Financial Technology (fintech) and Financial Inclusion in Nigeria

This study examines the impact of financial technology (Fin Tech) on financial inclusion in Nigeria, focusing on its effects on the number of branches, the number of accounts, and electronic banking. The rapid growth of Fin Tech has transformed traditional banking practices, introducing innovative digital solutions that enhance convenience, accessibility, and efficiency. Data was collected from customers of selected banks in Maiduguri, Boron State, using a structured questionnaire, and analyzed using descriptive statistics and Chi-square techniques. The findings reveal that Fin Tech has significantly reduced the reliance on physical bank branches, enabling branch consolidation while expanding access to digital banking services. Additionally, Fin Tech innovations have led to an increase in the number of accounts, particularly among younger and underserved populations, by offering accessible and cost-effective account opening processes. In the realm of electronic banking, the study highlights improvements in transaction processing speed, online banking security, and customer satisfaction. though challenges such as cyber security risks and regulatory hurdles persist. This study underscores the transformative potential of Fin Tech in advancing financial inclusion in Nigeria. It recommends a hybrid banking model that integrates digital solutions with physical infrastructure, particularly in rural areas, alongside strategies to enhance digital literacy and security measures. These approaches can ensure that the benefits of Fin Tech are equitably distributed, driving economic growth and poverty alleviation.