SANI, D. M1.
Institute of Capital Market Studies (ICMS)
Nasarawa State University, Keffi Nigeria
email: [email protected]: Tel: 08098776600
Abstract
The study focused on whether financial technology influences financial inclusion in Nigeria using an ex-post design. Time series secondary data were analyzed from the Central Bank of Nigeria Statistical Bulletin (2010-2023). Independent variables were ATM, Mobile Pay, Point of Sale, and Web Pay, while the dependent variable was the number of commercial bank branches. The data were analyzed using descriptive statistics, correlation analysis, and unit root testing. The model was estimated using ordinary least squares (OLS). Results showed that ATM, POS, and Web Pay greatly affected bank branches, unlike Mobile Pay. This indicates that technology affects the growth of bank branches differently across Nigeria. It is thus recommended that more investments go into ATM and POS infrastructure, especially in rural areas, to reduce the cost of using these services and, hence, the need for new branches. Regulators should also promote digital banking policies that ensure an equitable balance between digital and physical channels for access with inclusivity in mind. Besides these, fostering interoperability among payment platforms could improve service delivery and user experience.
Keywords: ATM, Financial inclusion, FinTech, Mobile pay, POS