Digital Financial Services Adoption and Financial Inclusion in Emerging Economies: Evidence from Nigeria
Abstract
This study examines the relationship between Digital Financial Services (DFS), Digital Literacy, and Financial Inclusion in Nigeria, focusing on how DFS adoption enhances access to financial services and promotes economic inclusion. In emerging economies like Nigeria, where many remain unbanked, DFS offers opportunities for broader financial participation. Digital literacy is identified as a key factor moderating the relationship between DFS and financial inclusion. The study employs a quantitative approach, using survey data from 300 respondents across Nigeria. Descriptive statistics, correlation analysis, and regression were applied for data analysis.The findings showed that DFS adoption significantly improved financial inclusion, with users of mobile banking and e-wallets experiencing enhanced access to credit and payment services. Digital Literacy was found to positively moderate this relationship, as individuals with higher digital skills benefit more from DFS adoption. The regression analysis supports these results, with an R² of 0.63, demonstrating that 63% of the variation in financial inclusion outcomes is explained by the model.The study concluded that DFS and digital literacy are essential for promoting financial inclusion in Nigeria, the study therefore recommended that policy interventions is essential to improve digital literacy, enhance digital infrastructure, and support DFS adoption through regulatory measures.
Keywords
Digital Financial Services, Digital Literacy, Financial Inclusion, Economic Empowerment
Citations
IRE Journals:
ADEDIPE Oluwaseyi Ayodele (PhD), OGUNSOLA James Oluwabusuyi "Digital Financial Services Adoption and Financial Inclusion in Emerging Economies: Evidence from Nigeria" Iconic Research And Engineering Journals Volume 9 Issue 8 2026 Page 2010-2017 https://doi.org/10.64388/IREV9I8-1714587
IEEE:
ADEDIPE Oluwaseyi Ayodele (PhD), OGUNSOLA James Oluwabusuyi
"Digital Financial Services Adoption and Financial Inclusion in Emerging Economies: Evidence from Nigeria" Iconic Research And Engineering Journals, 9(8) https://doi.org/10.64388/IREV9I8-1714587
About IRE Journals
IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
Important Links
For Authors
Volume 8:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 7:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 6:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 5:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 4:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12Volume 3:
Issue 1, Issue 2, Issue 3, Issue 4, Issue 5, Issue 6, Issue 7, Issue 8, Issue 9, Issue 10, Issue 11, Issue 12