The Role of Financial Technology in Enhancing Financial Inclusion in Nigeria

This study examined the impact of financial technology on financial inclusion in Nigeria, focusing on three key variables: Automated Teller Machines (ATMs), Point of Sale (POS) systems, and Internet banking. The study utilizes a quantitative research approach and employs a descriptive research design to analyze secondary data from 2014 to 2016 sourced from the Nigerian Inter-Bank Settlement System (NIBSS) Annual Reports and the Central Bank of Nigeria Statistical Bulletin. Regression analysis using E-views software was conducted to analyze the data. The findings highlight a consistent expansion of digital channels within Nigeria's financial sector, including ATM, POS, and Internet banking. The increasing number of bank accounts indicates a substantial and positive impact on financial inclusion. The study concludes that expanding digital channels, including ATM, POS, and Internet banking, has benefited financial inclusion in Nigeria. It highlights the importance of these channels in improving access to financial services, particularly in rural areas. The study recommends an increased focus on expanding access to ATM and POS transactions, improving networking for effective Internet banking usage, and promoting financial literacy to enhance financial inclusion.