The Impact of Financial Inclusion and Information and Communication Technology on Economic Growth in Nigeria

This study examines the impact of financial inclusion, information and communication technology (ICT), literacy rate, and gross capital formation on economic growth in Nigeria for the period 1990–2024. Using secondary time series data from the Central Bank of Nigeria, the study employs the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate both shortand long-run relationships. Empirical results reveal that mobile banking (β = 0.312, p < 0.01), access to financial services (β = 0.278, p < 0.05), literacy rate (β = 0.214, p < 0.05), and gross capital formation (β = 0.356, p < 0.01) positively and significantly influence economic growth, while internet banking usage (β = 0.081, p = 0.214) and digital payment penetration (β = 0.093, p = 0.162) are statistically insignificant in the long run. The error correction term of −0.612 (p < 0.01) indicates a rapid adjustment toward long-run equilibrium. These findings suggest that financial technology adoption must be complemented by human capital development and investment in physical capital to stimulate sustainable growth. Policy measures should focus on expanding mobile banking and digital literacy programs, alongside incentives for domestic capital formation. This study contributes to the literature by integrating technological, human, and capital factors in a unified framework, providing empirical evidence on how fintech innovations can drive inclusive economic transformation in emerging economies.