An evaluation of mobile money’s role in financial inclusion in Nigeria: A case study of fintech companies in Abuja
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Background of the Study
Mobile money has emerged as a transformative financial tool that enhances financial inclusion by providing accessible and affordable financial services, particularly in regions where traditional banking infrastructure is limited. In Nigeria, fintech companies based in Abuja have been at the forefront of this revolution, offering innovative digital platforms that facilitate transactions, savings, and credit services. Despite the rapid growth of mobile money, challenges such as regulatory hurdles, cybersecurity concerns, and digital literacy persist (Chukwu, 2023). Financial inclusion through mobile money not only supports economic empowerment but also promotes entrepreneurial activities and reduces poverty levels. The proliferation of mobile money services has attracted attention from policymakers and researchers alike, as the technology promises to bridge the financial divide (Obi, 2024). However, the effectiveness of mobile money in reaching the unbanked segments of the population and sustaining long-term financial stability remains under scrutiny. Recent developments in fintech innovation and increased investment in digital infrastructure have the potential to enhance the scope of mobile money services, yet empirical evidence regarding its impact is still evolving (Eze, 2025). This study critically examines the role of mobile money in advancing financial inclusion in Abuja, exploring how fintech companies are leveraging technology to offer secure and efficient financial solutions. By investigating the operational frameworks, user adoption rates, and regulatory challenges, the research aims to provide a comprehensive assessment of mobile money’s contributions to economic inclusion in Nigeria.
Statement of the Problem
Despite the growth of mobile money services in Nigeria, significant barriers continue to impede its potential for promoting widespread financial inclusion. Regulatory constraints, inadequate digital infrastructure, and low levels of financial literacy have collectively hindered the full integration of mobile money into the broader financial system (Chukwu, 2023). In Abuja, where fintech innovations are rapidly emerging, challenges such as security risks and limited interoperability with traditional banking services further complicate user adoption (Obi, 2024). Consequently, a substantial portion of the population remains excluded from the benefits of digital financial services. This study seeks to evaluate the efficacy of mobile money in enhancing financial inclusion, focusing on the operational challenges and strategic opportunities faced by fintech companies. By addressing these issues, the research aims to identify key factors that could enhance the role of mobile money in achieving a more inclusive financial landscape (Eze, 2025).
Objectives of the Study
1. To assess the impact of mobile money on financial inclusion in Abuja.
2. To identify challenges faced by fintech companies in promoting digital financial services.
3. To recommend policy measures that enhance the integration of mobile money with traditional financial systems.
Research Questions
1. What role does mobile money play in enhancing financial inclusion in Abuja?
2. What are the primary challenges faced by fintech companies in expanding mobile money services?
3. How can regulatory frameworks be improved to support the growth of mobile money?
Research Hypotheses
1. Mobile money significantly enhances financial inclusion in urban areas.
2. Regulatory and infrastructural challenges negatively affect the growth of mobile money services.
3. Enhanced digital literacy positively influences the adoption of mobile money platforms.
Significance of the Study (100 words)
This study is significant as it evaluates the transformative potential of mobile money in fostering financial inclusion in Nigeria. It provides valuable insights into the operational challenges and success factors associated with fintech innovations in Abuja. The findings will assist policymakers, fintech operators, and stakeholders in formulating strategies to improve digital financial services, thereby enhancing economic participation among underserved populations. The study contributes to the ongoing discourse on financial technology and its role in reducing economic disparities through inclusive financial practices.
Scope and Limitations of the Study
The study is limited to evaluating mobile money services and their role in financial inclusion as offered by fintech companies in Abuja. It does not extend to other digital financial instruments or regions outside Abuja.
Definitions of Terms
• Mobile Money: Digital financial services that facilitate electronic transactions via mobile devices.
• Financial Inclusion: The process of ensuring access to affordable financial products and services for all individuals.
• Fintech Companies: Organizations that utilize technology to enhance or innovate financial services.
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