FinTech Financial Inclusion Access to Financial Services Usage of Financial Services Deposit Money Banks ATM Usage Mobile Banking

This study examines the effect of FinTech on financial inclusion in Nigeria, with emphasis on the access and usage dimensions of financial inclusion. The study adopts a secondary data, time series in nature for quoted deposit money banks within the period of 2000 to 2024. The study utilized the multivariate ordinary least square technique, descriptive statistics and Pearson correlation to lucidly explain the impact of financial technology on financial inclusion in Nigeria. This study is a hypothesis testing study in which it examines the relationship between financial technology and financial inclusion in Nigeria within the period of 2000 to 2022. The multivariate ordinary least square was used to estimate the result. ATM usage and mobile banking was found to impact positively on financial inclusion in Nigeria while point of sales services impact negatively on financial inclusion in Nigeria. The estimation results indicate that the determination coefficient adjusted (R2) of 0.94 shows that 94% of performance variation can be explained by variables of ATM usage, mobile banking and point of sales services; while the rest (6%) is explained by other variables outside the model. However to strengthen the statement, multicollinearity was tested using a correlation matrix. The test results obtained correlation coefficient values lower than 0.9, so it can be said that the model used is free from the problems of multicollinearity. The study recommends that concerted effort should be directed at promoting the provision and adoption of FinTech enabled services as they can act as key drivers of financial inclusion in Nigeria.