revolutionized online payments in Nigeria, enabling businesses of all sizes to accept payments seamlessly and securely. Through its platform, unbanked and underbanked individuals can engage in financial transactions, contributing to greater financial inclusion. However, challenges such as limited digital literacy, inadequate infrastructure, and regulatory barriers persist (Eze, 2023).
This study assesses the role of Paystack in promoting financial inclusion, exploring its impact on access to financial services and the challenges it faces in achieving its mission.
Statement of the Problem
Despite efforts to improve financial inclusion in Nigeria, many individuals and small businesses remain excluded from formal financial systems due to barriers such as high transaction costs, lack of access to banking services, and limited trust in financial institutions. While fintech companies like Paystack have made strides in addressing these issues, the extent of their impact on financial inclusion in Nigeria requires further exploration (Okon, 2025).
This study examines how Paystack’s services contribute to financial inclusion and identifies the challenges and opportunities associated with its operations in Nigeria.
Objectives of the Study
1. To assess the role of Paystack in promoting financial inclusion in Nigeria.
2. To analyze the impact of Paystack’s services on access to financial services.
3. To identify challenges and opportunities in achieving financial inclusion through fintech.
Research Questions
1. What role does Paystack play in promoting financial inclusion in Nigeria?
2. How do Paystack’s services impact access to financial services?
3. What challenges and opportunities exist for fintech in advancing financial inclusion?
Research Hypotheses
1. Paystack significantly contributes to financial inclusion in Nigeria.
2. Limited digital literacy hinders the effectiveness of fintech in promoting financial inclusion.
3. Improved fintech solutions enhance access to financial services among the unbanked population.
Scope and Limitations of the Study
The study focuses on Paystack’s role in promoting financial inclusion in Nigeria, analyzing its services, impact, and challenges. Limitations include reliance on secondary data and the evolving nature of fintech regulations.
Definitions of Terms
• Financial Inclusion: The provision of affordable financial services to all individuals and businesses, particularly the underserved.
• Fintech: Technology-driven financial services companies offering innovative solutions for payments, lending, and more.
• Unbanked Population: Individuals without access to traditional banking services.
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