Effect of Fintech on Economic Empowerment and Financial Literacy in Rural Nigeria

This study examined the effect of FINTECH adoption on economic empowerment and financial literacy among rural populations in Nigeria, focusing on rural communities within Nsukka Local Government Area of Enugu State. Survey data collected from 370 respondents revealed that 52.7% use FINTECH services on a weekly or daily basis, indicating moderate to high adoption. Most respondents reported improvements in economic empowerment, with 63.5% noting moderate to significant enhancement in managing income. Similarly, 62% experienced moderate to great improvement in financial literacy since adopting FINTECH. However, barriers such as poor internet connectivity (35.14%), limited knowledge (29.73%), and high transaction costs (16.22%) were significant challenges to effective FINTECH use. Respondents emphasized the need for more financial literacy training (37.84%) and better internet access (31.08%) to improve FINTECH utilization. These findings suggest that while FINTECH positively impacts rural economic and financial outcomes, addressing infrastructural and educational gaps is crucial to maximizing its benefits.