The Role of Fintech and Digital Financial Services in Enhancing Financial Inclusion and Financial Stability in Nigeria

Abstract

Digitalization has brought about major changes in the banking sector. Fintech has recently attracted a lot of attention and popularity, revolutionizing the financial industry by offering consumers and businesses more accessible and efficient services. The essence of this study is to look into the new phenomenon in the financial system called FINTECH and financial intermediary activities towards financial inclusion and financial development in Nigeria. This study is based on descriptive design using content analysis to review past and current literature to achieve its objectives. Based on the review carried out, the conclusion is drawn that FINTECH is an important financial institution in Nigeria and economies worldwide, impacting almost every economic area. The fact that it benefits both urban and rural residents and is helpful in providing services for both the wealthy and the impoverished is equally significant. Put differently, it's a financial technology that caters to everyone and everything. If there are no strict rules and few technological advancements, FINTECH can benefit everyone. It was recommended that to encourage better adoption, digital products should be made to better meet the unique characteristics of the financially excluded (such as language, type of mobile device owned, and degree of digital technology expertise).