The effect of digital transformation on improving financial inclusion in Nigeria: Evidence from fintech initiatives in Lagos State (2010–2020).
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Background of the study:
Digital transformation has revolutionized the financial landscape in Nigeria by leveraging technology to enhance accessibility and efficiency in financial services. In Lagos State, fintech initiatives introduced between 2010 and 2020 have played a significant role in improving financial inclusion by providing digital banking, mobile money, and online lending platforms (Oluwaseun, 2023). These initiatives have enabled underserved populations to access credit, savings, and payment services without traditional banking barriers. Digital platforms facilitate faster transactions and broaden the reach of financial services, reducing the cost of financial intermediation and promoting economic participation. However, challenges such as cybersecurity risks, regulatory hurdles, and limited digital literacy persist, hindering full-scale adoption (Adisa, 2024). This study investigates the impact of digital transformation on financial inclusion in Lagos State, analyzing how fintech innovations have altered financial service delivery. It examines both the technological advancements and the obstacles that remain, aiming to provide comprehensive recommendations to further enhance financial inclusion in Nigeria’s rapidly evolving digital economy.
Statement of the problem:
Despite significant progress driven by fintech initiatives, financial inclusion in Lagos State remains uneven. Barriers such as limited digital literacy, regulatory ambiguities, and security concerns continue to restrict access to digital financial services (Oluwaseun, 2023; Adisa, 2024). These challenges prevent a substantial segment of the population from reaping the benefits of digital transformation. This study seeks to identify the specific factors limiting financial inclusion and to propose strategies that will enhance the reach and effectiveness of fintech solutions.
Objectives of the study:
- To assess the impact of digital transformation on financial inclusion in Lagos State.
- To identify challenges hindering the widespread adoption of fintech services.
- To propose recommendations to improve financial inclusion through digital initiatives.
Research questions:
- How has digital transformation affected financial inclusion in Lagos State?
- What are the key obstacles limiting fintech adoption?
- What policy measures can enhance digital financial inclusion?
Research Hypotheses:
- Digital transformation significantly improves financial inclusion.
- Regulatory and literacy challenges hinder fintech adoption.
- Enhanced digital policies will lead to greater financial inclusion.
Significance of the study:
This study is significant as it examines the transformative role of digital technology in promoting financial inclusion in Lagos State. By identifying challenges and proposing strategies, the research provides valuable insights for regulators and fintech developers, ultimately contributing to a more inclusive financial system (Adisa, 2024).
Scope and limitations of the study:
This study is limited to assessing the impact of digital transformation on financial inclusion in Lagos State, focusing on fintech initiatives and related challenges.
Definitions of terms:
- Digital Transformation: The integration of digital technology into all areas of business, fundamentally changing operations and value delivery.
- Financial Inclusion: The process of ensuring access to affordable and useful financial products and services.
- Fintech Initiatives: Projects and innovations in financial technology aimed at enhancing service delivery.
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