Evolution of Fintech in Nigeria: A Review of its Impact on Some Key Sectors.

---

Authors: Kabiru Musa Yakubu, Sagir Danladi, and Hauwa Modu Kumshe

Abstract

This paper reviews the transformative impact of financial technology (fintech) on various sectors in Nigeria, with a focus on its role in enhancing financial inclusion and public sector efficiency. The methodology applied involves a comprehensive review of secondary data sources, including academic journals, theses, and dissertations, by systematically examining the existing literature on the impact of fintech in Nigeria, with a particular emphasis on its effects on financial inclusion, the banking sector, and public sector efficiency. The study explores how fintech solutions, such as mobile payments, digital lending, and blockchain technologies, have revolutionized the delivery and accessibility of financial services. By addressing the significant gap in financial access, fintech has enabled underserved and unbanked populations to participate in the formal financial system. However, despite these advancements, challenges such as regulatory uncertainty, cybersecurity threats, and infrastructural limitations remain. The paper concludes that while fintech has been transformative, addressing these challenges is essential for fully leveraging the potential of these technologies to create a more inclusive and efficient financial ecosystem in Nigeria.

Keywords: Fintech, Nigeria, CBN, financial inclusion

2024-NIJAF-16-101 Kabiru et al..pdf

Download PDF • 437KB