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World Academic Journal of
Management
Vol.13, Issue.1, pp.22-34, March 2025
E-ISSN: 2321-905X
Available online at: www.isroset.org
Review Article
Bridging the Gap: Exploring the Role of FinTech in Advancing Financial
Inclusion in Nigeria
Udo Uduak Udo1, Augustine Okon Jacob2*
1Dept. of Business Administration, School of Management Science, Paul University, Awka, Nigeria
2Dept. of Business Administration, School of Management Science, Heritage Polytechnic, Ikot Udota, Nigeria
*Corresponding Author: ✉
Received: 26/Dec/2024; Accepted: 10/Feb/2025; Published: 31/Mar/2025. | DOI: https://doi.org/10.26438/wajm/v13i1.2234
Copyright © 2025 by author(s). This is an Open Access article distributed under the terms of the Creative Commons Attribution 4.0 International
License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited & its authors credited.
Abstract— Financial technology (FinTech) has emerged as a transformative force in bridging financial inclusion gaps,
particularly in developing economies like Nigeria. Despite significant progress, millions of Nigerians remain excluded from
formal financial systems due to infrastructural, socio-economic, and institutional barriers. This review explores the evolution of
FinTech in Nigeria, its role in enhancing financial inclusion, and the theoretical and empirical underpinnings guiding this
transformation. The aim is to identify how FinTech solutions can address systemic challenges and assess gaps in existing
literature for future research directions. Results reveal that FinTech innovations, including mobile banking, digital payments,
and micro-lending platforms, have significantly improved financial access for underserved populations. However, barriers such
as digital literacy, regulatory constraints, and infrastructure deficits limit broader adoption. The discussion highlights the
importance of demand-side factors, such as user trust and gender dynamics, and the interplay between FinTech and
complementary infrastructure like digital identity systems and internet penetration. The conclusion underscores that while
FinTech holds immense potential for advancing financial inclusion, its success in Nigeria requires targeted policy frameworks,
stakeholder collaboration, and adaptive innovations tailored to local contexts. The novelty of this review lies in its integration of
empirical findings with theoretical insights, identifying unexplored areas such as gender-sensitive FinTech solutions,
environmental sustainability, and long-term socioeconomic impacts.
Keywords— Digital banking, Financial Inclusion, Financial Technology, FinTech innovation, Nigeria
1. Introduction
Financial inclusion stands as a critical process that provides
appropriate financial products with affordable prices to
establish economic growth alongside inequality reduction.
Nigerian society faces an ongoing challenge of financial
exclusion for groups that include financially disadvantaged
individuals and rural populations alongside women [1].
Financial Technology (FinTech) brings new prospects to
bridge the access gap by using innovative solutions for
expanding financial service accessibility. Global
organisations view financial inclusion as a key building block
to achieving sustainable development goals. The United
Nations lists financial inclusion as a priority in its Sustainable
Development Goals through SDG 1 (No Poverty) together
with SDG 8 (Decent Work and Economic Growth). Countries
acquiring better financial inclusion demonstrate enhanced
economic strength because their citizens and enterprises
execute saving, borrowing, and investment operations with
superior efficiency. The latest World Bank’s Global Findex
database (2021) indicates that 1.4 billion adults worldwide
lack access to banking services while most of these
individuals come from developing regions, particularly Sub-
Saharan Africa.
FinTech functions as a game-changing technology which
tackles existing financial industry problems. FinTech
addresses underbanked populations through mobile money
platforms, blockchain technology, digital credit, and peer-to-
peer lending systems [2]. FinTech innovations are effective
alternatives to traditional banking systems because they offer
accessibility combined with convenience and cost-effective
features in geographical areas with limited access to formal
financial institutions. FinTech innovations have significant
impacts on Nigeria's African populace because this major
nation faces both an extensive population without formal
banking access and accelerating digital transformation
initiatives. The government, along with financial institutions,
continues to make efforts towards reducing financial
exclusion, yet the problem persists as a significant concern.
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 23
The Enhancing Financial Innovation and Access (EFInA)
2020 report shows that formal financial services exclude 38
million Nigerian adults, which amounts to 36 per cent of the
adult populace. The combination of limited infrastructure
together with limited educational opportunities in rural
settings brings about the most significant exclusion rates [3].
The obstacles to financial inclusion in Nigeria are mainly
caused by low income, insufficient trust in banking
institutions, cultural perspectives and religious demands and
inadequate infrastructure. Traditional financial institutions did
not meet the specialised needs of women and those residing
in rural areas; thus, these demographic groups face higher
financial exclusion rates [4]. Building innovative financial
solutions with technological components becomes essential
for delivering accessible, affordable, and dependable financial
services across Nigeria. Recent mobile technology
developments combined with growing internet penetration
and young technological people in Nigeria have ignited a
FinTech revolution during the last ten years. Several FinTech
firms operate as disruptive financial elements that deliver an
array of products, from mobile transactions and digital credit
to wealth organisation and investment compilation services.
Major players within the Nigerian FinTech industry include
Paystack along with Flutterwave Paga and Carbon, and these
organisations have achieved regional and global recognition
because of their creative solutions [5].
Mobile money systems have done the most to advance
financial inclusion among users. The mobile platforms offer
their users the ability to manage money transfers together
with bill payments as well as savings options through their
mobile devices. Paga stands as a dominant Nigerian mobile
money operator that is driving higher levels of financial
service delivery both in rural and urban regions [6]. FinTech
startups utilise big data with Artificial Intelligence (AI) to
produce credit-scoring systems that allow individuals and
small businesses whose financial history is undocumented to
obtain loans. The development of FinTech and financial
inclusion in Nigeria has received essential support from both
the government and official regulatory agencies. The Central
Bank of Nigeria (CBN) introduced multiple sector-specific
policies that include the National Financial Inclusion Strategy
(NFIS) to reach a 20% exclusion rate by 2025 [7]. The
ongoing initiatives in Nigeria involve payment service banks
delivering financial services to underreached populations, as
well as cashless policy implementation and agent banking
promotion programs. FinTech companies, together with
traditional banks and telecommunication providers, have
formed partnerships that produce operational and distribution
synergies that boost the coverage and effectiveness of
financial services. The MoMo Agent service created by MTN
through a partnership with the Central Bank showcases the
power of joint efforts to boost financial inclusion [8].
Financial access expansion through FinTech companies has
shown substantial improvements, but several obstacles
remain unchanged. New startups face impediments to their
expansion through existing regulatory requirements along
with the associated costs needed to comply. Rural areas face a
significant hurdle to FinTech expansion because of their
deficient power grids and their missing internet infrastructure
[9]. Additionally, issues of cybersecurity and data protection
pose risks to the adoption of digital financial services. The
adoption of FinTech solutions becomes limited because many
people lack digital literacy skills, thus requiring ambitious
education programs to spread awareness across the general
population.
Financial inclusion enhancement through FinTech is
explained through innovation diffusion theory and financial
intermediation theory. According to innovation diffusion
theory, new technologies expand across social structures
because early adopters lead the broader acceptance process
[10]. Small business owners and entrepreneurial youth in
Nigeria play key roles as innovation drivers in achieving
nationwide financial integration. Financial institutions gain
importance through the financial intermediation theory
because they function as connectors between savers and those
who need to borrow money. The traditional financial system
faces disruption through FinTech, which enables transactions
savings and lending activities directly and efficiently. The
platform transition produces tangible value by cutting
operational expenses while improving operational speed and
expanding financial resource availability [11]. The research
findings benefit numerous parties, including governmental
stakeholders, together with FinTech enterprises and financial
service organisations and the unprivileged user base. The
understanding of FinTech innovation's effects on financial
inclusion becomes vital for policymakers because it helps
them create supportive regulations and policy frameworks.
This research allows FinTech companies to develop solutions
that address inclusion by using the insights they have learned.
The study outcomes become helpful for financial institutions
to identify potential partnerships with FinTech companies
that will improve their service capabilities while extending
their market presence. The research enables underserved
populations to gain empowerment through the discovery of
specific methods that help them defeat financial exclusion
barriers. The problem of financial exclusion continues to be a
severe barrier to economic development in Nigeria while also
maintaining high-income discrepancies throughout the nation.
According to Enhancing Financial Innovation and Access
(EFInA, 2020), African largest economy, Nigeria, struggles
to include more than a third of its adult population in its
formal financial services sector. The three groups that face
the most significant financial exclusion are rural residents,
women, and people with low income status. They lack access
to traditional banking services due to geographical barriers
and cultural and infrastructure limitations. Acceptance of
underserved populations remains beyond traditional banking
institutions despite their difficulties handling operational
costs along with minimal rural establishment presence and
rigid products. Millions of Nigerians must use unsafe and
restricted rotating savings and credit associations instead of
formal banking services because they lack complete
protection.
FinTech solutions present an opportunity to address the
recognised problems. FinTech innovations, including mobile
money, digital lending, and peer-to-peer platforms, have
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 24
already shown their capability to deliver financial services to
previously excluded populations [12]. However, the total
financial potential of FinTech solutions to promote inclusion
in Nigeria remains untapped because of regulatory obstacles,
low digital proficiency, and subpar infrastructure. This paper
investigates FinTech innovations that promote financial
inclusion in Nigeria by evaluating their effectiveness for
marginalised communities and identifying expansion
obstacles and solutions.
2. Concept of Financial Technology (FinTech)
The technology sector, known as FinTech, concentrates on
using innovative solutions for financial operations to alter
how specific services handle their financial actions. Due to its
dynamic nature, FinTech applications cover mobile payments
and digital lending systems, as well as blockchain solutions
and AI tools [13]. Through modern technological advances,
FinTech introduces enhanced financial products that become
accessible and more convenient for users while also
remaining inclusive. The core goal of FinTech consists of
addressing traditional financial system weaknesses because
these systems present inefficiencies alongside expense and
physical barriers that create barriers to service for
underserved groups. Traditional banks have faced difficulties
in serving underbanked and unbanked people for a long time,
according to [12]. The traditional financial structures
experience disruption through FinTech because this
innovative approach minimises financial processes at low
costs and provides broad service adoption.
The analysis of historical FinTech development becomes
possible through FinTech study. During a previous phase,
FinTech concentrated on back-end systems to improve
banking and financial institution process automation and
operational effectiveness [14]. Major financial technologies
such as credit cards, ATMs, electronic payments and others
were developed during the FinTech 1.0 period of the mid-
20th century. They established foundational elements that
turned financial services into digitally transformed systems
that have emerged in the present digital world [15]. During
the period of the internet and mobile technology development
'FinTech 2.0' entered its next evolutionary stage. The
innovation became customer-oriented to enhance both user
experience and accessibility during this period. Online
banking and mobile payment platforms and e-commerce
integrations became everyday use as institutions lost their
central position in financial services [16]. The global
financial crisis of 2008 marked a significant turning point by
making consumers doubt traditional banking institutions, thus
pushing more FinTech startup creation. By launching their
operations, startups focused firmly on transparent business
models, efficient operations and user empowerment together
with banking alternatives [17].
The technological progression of "FinTech 3.0" allows
startups to unite forces with traditional financial institutions
to develop shared financial platforms. The expansion of
FinTech occurs because of regulatory support together with
open banking initiatives, technological advancements in
blockchain and AI, and significant data analytics power [18].
FinTech serves two fundamental roles in modern business: it
disrupts established industries while simultaneously enabling
financial inclusion, which drives digital economic
advancement across the whole financial industry. Advanced
payment systems represent the primary section where
FinTech development occurs. The combination of mobile
wallet solutions, along with contactless payment methods
with digital currency technology, has revolutionized how
consumers and businesses conduct payments. Nigerian
payment processes have been optimised by the introduction
of Paystack and Flutterwave, which allow users to execute
basic fund transfers and digital transactions [19]. A cash-
based transaction system exists in Nigeria, with banking
facilities missing in various geographical areas, so the
population needs these solutions.
FinTech applications show significant advancement toward
the creation of lending systems and credit infrastructure for
users. The credit rating process of untraditional and small
businesses relies on FinTech companies that deploy
alternative credit systems and big data analytics. The new
system lets poor people, together with start-ups, obtain credit
access autonomously without needing extensive
documentation or asset guarantees [20]. Instant loan services
are accessible through mobile applications to Nigerian
customers who use Carbon or Branch services.
FinTech provides investors with a range of tools and robo-
advisor automation to manage wealth autonomously with
digital investment solutions and funds-saving mobile
applications. Technologies present accessible ways for people
throughout the population to boost their money as they work
towards financial objectives at moderate costs. Robo-advisors
that use AI algorithms produce automated investment
suggestions that create refined financial planning tools which
reduce human contact [21]. The fundamental component of
FinTech systems is insurance technology, which serves as its
foundation. The insurance-supporting software system which
operates within the FinTech domain operates under the name
InsurTech. Through InsurTech implementation, the insurance
industry achieved two key benefits, including digital
processing implementation combined with fresh insurance
services such as usage insurance plus microinsurance to reach
more customers. The present insurance penetration levels in
Nigeria stand low due to technological advancements that
have become important in this sector [22]. People acquire
insurance policies using FinTech platforms which match their
financial condition and personal requirements.
Blockchain technology, together with cryptocurrency,
represents two significant first-wave forces in the FinTech
industry. Digital financial transactions using blockchain
techniques provide secure transparency to ensure fewer cases
of fraud and build trust within the system. The cryptocurrency
network enables worldwide payment transactions with
alternative funds, which enhances banking access to
communities with minimal banking facilities. The adoption of
Bitnob and Binance and multiple cryptocurrency platforms in
Nigeria serves to extend the borders of the financial
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 25
ecosystem through their use. FinTech delivers numerous
advantageous elements to its users. The accessibility of
digital technologies improves by reaching population
segments that exist in rural areas where physical banking
infrastructure is scarce. The mobile phone, combined with an
internet connection, works as a financial service portal
through which people without prior opportunities can join the
formal economy. The implementation of FinTech solutions
provides affordable services because reduced operational
expenses from FinTech solutions are passed on to consumers
at lower fees and reduced rates. Intuitive interfaces with
customised services are what the FinTech provides based on
consumer preferences.
Through FinTech systems, traditional banking system gaps
are eliminated to establish financial capabilities among
disadvantaged groups, including female populations, young
people and small business owners. The customized financial
offerings through FinTech boost economic capabilities and
promote social inclusiveness among all users. Technological
developments contribute to building new financial products,
thus keeping the industry ready to transform consumer needs.
Organizations in the FinTech sector face various obstacles
even as they exist. Governments, along with financial
authorities, face essential barriers in their effort to connect
financial innovation with consumer protection practices. CBN
functions as a key regulatory body in Nigeria by creating
policies and guidelines that define the FinTech field. Digital
protection threats emerge as a serious concern since the rising
digitalisation of financial operations exposes user information
to possible fraud attempts and data invasions [23]. The
limited digital proficiency of the population, together with
inconsistent infrastructure standards, worsens these problems,
especially for areas with low levels of technological adoption.
The FinTech industry in Nigeria achieved substantial growth
thanks to young demographic statistics combined with
sizeable mobile phone adoption rates and the growing startup
environment. The FinTech sector in Nigeria operates
optimally through multiple entities, including financial
institutions plus initial startups, along with regulatory
programs that support technology innovation together with
financial inclusivity. The FinTech industry has seen Paystack
along with Flutterwave PiggyVest and Cowrywise establish
themselves as leaders who resolve payment systems and
money saving problems and credit accessibility requirements.
CBN delivers crucial support to FinTech advancement
through its implementation of eNaira, which enhances
financial access and economic performance. The CBN works
to develop an opportune environment for FinTech
development to help both close the financial inclusion gap
and provide power to disadvantaged population segments
[24]. Through the National Financial Inclusion Strategy
(NFIS), the country sets challenging targets to enhance the
availability of financial services throughout all regions of
Nigeria.
The global financial industry transforms FinTech because it
develops modern solutions which solve traditional banking
system issues. Financial services delivery and consumption
patterns have undergone significant transformation through
technology deployments such as mobile applications,
blockchain systems, AI solutions, and big data analytics.
Technology-driven financial services in Nigeria continue
their thriving growth because of regulatory backing,
entrepreneurial innovations, and evolutionary technology
developments. FinTech continues to grow in importance
because it enables broad financial access, which results in
economic development and social advancement for all digital
economy participants.
3. Overview of Financial Inclusion
A fundamentally important idea regarding financial inclusion
demonstrates how to provide people and businesses with
affordable financial services at the right time with suitable
offerings. Economic growth alongside inequality reduction
depends upon these financial services, savings, credit
facilities, insurance payments, and investments. Throughout
history, financial systems have restricted a significant portion
of the population from accessing their services, especially in
developing countries. The cause of exclusion includes
separate factors comprising weak banking infrastructure,
demanding account regulations and expensive transaction
fees. Statistics from the World Bank show that approximately
1.4 billion adults worldwide have had no access to bank
services during the recent period [25]. People who do not
have access to financial services miss out on economic
growth opportunities because both capital movement and
consumer spending decrease in consequence.
The initiative to enhance financial inclusion requires special
attention for all communities which lack sufficient financial
services. Rural populations encounter multiple barriers
because they lack bank branches and have poor access to
technology. Women, together with youth and small-scale
business owners, face barriers to financial inclusion from
social structures, insufficient financial comprehension and
lack of appropriate security assets. These inequalities show
that it is vital to develop specific strategies that will remove
financial exclusion barriers [26]. Financial inclusion goes
beyond economic empowerment by affecting people on a
broader societal level. Financial systems that promote
inclusivity help achieve multiple societal and economic
targets, which include decreasing poverty levels while
generating jobs and reaching gender parity. Financial service
access allows people to accumulate savings for unexpected
situations alongside investments in educational pursuits and
healthcare and accumulation of wealth for improved security
in the future. Businesses benefit from financial inclusion
because it enables them to pursue credit, which helps them
achieve growth, innovation, and marketplace
competitiveness.
One of the key dimensions of financial inclusion is the
accessibility of banking and financial services. The traditional
banking infrastructure primarily depends on physical
locations that demand high operating expenses to operate and
sustain. Banks have traditionally restricted their operations to
urban areas for historical reasons, thus neglecting rural and
remote regions. Modern digital technologies transformed the
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 26
traditional banking structure through their capability to
distribute financial services through mobile phones and
online platforms combined with agent banking networks.
Innovations have greatly enlarged access to financial services,
especially in developing countries [27]. Becoming financially
included depends heavily on the ability of services to remain
affordable to consumers. Bank services become unaffordable
for low-income group members because they need to pay
steep charges to maintain the necessary minimum balance.
FinTech companies, alongside digital banks, provide cheap or
no-cost account solutions which help make financial services
reachable to economically underprivileged individuals.
FinTech innovations succeed in decreasing transaction
charges to let underprivileged people access formal economic
systems without paying excessive costs.
Financial service usability functions as an essential factor that
determines the effectiveness of financial inclusion. The
combination of affordable accessibility to financial services
does not guarantee regular usage if the platforms do not meet
user requirements among different demographic groups.
Projects intended for city workers do not fit the requirements
of agricultural workers in rural areas and small business
operators who need financial products. Financial services
benefit from custom-built options that create suitable
financial solutions that match the needs of different
demographic markets through services like micro-loan
savings plans and insurance products. Financial literacy
education establishes advanced usability by training people to
execute knowledgeable financial choices. Financial inclusion
stands as a top policy matter in Nigeria because a significant
portion of its population lacks access to formal banking
services. The CBN organised various efforts to boost
financial inclusion through its implementation of the National
Financial Inclusion Strategy (NFIS) [28]. As part of this plan
for 2020, the strategy targets a goal of lowering the exclusion
rate to 20% while improving service access for rural residents
and digital financial platform usage and educating people
about financial matters.
Mobile money services played a vital role as one of the
significant forces that promoted financial inclusion across
Nigeria. Through platforms including Paga OPay and MTN
Mobile Money, Nigerian individuals can conduct
transactions, make bill payments, and save funds using their
mobile phones. Mobile money services have become vital for
people in rural areas since traditional banking infrastructure
remains inadequate in those locations. Through agent banking
networks, financial services now reach more people since
individuals can obtain essential banking facilities through
neighbourhood representatives.
Microfinance institutions, through their operations, provided
critical support for the progress of financial inclusion in
Nigeria. MFIs provide customized financial products and
loans with small amounts to meet the credit requirements of
qualifying low-income groups and small businesses that lack
access to conventional banking. The achievements of
microfinance projects prove that financial inclusion serves as
an effective model for economic growth that combats poverty
[29]. The progress toward total financial inclusion in Nigeria
meets strong opposition from various remaining obstacles.
The main restrictions stem from weak digital infrastructure,
which affects rural zones specifically. Unstable power supply,
together with restricted internet access, prevents digital
financial systems from being adopted, thus forcing
communities to deal with cash transactions. Financial service
utilization becomes limited due to inadequate financial
literacy skills among users. People need better digital literacy
to operate digital interfaces, as well as a sufficient
understanding of how formal financial instruments provide
advantages.
The implementation of financial inclusion initiatives in
Nigeria encounters limitations through federal policy and
regulatory structures. Although the CBN has been successful
at creating an environment favourable to financial innovation,
its regulatory barriers and inconsistent policies sometimes
prevent FinTech companies, together with other financial
services providers, from growing appropriately. Industry
stakeholders, together with policymakers, need to work
alongside regulatory bodies to strike a proper equilibrium
between innovation and consumer protection [30]. The
economic situation in Nigeria has worsened due to the
existing gender distribution gaps in the financial sector.
Women form the majority of individuals who remain out of
the banking system because traditional norms combine with
lacking access to funds and weak financial education skills.
Universal access to financial services requires specific
interventions, which consist of gender-inclusive financial
products and the implementation of gender equality policies
together with programs for financial capability growth among
women.
Economic resilience received heightened visibility during the
COVID-19 pandemic thanks to financial inclusion. Digital
financial services provided essential support to numerous
businesses and individuals because traditional financial
systems became disrupted by lockdowns and travel
restrictions. The pandemic in Nigeria revealed digital
payment solutions, as well as mobile money and online
banking, grew quickly because financial inclusion proved
essential during economic crises. The analysis showcased
several deficiencies in the current financial system because it
excluded those who lacked digital capabilities and formal
identification [31]. Sustainable economic progress depends
on financial inclusion since it enables people and businesses
to take part entirely within the financial system. Financial
inclusion programs that focus on removing obstacles to
accessibility, lowering costs, and improving system usability
give power to people in underserved populations while
creating equality in social networks and economics. The
country of Nigeria achieved considerable advancements
through its mobile money services, while other advancements
were realised through microfinance institutions and digital
banking platforms. To achieve complete financial inclusion,
the Nigerian system needs to overcome infrastructure
obstacles and regulatory barriers, as well as understand and
resolve gender-based differences. The digital transformation
of finance enables Nigeria to use its innovative potential to
build a financial system that is inclusive of all citizens.
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 27
4. The Evolution of FinTech in Nigeria
FinTech development in Nigeria portrays an extraordinary
journey that brings together disruptive technology with
innovations alongside financial solutions in one of Africa's
biggest economic blocs. During the last twenty years, Nigeria
moved from its status as a cash-dependent economy to
building a thriving online finance market through regulatory
changes, tech company growth, and rising smartphone use
and internet access.
Traditional banks initiated FinTech in Nigeria through the
adoption of electronic banking systems in the early 2000s to
advance their operational efficiency and service reach. The
first stage of FinTech development in Nigeria emerged
through Automated Teller Machines (ATMs) and electronic
funds transfers as well as online banking platforms. The focus
of these innovations remained on customer convenience as
well as decreasing bank branch usage [7]. The new financial
technologies mainly benefited urban populations since the
rural areas remained excluded from banking services. Mobile
money services became the second significant development
in FinTech evolution throughout Nigeria. The CBN launched
the Mobile Money Regulatory Framework in 2010 with its
primary goal to support digital payment development and
increase financial inclusion. Mobile money platforms Paga,
FirstMonie, and PocketMoni found market success by
allowing phone users to handle essential financial dealings
through their mobile devices. Most people who lacked
traditional banking access found this evolution revolutionary
for the Nigerian market.
At the start of mobile money adoption, only a tiny proportion
of users joined, while Kenya set a benchmark for widespread
M-Pesa mobile money usage. Multiple hindering factors
caused this difference, including limited financial knowledge
among users, limited digital network capabilities, and
regulatory hurdles. The CBN introduced the National
Financial Inclusion Strategy (NFIS) in 2012, which aimed to
decrease the exclusion rate to 20% by 2020 as part of its
remedy plan. The strategy contained vital directions to
increase digital access to financial services and innovative
financial sector developments [32]. The proliferation of
smartphones and increased internet penetration in the mid-
2010s marked a turning point in the evolution of FinTech in
Nigeria. The innovative technologies established the perfect
situation to enable rapid expansion of digital financial
services while establishing new FinTech startup businesses.
The Nigerian FinTech ecosystem gained its leadership
through pioneers Paystack Flutterwave and Interswitch,
which delivered groundbreaking solutions for payments,
wealth management, lending, and remittances [33]. Startups
have applied modern technology to tackle several financial
system challenges, including costly deals, restricted credit
access, and slow payment operations.
The acquisition of Paystack by Stripe in 2020 signified a
significant achievement in Nigerian FinTech development
because Stripe operates as a global payment processing
company. The historical acquisition of Paystack by Stripe
confirmed Nigerian FinTech startup potential while drawing
massive international investment to the sector. The growing
popularity of investment in the African FinTech sector
elevated Nigeria to become a primary African recipient of
capital funding [34]. The growth of FinTech in Nigeria was
fueled by multiple key elements that combine a young,
digitally adept community with large groups who avoid
traditional banking and favourable regulatory policies. The
vast space for financial innovation exists because data from
the World Bank shows that 36% of Nigerian adults have
remained unbanked in recent years [30]. FinTech
organizations take advantage of this space through their
specific financial solutions that serve underserved populations
at manageable prices and with easy accessibility.
FinTech development in Nigeria strongly depends on the
regulatory structures established by the nation. The Nigerian
regulatory bodies, including CBN, developed innovation-
promoting policies together with structures which protect
consumers and maintain financial stability. PSBs Licensing
Framework and Regulatory Sandbox Framework serve as
enabling tools for FinTech businesses to test novel business
methods and expand their activities. Through its launch of the
eNaira digital central bank currency, Nigeria has
demonstrated its dedication to using technology to advance
financial inclusion and digital transformation. The FinTech
revolution in Nigeria extended its reach to multiple financial
service areas, moving past traditional payment solutions. The
FinTech sector addresses multiple financial requirements
through solutions that include microloans, insurance,
investment management, and savings products. The startup
companies Carbon and FairMoney have developed digital
lending services for immediate credit access, while PiggyVest
and Cowrywise enable customers to implement different
savings options. The innovations fostered an expanded
financial infrastructure that grants more people and
businesses improved financial stability and successful
prospects.
Despite its commendable achievements, the FinTech sector in
Nigeria needs to overcome significant obstacles to both
sustainable and continued long-term expansion. Digital
connectivity problems coupled with unreliable electricity
supply primarily hinder rural areas from benefiting from
FinTech benefits. Minimising these infrastructure shortages
represents a priority because it will allow FinTech services to
reach every Nigerian resident no matter where they reside
[35]. Security and trust issues represent a significant problem
for Nigerian users with digital financial services. Digital
vulnerabilities, together with fraud incidents along with data
security issues, hinder the expansion and adoption of FinTech
solutions in Nigeria. Creating trust among users depends on
secure measures, clear communication, and intense regulatory
surveillance. Users need financial literacy training together
with digital proficiency instruction to become equipped with
the skills required to handle digital financial decisions with
confidence.
The competitive landscape of the FinTech sector in Nigeria
also presents challenges for startups seeking to scale their
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 28
operations and achieve profitability. Intense competition,
coupled with the high cost of customer acquisition,
necessitates continuous innovation and differentiation.
Collaborations and partnerships with traditional financial
institutions, technology providers, and government agencies
can provide FinTech companies with the resources and
support needed to overcome these challenges and unlock new
opportunities. Table 1 provides an overview of key
milestones and developments of the evolution of FinTech in
Nigeria. Table 1. Evolution of FinTech in Nigeria
Year
Key Development
The early
2000s
Introduction of electronic banking systems by
traditional banks
2010
Launch of the Mobile Money Regulatory Framework
by the CBN
2012
Introduction of the National Financial Inclusion
Strategy (NFIS)
Mid-2010s
Proliferation of smartphones and increased internet
penetration
2020
Acquisition of Paystack by Stripe, signalling global
recognition of Nigerian FinTech potential
2021
Introduction of the naira, Nigeria's central bank
digital currency
The evolution of FinTech in Nigeria reflects a dynamic and
transformative journey that has redefined the financial
landscape and expanded access to financial services for
millions of Nigerians. While significant progress has been
made, achieving comprehensive financial inclusion requires
continued investment in infrastructure, regulatory innovation,
and capacity building. By addressing these challenges and
leveraging the potential of technology, Nigeria can harness
the power of FinTech to drive economic growth, reduce
inequality, and create a more inclusive financial system.
5. Theoretical Framework for FinTech and
Financial Inclusion
Every research project receives its intellectual foundation
from theoretical frameworks because these frameworks guide
researchers to analyse phenomena through specific
viewpoints. The understanding of technological systems with
financial networks and social economics requires a robust
theoretical foundation for FinTech and financial inclusion
research. The author presents key theoretical frameworks of
FinTech and financial inclusion in a Nigerian setting while
showing their relevant applications. The Diffusion of
Innovations (DOI) theory created by Everett Rogers serves as
a fundamental theoretical basis for understanding FinTech
alongside financial inclusion. The DOI theory describes all
essential aspects regarding the speed of technological
adoption and popularisation in communities. DOI theory
provides substantial analytical value for examining FinTech
solution use in Nigeria since technology adoption differs by
population background and regional position [36]. The
adoption process relies on five key attributes related to
innovations, which include relative advantage, compatibility,
complexity, trialability, and observability. Mobile payment
systems in Nigeria have become popular because they
provide more advantages than conventional banking methods
through their convenience and accessibility. The theory
demonstrates how early adopters, together with opinion
leaders, speed up adoption processes while the young tech-
savvy population demonstrates this phenomenon by
advancing FinTech adoption within urban communities [37].
The Technology Acceptance Model serves as a meaningful
framework when studying what drives people to accept and
utilise technology. According to TAM, the key elements that
drive technology acceptance are perceived usefulness and
perceived ease of use [38]. The factors described shape user
behaviour within FinTech systems in Nigeria. Users adopt
mobile money services because they think these services
enable money transfers even when they do not have bank
account access. Users have adopted digital wallets and
payment apps in large numbers because they find them easy
to use alongside their better utility value. In Nigeria, the
external components, including cultural norms and economic
situations, along with regulatory policies, determine user
acceptance as described in TAM [39].
The Unified Theory of Acceptance and Use of Technology
(UTAUT) extends the features of TAM through social
influence and facilitating conditions and user experience
factors. UTAUT serves as a complete system for
investigating FinTech adoption patterns in complex Nigerian
sectors [40]. Human behaviour heavily depends on social
influences when adopting new technologies because people
base their choices on what their peers use as well as family
members' opinions and community leader trends. The
adoption of FinTech services becomes possible through
facilitating conditions that include smartphone access
together with internet connectivity and digital literacy.
UTAUT emphasises the imperative of developing user-
focused solutions that resolve the unique requirements of
specific user clusters for Nigerian financial inclusion success
[41].
FinTech bridges financial service provider gaps to
underserved populations through mechanisms supported by
the Financial Intermediation Theory from an economic
standpoint. Through the Financial Intermediation Theory,
financial institutions such as banks and non-bank financial
institutions serve as resource alignment agents that minimise
information asymmetry and transaction expenses. The
modern financial intermediaries of FinTech companies utilise
technology to improve both financial service efficiency and
market accessibility and make services more affordable.
Nigerian digital lending platforms employ data analytics with
algorithms to evaluate borrower creditworthiness, which
eliminates conventional credit scoring requirements and
enables more people from underserved populations to obtain
loans [42]. The theory demonstrates how FinTech disrupts
banking models through its capability to provide affordable,
innovative solutions that meet specific requirements of non-
banked and underbanked populations.
The Capability Approach from Amartya Sen offers a person-
oriented method to study FinTech effects on financial
inclusion access. The method prioritises personal capability
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 29
upgrading and resource access because it understands the
value of both opportunities and available assets. FinTech
plays a crucial role in financial inclusion according to the
Capability Approach because it enables people to enhance
their economic and social well-being [43]. Mobile money
tools let users conserve funds, invest their money, and
oversee their financial resources, which expands their
financial capability. Electronic platforms that offer insurance
services alongside healthcare and education access improve
the overall well-being of underprivileged populations.
According to the Capability Approach, one must remove
structural impediments such as poverty, gender
discrimination and inadequate infrastructure to guarantee the
fair distribution of FinTech benefits.
The value of products and services gets enhanced as more
users join through the Network Effects Theory framework.
The success of FinTech platforms heavily relies on reaching
critical mass because network effects are powerful in this
market. Network adoption of mobile payment systems in
Nigeria produces an effect where the product service value
grows when more people become platform users [44]. The
increased popularity of the service brings new merchants and
providers who spin an upward cycle of growth that fosters
innovation. To develop an interoperable and inclusive
financial ecosystem, the FinTech industry requires
meaningful collaboration between players, regulators, and
traditional financial institutions.
The adoption framework of Institutional Theory demonstrates
how regulatory systems, together with institutional
arrangements, affect FinTech technology development and
product implementation. The theory explains how people,
together with organisations, function under formal and
informal systems of rules which guide their conduct. The
Nigerian FinTech sector gains its innovations and protects
consumers through regulatory frameworks like the Payment
Service Banks Licensing Framework and Regulatory
Sandbox Framework. Institutions like cultural norms, along
with social networks, play essential roles through informal
mechanisms that shape the behaviours of users and their
adoption patterns [45]. Financial services provider trust
serves as an essential determiner for FinTech solution
adoption rates in Nigerian rural zones because these regions
face minimal traditional banking service capabilities.
The Systems Theory delivers a comprehensive approach to
understanding how multiple parts of the FinTech system
function together as a whole. The theory constructs an
ecosystem as a complex network among FinTech companies
together with regulators, financial institutions and users, and
multiple additional actors. Such actors need to cooperate and
create synergies through Systems Theory to accomplish
financial inclusion goals together. FinTech startups, when
teamed up with traditional banks, combine the operational
abilities of each group to develop novel, accessible solutions
on a large scale. FinTech businesses and regulatory entities
that partner for collaborative efforts establish an environment
that promotes innovation and protects security [46].
According to Systems Theory, feedback processes such as
user interactions and marketplace changes play a vital role in
helping the ecosystem improve continuously.
These theoretical frameworks together give an all-inclusive
understanding of the elements that influence FinTech
adoption for financial inclusion across Nigeria. These
theoretical frameworks enable policymakers, together with
practitioners and researchers, to create solutions which tackle
specific Nigerian challenges and advantages. Nigeria must
implement a comprehensive program that includes
technological progress and employee training with regulatory
backing to remove barriers to digital service adoption,
inferior infrastructure, and limited computer skills. Solid
security protocols alongside transparent information-sharing
practices with user-friendly design features serve as essential
requirements for building confidence in digital financial
products.
6. Empirical Studies on FinTech and Financial
Inclusion
Research investigations demonstrate how FinTech
technologies specifically promote financial access for
developing economies across Nigeria. The research examines
different elements that link FinTech with financial inclusion
through evaluations of service accessibility, technological
acceptance, and digital financial solution impacts on social
classes. A thorough overview of research findings emerges
from Nigerian and worldwide settings, which creates a full
grasp of FinTech's effects on financial inclusion.
The global financial inclusion trends receive substantial
attention from Akolgo [47], who demonstrates how FinTech
tools help people connect to financial resources. The
introduction of mobile money and online banking platforms
through digital finance enhanced access to financial services,
especially among customers who were initially excluded from
the financial sector. The analysis demonstrated mobile money
accounts served as a principal factor advancing financial
inclusion throughout Sub-Saharan Africa, and Ghana,
together with Kenya, exhibited outstanding inclusion rates.
Research confirms that FinTech solutions can achieve
comparable outcomes in Nigeria since smartphone money
adoption rates have been low.
Numerous research findings demonstrate that Nigerian
businesses that implement FinTech solutions expand their
financial inclusivity. The research paper by David-West et al.
[48] evaluated mobile payment systems regarding financial
inclusion across Nigeria. The research established that Paga,
together with OPay, was instrumental in boosting financial
service utilisation among populations that lacked banking
facilities. A summary of essential research data about
Nigerian mobile payment platform adoption and usage
appears in Table 2.
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 30
Table 2. Adoption Rates and Usage Patterns of Mobile Payment
Platforms in Nigeria
Platform
Adoption
Rate (%)
Primary Use
Cases
Key Demographics
Paga
45.3
Bill payments,
money transfers
Urban youth, small
traders
OPay
38.7
Transport
payments,
transfers
Urban youth, low-
income groups
FirstMonie
25.6
Savings, bill
payments
Rural women,
small traders
The statistics in Table 2 demonstrate mobile payment
technology has rapidly expanded its reach toward the urban
youth population and small trading businesses. Mobile
payments have received moderate acceptance from rural
residents, yet these populations still need specific solution-
based approaches because of their distinct difficulties.
The authors of another empirical study led by Ahmad and
others [49] studied how African households benefited from
mobile money services while gaining better financial access.
The research analysed the impact of mobile money on
financial inclusion through panel collection from Kenyan,
Ugandan, and Nigerian populations. Mobile money usage by
people led to multiple benefits, including more significant
financial savings and better availability of credit, together
with stronger resistance to financial crisis. The research in
Nigeria established a direct link between homes that used
mobile money services, which led them to save money for
investments that generated productive wealth and built
economic growth together with poverty mitigating effects.
Analysis from Nwidobie [50] shows the financial inclusion
statistics between mobile money users and non-users in
Nigeria, which are presented in Table 3.
Table 3. Financial Inclusion Indicators among Mobile Money Users
and Non-Users in Nigeria
Indicator
Mobile Money Users
Non-Users
Percentage with savings
68.4
43.2
Access to credit (%)
54.7
28.9
Resilience to financial shocks
72.1
39.5
Table 3 shows that mobile money adoption rates substantially
change key financial inclusion metrics. Users of mobile
money services save more money and obtain access to credit
while showing better abilities to withstand financial shocks.
FinTech demonstrates its capacity to direct Nigeria toward
balanced financial inclusion, which secures acceptable
household well-being.
Field observations show that FinTech solutions possess the
potential to help eliminate differences in financial inclusion
between male and female populations. The research
conducted by Van Hove and Dubus [51] examined how the
M-Pesa mobile money service in Kenya affects female
financial inclusion. M-Pesa provided women with enhanced
financial service access, which enabled them to establish
savings and investment accounts to manage their assets
better. The research results find universal value in Nigeria
since men and women maintain separate financial access
spheres even though the nation progressively shifts toward
electronic money handling.
EFInA initiatives showcase current data demonstrating
Nigeria's position regarding financial inclusion together with
the role FinTech has taken for its advancement (2022). The
research concluded that FinTech solutions, including agent
banking and digital wallets, have effectively expanded
financial services availability across rural territories.
Legislative bodies, alongside traditional banking institutions
and FinTech companies, need to cooperate in developing
financial inclusion policies according to the results of the
study cited. The research recognized multiple adoption
obstacles which include low digital competence levels and
substandard infrastructure alongside legal restrictions.
A summary of primary barriers to FinTech adoption in
Nigeria is contained in Table 4 from the EFInA study.
Table 4. Barriers to FinTech Adoption in Nigeria
Barrier
Description
Low digital literacy
Limited understanding of digital financial
tools
Inadequate
infrastructure
Poor internet and mobile network
coverage
Regulatory constraints
Complex licensing and compliance
requirements
Trust issues
Concerns about security and data privacy
The findings in Table 4 highlight the critical challenges that
need to be addressed to ensure the widespread adoption of
FinTech solutions in Nigeria. Addressing these barriers
requires a multi-stakeholder approach involving
policymakers, FinTech companies, and civil society
organisations.
7. Gaps in the Literature
Various pertinent gaps remain within the literature about
FinTech and financial inclusion, which opens new avenues
for study and advancement. Research about FinTech-
enhanced financial inclusion exists, but few studies have
investigated how contextual elements affect FinTech adoption
and production in Nigeria's developing financial sector [32].
Most academic research uses global or regional scope to
analyse FinTech while avoiding discussion of the socio-
economic and cultural elements that shape the Nigerian
financial environment.
Available studies put significant weight on supply-side
analysis of FinTech innovation by investigating the roles of
banks and FinTech firms and their regulatory partnerships in
fostering financial inclusion. The vital nature of this
perspective fails to recognize the crucial demand-side
elements which dictate how effectively FinTech solutions can
serve their targets. Little research exists to understand how
end-users perceive FinTech services because research
primarily focuses on marginalised groups who reside in rural
areas, as well as women and those in the informal sector [52].
A fundamental knowledge gap exists in assessing permanent
changes resulting from FinTech applications. The prevailing
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 31
research focuses on rapid outcomes through enhanced
accounts and transaction volumes, whereas essential
evaluation of long-term economic growth and poverty
elimination remains scarce in current literature. The
evaluation of FinTech's long-term effects on communities
requires more extensive longitudinal studies since these
investigations will reveal its complete transformative ability.
Research into the financial inclusion-FinTech connection
lacks a comprehensive exploration of supporting
infrastructure components, which include digital identity
technologies together with internet availability and mobile
communication networks. The investigation of FinTech
adoption relationships with infrastructure conditions is
essential to understanding technology solutions in Nigeria
due to ongoing infrastructural gaps throughout the country.
Studies which unite these components create a complete
understanding of what both enables and hinders financial
inclusion [53]. The metrics used to evaluate financial
inclusion do not have universal agreement. Diverse research
methods use different assessment metrics, including account
access data and frequency statistics, which produce
conflicting findings that cause difficulties while comparing
results across studies. The creation of standardized
measurement methods which evaluate the comprehensive
financial inclusion dimensions would improve research
reliability and practical usefulness in future investigations.
More research needs to be conducted to understand how
regulatory frameworks and policies impact the FinTech
industry's financial inclusion capacity. Research regarding
enabling regulatory frameworks exists but lacks detailed
policy examination alongside comparisons between different
regulatory approaches. A lack of thorough research exists
about Nigeria's National Financial Inclusion Strategy,
together with the Central Bank’s sandbox initiatives, which
could effectively promote FinTech-driven inclusion.
Academic research has surprisingly neglected the major gap
regarding gender inequalities that exist within financial
inclusion processes. The widespread acceptance of unique
financial barriers that women face when accessing money
fails to generate substantial evidence showcasing FinTech
solutions for breaking these obstacles and creating gender
equality [54]. Studies should investigate gender-specific
solutions within FinTech, which will help scientists better
comprehend their influence on financial inclusion and gender
equality goals.
Other newer technologies, including AI and blockchain,
along with big data analytics, find an essential intersection in
FinTech, but researchers have only just begun to explore this
promising field. While FinTech technologies show promise of
improving scalability efficiency and inclusivity through their
various applications, there remains doubt about the extent to
which they will promote financial inclusion in Nigeria's
markets. The discourse between FinTech systems and
financial inclusion operates independently from
environmental and sustainability interests. The analysis of
intelligent FinTech solutions for sustainable finance and
green financing warrants special attention because they are
now prominently discussed in international sustainable
development initiatives [55]. The study contains several
additional significant weaknesses, which primarily comprise
unexplored future ramifications of FinTech adoption. Despite
its advantages, FinTech comes with several risks, including
cybersecurity threats, data privacy threats, and the exclusion
of financially illiterate populations. Studies about these risks
remain sparse in the literature, and strategies to minimise
their adverse effects are not available.
Collaboration efforts between entities serve as the driving
force behind the implementation of financial inclusion
through FinTech technology. The significance of multi-
stakeholder involvement gets support from studies, yet
research about these collaborative dynamics and results is
mainly lacking in Nigerian settings. Research opportunities
exist to understand the development of strategic FinTech-
company-government-NGO alliances for financial inclusion
expansion. The literature review supports the necessity of
filling these knowledge gaps so the field of FinTech-based
financial inclusion can progress further. Research in areas
identified as under-researched by this study will enable future
work that will lead to the development of effective, equitable,
and sustainable FinTech solutions that minimise population
marginalisation.
8. Conclusion
The research on FinTech shows three significant points about
its impact on financial inclusion in Nigeria. The country's
financial sector has shown a significant transformation
through the development of FinTech technologies. Essential
financial services are now accessible to millions who never
had bank access because mobile banking and digital wallets,
along with payment platforms, appeared. FinTech innovations
lead to higher operational efficiency, reduced costs, and
expanded accessibility patterns, particularly for
underprivileged and remote community members. Various
scientific studies demonstrate the central importance of
FinTech services for reducing financial exclusion restrictions.
The main obstacles to financial inclusion stem from the high
costs of transactions together with remote locations that are
difficult to reach, as well as insufficient traditional banking
infrastructure. FinTech companies prove their ability to
overcome barriers in financial services by delivering designed
solutions which include microloans alongside insurance
products and digital savings programs. Namely, the digital
divide, together with poor infrastructure and regulatory
difficulty, represent significant obstacles preventing FinTech
from reaching its maximum potential across Nigeria. The
Technology Acceptance Model and Diffusion of Innovation
theory together create a framework which explains both
FinTech solution uptake and effect. The selected frameworks
highlight the core elements of user behaviour shaping, which
consist of perceived ease of use and trust alongside socio-
cultural conditions. Incorporating these user-related insights
into FinTech design methodology leads to better widespread
adoption and enduring impact. The current research has found
essential gaps which upcoming academic studies, along with
policy programs, need to focus on. Research should focus on
World Academic Journal of Management Vol.13, Issue.1, Mar. 2025
© 2025, WAJM All Rights Reserved 32
conducting studies which consider Nigeria's special socio-
economic framework and specific regulatory protocols.
Research should dedicate equal attention to demand-side
aspects, including user trust development alongside improved
financial expertise because supply-side approaches currently
dominate the literature. Studies tracking the extended effects
of FinTech on economic empowerment along with poverty
reduction need immediate attention because of their current
absence. According to the analysis, enabling infrastructure,
including digital identity systems and internet penetration,
gives crucial support to FinTech adoption. The effectiveness
of FinTech interventions can improve through infrastructure
improvement alongside standardized financial inclusion
measurement methods. The development of financial systems
requires exploration into solutions that address gender equity
and sustainability alongside investigations into the
unexpected effects of adopting FinTech systems. The
complete achievement of financial inclusion in Nigeria
through FinTech demands an integrated system with various
elements. All major stakeholders, such as policymakers and
FinTech developers alongside development organisations,
need to work together to resolve identified challenges and
missing components. Theoretical and empirical research
findings enable stakeholders to develop creative solutions that
effectively serve the diverse Nigerian population's
requirements.
Data Availability
None.
Conflict of Interest
The authors declare that they do not have any conflict of
interest.
Funding Source
None
Authors’ Contributions
Udo Uduak Udo conducted the literature review, formulated
the research objectives, and conceptualised the study.
Augustine Okon Jacob was involved in data collection,
analysis, and interpretation of findings. Both authors
contributed to the development of the research methodology
and discussion of results. Udo Uduak Udo drafted the initial
manuscript, while Augustine Okon Jacob provided critical
revisions and refinements. Both authors reviewed and
approved the final version of the manuscript.
Acknowledgements
The authors sincerely appreciate the independent reviewers
and editors for their valuable time, constructive feedback, and
insightful suggestions, which have significantly improved the
quality of this manuscript. Their contributions to reviewing,
refining, and enhancing the clarity and rigour of this work are
deeply acknowledged.
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AUTHORS PROFILE
Udo Uduak Udo earned an MBA in
Business Administration from the
University of Uyo in 2023, following a
Postgraduate Diploma in Business
Administration in 2018. He also holds an
HND and ND in Business Administration
from Heritage Polytechnic. With
extensive experience in protocol and
public administration, he served as a Special Assistant and
Personal Assistant to the Governor of Akwa Ibom State on
Protocol from 2007 to 2015. He was also a Project Manager
at the Niger Delta Development Commission (NDDC).
Uduak is an associate member of the Chartered Institute of
Administration and has attended multiple international
workshops on protocol and public affairs.
Augustine Okon Jacob earned his B.
Agric. in Agricultural Economics and
Extension from the University of Uyo,
Nigeria, in 1994, followed by an M.Sc. in
Agricultural Economics in 2001. He later
obtained a Ph.D. in Economics from the
University of Uyo in 2013. Additionally,
he holds a B.Sc. in Economics. Dr. Jacob
has extensive experience in academia, having served as a
lecturer at Heritage Polytechnic, Head of the Department of
Economics at Obong University, and currently holds the
position of Director of the Degree Program at Heritage
Polytechnic in collaboration with Paul University. His
teaching and administrative experience spans over 20 years.
He has published more than 20 research papers in reputable
international journals, including Thomson Reuters (SCI &
Web of Science), Scopus-indexed journals, and other
recognized publications. His research primarily focuses on
economic growth, financial inclusion, foreign direct
investment, and the impact of capital markets on industrial
development. Dr. Jacob is a member of multiple academic
and professional organizations, having contributed
significantly to the field of economics and policy
development in Nigeria. With over 15 years of teaching and
10 years of research experience, he continues to engage in
academic mentorship, policy advisory roles, and impactful
research.
