The impact of mobile banking applications on financial inclusion: A study of commercial banks in Kogi State.
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
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- NGN 5000
Background of the Study: Mobile banking applications have revolutionized the financial sector by providing users with convenient, accessible, and affordable banking services through mobile devices. These platforms have become crucial in advancing financial inclusion by offering services to underserved populations, especially in rural areas where traditional banking infrastructure is limited (Chijioke & Nwankwo, 2023). Mobile banking has the potential to bridge the gap between the banked and unbanked populations by enabling users to access banking services, such as transferring money, paying bills, and accessing loans, without the need for physical bank visits (Bola & Elugbe, 2024).
In Kogi State, where access to traditional banking services is limited in certain rural areas, mobile banking applications present an opportunity to extend financial services to previously excluded individuals and communities. However, despite the growing adoption of mobile banking in the state, the full impact of these applications on financial inclusion remains unclear. Some challenges such as internet connectivity issues, digital literacy, and security concerns still limit the effective use of mobile banking applications. This study aims to investigate the impact of mobile banking applications on financial inclusion in Kogi State, focusing on their role in improving access to financial services.
Statement of the Problem: Despite the significant growth of mobile banking in Nigeria, many residents of Kogi State still lack access to basic financial services. While mobile banking applications have the potential to promote financial inclusion, challenges such as low digital literacy, poor internet infrastructure, and security concerns hinder their widespread adoption. Additionally, there is limited research on the specific impact of mobile banking on financial inclusion in Kogi State. This study seeks to address this gap by examining how mobile banking applications contribute to financial inclusion and the barriers that need to be overcome for greater success.
Objectives of the Study:
1. To evaluate the impact of mobile banking applications on financial inclusion in Kogi State.
2. To identify the challenges faced by residents of Kogi State in using mobile banking applications.
3. To explore opportunities for enhancing mobile banking services to improve financial inclusion in Kogi State.
Research Questions:
1. How do mobile banking applications impact financial inclusion in Kogi State?
2. What challenges do residents of Kogi State face in using mobile banking applications?
3. What opportunities exist for improving mobile banking services to enhance financial inclusion in Kogi State?
Research Hypotheses:
1. Mobile banking applications significantly improve financial inclusion in Kogi State.
2. The use of mobile banking applications is limited in Kogi State due to challenges such as low digital literacy and poor internet connectivity.
3. There are significant opportunities to enhance mobile banking services in Kogi State to promote greater financial inclusion.
Scope and Limitations of the Study: This study will focus on commercial banks offering mobile banking services in Kogi State. Limitations include potential biases in self-reported data, limited access to proprietary bank data, and the challenge of generalizing the findings to other regions or types of banking institutions.
Definitions of Terms:
• Mobile Banking Applications: Software applications that allow users to perform financial transactions and access banking services through mobile devices.
• Financial Inclusion: The availability and accessibility of affordable financial services to all individuals, particularly those who are underserved or excluded from traditional banking systems.
• Commercial Banks: Financial institutions that provide a wide range of banking services, including savings, loans, and payment services to individuals and businesses
