Digital Banking and Financial Inclusion in Nigeria

Adewumi Moyosore Akingbade, Opadotun Tunde Adewumi and Ibikunle Oladipupo Ibidapo
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Adewumi Moyosore Akingbade: Department of Management and Accounting, Lead City University, Ibadan, Nigeria
Opadotun Tunde Adewumi: Department of Management and Accounting, Lead City University, Ibadan, Nigeria
Ibikunle Oladipupo Ibidapo: Department of Management and Accounting, Lead City University, Ibadan, Nigeria

Lead City Journal of the Social Sciences (LCJSS), 2026, vol. 11, issue 1, 120-134

Abstract: The study focuses on digital banking as a tool for financial inclusion, potentially overlooking other important factors that contribute to financial inclusion, such as traditional banking services, microfinance institutions, and government policies. The study used financial data from secondary sources, including the Central Bank of Nigeria data depository, the Statistical Bulletin, and the World Bank Data 2023. Thus, the study employs secondary data. Descriptive statistics and correlation analysis were carried out to provide an overview of the data's characteristics. The study found that while ATM, POS, and mobile banking had positive relationships with the human development index, none were statistically significant; however, Web Pay had a negative relationship and a significant impact on the human development index. Also, for the second model, only Web Pay showed a significant positive relationship with the poverty index, while ATM showed a negative relationship and had no significant impact. POS and mobile banking did not show significant effects, but they have a positive relationship with the poverty index. The study concluded that payment systems, particularly mobile banking and web payments, play an increasingly significant role in the economy

Keywords: Digital Banking; Financial Inclusion; Automated Teller Machine; Point of Sales; Mobile Banking (search for similar items in EconPapers)
Date: 2026
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