The Impact of Mobile Banking Applications on Financial Inclusion: A Study of Commercial Banks in Kogi State
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Background of the Study
Mobile banking applications have become a significant driver of financial inclusion by providing easy and accessible financial services to previously underserved populations, particularly in rural areas. In Nigeria, where access to traditional banking infrastructure is limited in many regions, mobile banking offers an alternative means for individuals to perform transactions, access savings accounts, and receive loans. This study seeks to examine the impact of mobile banking applications on financial inclusion, focusing on commercial banks in Kogi State, and how these applications affect access to banking services for the local population (Adewale & Okoye, 2023).
Statement of the Problem
While mobile banking has proven to be an effective tool in promoting financial inclusion, its full potential in Kogi State remains unclear. Many rural communities still face barriers to using mobile banking services, including lack of awareness, technological illiteracy, and network infrastructure challenges. There is a need to assess the true impact of mobile banking applications in improving access to financial services for the population (Oni & Olabode, 2024).
Objectives of the Study
- To evaluate the impact of mobile banking applications on financial inclusion in Kogi State.
- To assess how mobile banking facilitates access to banking services for individuals in rural areas.
- To explore the challenges and opportunities related to the adoption of mobile banking in promoting financial inclusion.
Research Questions
- How does mobile banking affect financial inclusion in Kogi State?
- What role do mobile banking applications play in providing banking services to individuals in rural areas?
- What challenges and barriers hinder the widespread adoption of mobile banking in Kogi State?
Research Hypotheses
- Mobile banking applications significantly improve financial inclusion in Kogi State.
- Mobile banking applications enhance access to banking services for rural populations.
- There are challenges to the adoption of mobile banking applications in Kogi State, such as infrastructure and literacy barriers.
Scope and Limitations of the Study
This study will focus on commercial banks in Kogi State that offer mobile banking services. Limitations may include difficulties in obtaining data from customers regarding mobile banking usage and challenges related to mobile network coverage.
Definitions of Terms
- Mobile Banking Applications: Software applications provided by banks that allow customers to access financial services via mobile devices.
- Financial Inclusion: The availability and accessibility of financial services to individuals who are traditionally excluded from the formal financial system.
- Rural Areas: Regions in Kogi State with limited access to traditional banking infrastructure.
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