EFFECT OF DIGITAL FINANCIAL SERVICES AND FINANCIAL INCLUSION IN THE DEVELOPMENT OF THE NIGERIA ECONOMY
Abstract
Digital financial services and financial inclusion served as one aspects for he development of the economy of any Nation hence Nigeria was not an exception to this fact. This study invested this aspect with some empirical reviews which culminated to the outlook of the objectives for the study with some empirical reviews. The methodology included adoption of the descriptive survey design conducted in Makurdi and Jos metropolises of Benue State and Plateau State. The population of the study was 2024 of Bank Staff, Bank Customers, Financial Analysts, Academics, Traders and Policy Makers. The whole population was used and the selection of the respondents was by the researcher visiting Makurdi and Jos metropolises formed into strata within one month two weeks. The source of data was primary and collected by a self-administered questionnaire of both open-ended and close-ended questions. The five-point Likert-scale was used. The instrument was validated. The method of data analysis was by Chi-square statistical tool employed to test the hypotheses to see deviations of the actual observations (observed frequency) from the expected. Finding showed that there are positive significant effects of POS transactions, USSD-based transactions, ATM-based transactions, as functions of financial inclusion on the development of the Nigeria economy. In conclusion, for the development of the Nigeria economy based on financial services and financial inclusion, the development would be enhanced when the various financial services work together and availability of various digital channels, robust infrastructure, and supportive policies that would ensure affordability, reliability, and accessibility of digital financial services to the unbanked and under banked. Recommended were that POS Infrastructure should be strengthened, there should be expansion of USSD accessibility and there should be a repositioning of ATMs. These would extend their utility beyond cash dispensing.