FinTech as a Pathway to Sustainable Development in Nigeria

Sustainable development is a global priority, essential for meeting the social, economic, and environmental needs of future generations. Governments worldwide have undertaken extensive research efforts to identify effective pathways for achieving sustainable development. In 2017, the financial sector contributed 15% of the global GDP. Given the central role of financial systems in both national and global economies, their integration into sustainability initiatives is essential. The United Nations Agenda 2030 for Sustainable Development highlights the importance of financial inclusion in addressing economic disparities, particularly in rural African areas where a significant portion of the population lives below the poverty line. This study examines the potential of Financial Technology (FinTech) to drive sustainable development in Nigeria, a country marked by high financial exclusion, wealth inequality, and poverty. Through textual analysis and semi-structured interviews, this research identifies three critical areas for investment to enhance the adoption of FinTech and promote sustainable growth: financial and educational literacy, an enabling environment with supportive policies, and robust regulatory measures to protect end-users. These initiatives are essential for building confidence and fostering greater adoption of FinTech in Nigeria.