Fintech Adoption and Financial Inclusion in Nigeria: Trends, Patterns, and Emerging Dynamics

Financial technology (FinTech) has revolutionized the way financial services are delivered and used in Nigeria, opening new opportunities for financial access and participation. Although the growth is observed, there are concerns that financial inclusion levels are not fully achieved and adoption rates of key digital financial channels in the country. The trends and patterns of FinTech adoption and financial inclusion in Nigeria were studied and the major FinTech channels that showed the highest level of FinTech adoption from 2018 to 2024 were identified. This study employed descriptive research design and secondary data sources were sourced from Central Bank of Nigeria (CBN) Electronic Payment Statistics and Access to Financial Services (A2F) Revised 2023 Dataset. The analysis of the data was done by descriptive statistical techniques such as frequencies, percentages, means, standard deviations and trend analysis.
The results showed significant uptake of FinTech in the study period, in particular the Mobile App and Point of Sale (POS) channels. Mobile App transactions had the highest average transaction value (ATV) of ₦96.84 trillion while POS transactions came in at ₦38.87 trillion. Consumers continued to use ATM and USSD transactions but with comparatively lower adoption. The study also revealed that about 70.5% of Nigerian adults had access to one or more financial service; 29.5% were financially excluded. The main channel of financial inclusion was the formal banking systems, which reached 50.4% of the adult population.
The findings of the study show that there has been substantial increase in DFS uptake and financial inclusion in Nigeria. But high levels of financial exclusion reveal the need to tailor policy interventions to promote access to digital financial services for financially excluded target groups. The study urges further investment in digital payment systems, financial education initiatives, and inclusive financial policies to enhance the financial participation and promote sustainable financial sector growth.

FinTech Adoption, Financial Inclusion, Digital Finance, Transactions via Mobile App, POS Transactions, Nigeria.

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