An appraisal of financial inclusion’s impact on poverty alleviation in Nigeria: A study of mobile banking in Abuja
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Background of the Study :
Financial inclusion—ensuring access to affordable financial services for all—has become a critical instrument for poverty alleviation. In Abuja, mobile banking has emerged as a transformative tool between 2010 and 2020, providing financial services to underserved populations (Ibrahim, 2023). Mobile banking enables access to credit, savings, and remittance services, facilitating economic participation among low-income groups. Empirical evidence suggests that greater financial inclusion can lead to improved household income, increased entrepreneurship, and reduced poverty levels (Adeniyi, 2024). Government initiatives and private sector innovations in mobile technology have expanded service coverage and lowered transaction costs. However, challenges such as digital literacy, network reliability, and regulatory hurdles continue to affect the extent of financial inclusion. This study examines the role of mobile banking in poverty alleviation in Abuja by analyzing user data, economic outcomes, and beneficiary testimonials. The goal is to determine the effectiveness of mobile banking initiatives in reducing poverty and to propose strategies to overcome existing barriers, ensuring that financial inclusion contributes to sustainable development (Chinwe, 2025).
Statement of the Problem
Despite the widespread adoption of mobile banking in Abuja, poverty alleviation remains a challenge for many low-income communities. Barriers such as limited digital literacy, inadequate network infrastructure, and regulatory challenges reduce the effectiveness of mobile banking services in delivering economic benefits (Ibrahim, 2023). This study seeks to identify the key determinants that limit the impact of mobile banking on poverty reduction and to evaluate the extent to which financial inclusion initiatives have succeeded in improving the livelihoods of the underserved. The findings will help identify gaps in current approaches and inform strategies to enhance the role of mobile banking in poverty alleviation.
Objectives of the Study:
1. To assess the impact of mobile banking on poverty reduction.
2. To identify challenges affecting financial inclusion through mobile banking.
3. To recommend strategies to improve mobile banking services for poverty alleviation.
Research Questions:
1. How does mobile banking affect poverty levels in Abuja?
2. What are the primary challenges to effective financial inclusion via mobile banking?
3. What policy measures can enhance the impact of mobile banking on poverty alleviation?
Research Hypotheses:
1. Mobile banking significantly reduces poverty levels.
2. Digital literacy challenges hinder financial inclusion.
3. Policy reforms can enhance the impact of mobile banking on poverty reduction.
Significance of the Study (100 words):
This study is significant as it evaluates the impact of mobile banking on poverty alleviation in Abuja, providing insights into how financial inclusion can be improved to benefit underserved populations. Its findings will guide policymakers and financial service providers in addressing the barriers to effective mobile banking, ultimately contributing to reduced poverty and enhanced economic empowerment (Ibrahim, 2023).
Scope and Limitations of the Study:
This study focuses on mobile banking and its impact on poverty alleviation in Abuja from 2010 to 2020. It does not extend to traditional banking services or other geographic regions.
Definitions of Terms:
1. Financial Inclusion: The accessibility of financial services to all segments of society.
2. Mobile Banking: Financial services delivered via mobile devices.
3. Poverty Alleviation: Strategies and policies aimed at reducing poverty levels.
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