The impact of digital economy policies on enhancing economic inclusivity in Nigeria: An evaluation of fintech solutions in Kano State (2010–2020).
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Background of the study
Digital economy policies have emerged as catalysts for economic inclusivity by expanding access to financial services through innovative fintech solutions. In Kano State, initiatives introduced from 2010 to 2020 aimed at promoting mobile banking, digital payments, and e-wallet services have played a transformative role in bringing unbanked populations into the formal financial system. These policies, implemented by both government and private sectors, seek to reduce financial exclusion by leveraging technology to offer secure, low-cost, and accessible financial transactions (Ibrahim, 2023). Empirical evidence suggests that fintech solutions can improve income distribution and create new opportunities for small businesses and low-income households (Chinwe, 2024). However, challenges such as limited digital literacy, cybersecurity concerns, and uneven network infrastructure remain significant obstacles to widespread adoption. Recent reforms have emphasized the need for capacity building and regulatory support to maximize the benefits of digital finance (Oluwaseun, 2023). This study critically examines how digital economy policies have contributed to economic inclusivity in Kano State through fintech innovations, identifying the key determinants and barriers that affect their effectiveness.
Statement of the problem
Despite notable progress, economic inclusivity in Kano State is hampered by persistent challenges in fintech adoption. Limited digital literacy, cybersecurity risks, and inadequate network infrastructure hinder the full realization of digital finance benefits (Ibrahim, 2023; Chinwe, 2024). Consequently, many potential users remain excluded from formal financial services, undermining policy objectives. This study aims to identify the factors limiting fintech effectiveness and propose strategies to overcome these barriers.
Objectives of the study:
- To evaluate the impact of fintech solutions on economic inclusivity in Kano State.
- To identify key barriers to fintech adoption.
- To recommend strategies for enhancing digital finance policies.
Research questions:
- How have fintech solutions influenced economic inclusivity in Kano State?
- What barriers affect the adoption of digital finance?
- Which policy measures can enhance fintech uptake?
Research Hypotheses:
- Fintech solutions significantly enhance economic inclusivity.
- Limited digital literacy negatively affects fintech adoption.
- Improved regulatory support increases digital finance uptake.
Significance of the study
This study is significant because it provides insights into how digital economy policies and fintech solutions can foster economic inclusivity in Kano State. Its findings will help policymakers and industry stakeholders design targeted interventions that improve digital literacy, strengthen network infrastructure, and ensure robust regulatory frameworks, thereby expanding financial access for underserved populations (Ibrahim, 2025).
Scope and limitations of the study:
This study is limited to evaluating fintech solutions and digital finance policies in Kano State, focusing on their role in promoting economic inclusivity.
Definitions of terms:
- Digital Economy Policies: Government initiatives aimed at promoting the use of digital technologies in the economy.
- Fintech Solutions: Financial services delivered through digital platforms.
- Economic Inclusivity: The extent to which all segments of society have access to economic opportunities.
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