An examination of digital banking and its influence on financial literacy in Uyo Local Government, Akwa Ibom State
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- NGN 5000
Background of the Study
Digital banking has transformed financial services by providing accessible, efficient, and secure transactions in Uyo. The adoption of online banking platforms and mobile financial services has significantly contributed to improving financial literacy among residents (Etim, 2023). With an increasing number of users accessing digital tools for financial management, there has been a corresponding surge in understanding budgeting, saving, and investment strategies (Obi, 2024). These innovations offer tailored financial products and educational resources that bridge the gap between traditional banking services and modern financial demands (Ibe, 2023). However, the rapid digitization process also presents challenges such as cybersecurity threats and uneven access to digital devices. As a result, the need to evaluate how digital banking influences financial literacy becomes crucial. The study critically explores the role of digital banking in fostering financial knowledge, examining both its benefits and limitations in enhancing financial inclusion in Uyo Local Government (Etim, 2023).
Statement of the Problem
Despite the growth of digital banking in Uyo, there is uncertainty regarding its effectiveness in enhancing financial literacy. Many users may not fully understand digital financial tools, leading to underutilization of available resources. Additionally, concerns such as cybersecurity risks and digital exclusion remain significant challenges. The lack of comprehensive studies on the influence of digital banking on financial behavior calls for rigorous investigation. Addressing these issues is essential to support financial inclusion and to empower individuals with the necessary financial skills (Obi, 2024).
Objectives of the Study:
- To examine the extent of digital banking adoption in Uyo.
- To assess its impact on improving financial literacy.
- To recommend strategies for enhancing digital financial education.
Research Questions:
- How does digital banking affect financial literacy in Uyo?
- What are the barriers to effective digital financial education?
- Which strategies can improve digital banking services?
Research Hypotheses:
- Digital banking usage positively correlates with enhanced financial literacy.
- Cybersecurity concerns negatively influence digital financial behavior.
- Educational interventions can significantly improve digital financial skills.
Significance of the Study
The study is significant in informing banking institutions and policymakers on the critical role of digital banking in promoting financial literacy. By highlighting the benefits and challenges, the research provides valuable insights for designing targeted financial education programs and policy reforms aimed at increasing digital financial inclusion (Ibe, 2023).
Scope and Limitations of the Study:
This investigation is limited to digital banking practices and financial literacy issues within Uyo Local Government. Limitations include the focus on a single region and reliance on self-reported data.
Definitions of Terms:
- Digital Banking: The use of electronic platforms for financial transactions.
- Financial Literacy: The ability to understand and effectively use various financial skills.
- Financial Inclusion: Efforts to make financial services accessible to all segments of society.
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