The Effect of Mobile Banking on Financial Inclusion in Potiskum Local Government Area, Yobe State
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- NGN 5000
Background of the Study
Financial inclusion is a key driver of economic development, enabling individuals and businesses to access financial services such as savings, credit, and digital payments. Mobile banking has emerged as a transformative tool for expanding financial inclusion, particularly in rural and underserved communities. In Potiskum Local Government Area, Yobe State, mobile banking has provided opportunities for individuals and businesses to engage in financial transactions without the need for traditional banking infrastructure.
The rise of mobile banking services has facilitated seamless financial transactions, improved savings culture, and enhanced economic participation, particularly among low-income earners. Studies indicate that mobile banking increases financial inclusion by offering convenient and affordable access to banking services, reducing the reliance on cash transactions, and improving financial security (Ali & Musa, 2023). However, despite its advantages, several challenges hinder the widespread adoption of mobile banking in Nigeria. These include poor network infrastructure, limited digital literacy, cybersecurity concerns, and reluctance among some users to transition from cash-based transactions (Ogunleye & Bello, 2024).
Given the increasing reliance on digital financial services, it is essential to evaluate the impact of mobile banking on financial inclusion in Potiskum. Understanding how mobile banking contributes to economic empowerment, the barriers to its adoption, and its role in enhancing financial accessibility will provide insights for policymakers, financial service providers, and local communities. This study examines the effects of mobile banking on financial inclusion in Potiskum, assessing its benefits, challenges, and policy implications.
1.2 Statement of the Problem
Despite the growing adoption of mobile banking in Nigeria, financial exclusion remains a challenge in Potiskum, particularly for rural dwellers, small businesses, and individuals without formal education. Limited access to smartphones, inadequate digital literacy, and concerns about transaction security hinder the effective use of mobile banking services (Usman & Abubakar, 2023). Additionally, unreliable network services and high transaction costs have discouraged some users from fully utilizing mobile banking platforms. Given the importance of financial inclusion for economic development, it is necessary to assess the impact of mobile banking on financial accessibility and identify strategies to enhance its adoption in Potiskum.
1.3 Objectives of the Study
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To examine the role of mobile banking in promoting financial inclusion in Potiskum.
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To identify the challenges hindering mobile banking adoption in Potiskum.
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To assess the impact of mobile banking on financial accessibility and economic empowerment in Potiskum.
1.4 Research Questions
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How does mobile banking contribute to financial inclusion in Potiskum?
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What challenges hinder the adoption of mobile banking in Potiskum?
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What is the impact of mobile banking on financial accessibility and economic empowerment in Potiskum?
1.5 Research Hypotheses
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Mobile banking significantly enhances financial inclusion in Potiskum.
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Several challenges hinder the adoption of mobile banking in Potiskum.
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Mobile banking positively impacts financial accessibility and economic empowerment in Potiskum.
1.6 Significance of the Study
This study provides insights into the role of mobile banking in enhancing financial inclusion and economic participation. The findings will be beneficial to financial institutions, policymakers, and local communities in designing strategies to expand digital financial services.
1.7 Scope and Limitations of the Study
The study focuses on mobile banking in Potiskum Local Government Area, Yobe State, assessing its role in financial inclusion.
1.8 Operational Definition of Terms
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Mobile Banking: Digital financial services provided via mobile devices.
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Financial Inclusion: Access to affordable financial services.
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Digital Literacy: The ability to use digital platforms effectively.
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