Leveraging Blockchain and Data Analytics to Enhance Financial Inclusion in Nigeria: A Study of Blockchain-Based Information System

Stephen Onyekachi Obiya
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Stephen Onyekachi Obiya: Department Of Data Science National University of Science and Technology (MISIS), Moscow, Russia

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 10, 547-557

Abstract: This study explores how blockchain technology and data analytics can be leveraged to enhance financial inclusion in Nigeria, using a blockchain-based information system. Despite efforts by the Nigerian government and financial institutions to improve financial inclusion, significant barriers such as lack of trust, high transaction costs, and limited access to banking services persist. The objective of the study is to analyse the role blockchain and data analytics can play in addressing these barriers by offering secure, transparent, and efficient financial solutions to the unbanked population. The study is grounded in the Diffusion of Innovation Theory, which explains how new technologies like blockchain are adopted within a society. The study employs a mixed-methods approach, using both qualitative and quantitative data. Data was collected through surveys of financial service providers, interviews with blockchain experts, and secondary data from financial inclusion reports. The integration of blockchain for secure and transparent transactions, combined with data analytics to understand consumer behaviour and financial needs, forms the foundation of the study. Key findings indicate that blockchain-based information systems can reduce transaction costs, improve trust through transparency, and offer decentralised financial services to underserved communities. Data analytics provides deeper insights into consumer behaviour, enabling financial institutions to design targeted financial products for the unbanked population. The study concludes that blockchain and data analytics have the potential to transform financial inclusion in Nigeria. Recommendations include the formulation of supportive regulatory frameworks, partnerships between fintech and traditional banks, and initiatives to enhance digital literacy among the population to maximise the impact of these technologies on financial inclusion.

Date: 2024
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