An appraisal of digital finance’s role in enhancing economic inclusion in Nigeria: A study of mobile money services in Abuja (2010–2020).
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Background of the study
Digital finance has emerged as a transformative tool for enhancing economic inclusion by providing accessible financial services to previously underserved populations. In Abuja, mobile money services introduced between 2010 and 2020 have played a crucial role in extending banking facilities to unbanked and underbanked communities. These services offer a convenient, secure, and cost-effective alternative to traditional banking, enabling users to conduct transactions, save, and access credit. The growth of mobile money has been associated with increased financial participation, improved livelihood opportunities, and overall economic empowerment (Oluwaseun, 2023). Despite its potential, challenges such as digital literacy, cybersecurity risks, and inadequate network infrastructure hinder full adoption (Chinwe, 2024). Recent studies emphasize that a robust digital finance ecosystem can significantly enhance economic inclusion, yet the effectiveness of mobile money services is contingent upon supportive regulatory frameworks and user education (Ibrahim, 2025). This study examines the role of mobile money in promoting financial inclusion in Abuja, analyzing adoption patterns, benefits, and the challenges that must be overcome to maximize its economic impact.
Statement of the problem
Although mobile money services have expanded financial access in Abuja, significant barriers remain. Limited digital literacy, concerns over cybersecurity, and sporadic network coverage restrict the full benefits of digital finance (Oluwaseun, 2023; Chinwe, 2024). These issues contribute to uneven adoption and prevent many potential users from accessing essential financial services, thereby undermining economic inclusion. This study aims to identify these barriers and assess the overall role of digital finance in enhancing economic participation, proposing strategies to overcome existing challenges and maximize the benefits of mobile money services.
Objectives of the study:
- To evaluate the impact of mobile money services on economic inclusion.
- To identify challenges affecting the adoption of digital finance.
- To propose strategies to improve digital financial inclusion.
Research questions:
- How do mobile money services enhance economic inclusion in Abuja?
- What challenges hinder their widespread adoption?
- What measures can improve the effectiveness of digital finance?
Research Hypotheses:
- Mobile money services significantly enhance economic inclusion.
- Digital literacy deficits reduce adoption rates.
- Improved network infrastructure and education increase service uptake.
Significance of the study
This study is significant as it investigates the role of digital finance in fostering economic inclusion in Abuja. Its findings will inform policymakers and service providers about the critical challenges and opportunities in mobile money adoption, ultimately guiding strategies that enhance financial access and contribute to broader socio-economic development (Ibrahim, 2025).
Scope and limitations of the study:
This study is limited to evaluating mobile money services in Abuja and their impact on economic inclusion, focusing on digital, infrastructural, and regulatory factors.
Definitions of terms:
- Digital Finance: The use of digital technology to provide financial services.
- Mobile Money Services: Financial services accessed via mobile devices.
- Economic Inclusion: The process of ensuring broad access to economic opportunities and financial services.
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