Abstract
The rapid adoption of Financial Technology (FinTech) is transforming the Nigerian financial landscape, creating new opportunities for inclusive economic participation. This study examines the adoption of FinTech innovations and their impact on financial inclusion in Nigeria, with particular emphasis on the role of public policy and regulatory frameworks. With over one-third of the population excluded from formal financial services, FinTech presents a powerful tool to bridge this gap through mobile money, digital wallets, peer-to-peer lending, and agent-based banking. Platforms such as Paga, Opay, Flutterwave, Paystack, and Kuda Bank have expanded access to affordable and convenient financial services, especially among rural communities, women, and small and medium enterprises (SMEs). The drivers of this adoption include widespread mobile penetration, youthful demographics, supportive regulatory initiatives, and the growth of innovative technology startups. However, challenges such as cybersecurity risks, infrastructural deficits, regulatory uncertainty, and low digital literacy continue to constrain FinTech’s full potential. Comparative experiences, notably Kenya’s M-Pesa, highlight Nigeria’s capacity to achieve greater financial inclusion if these barriers are effectively addressed. The study concludes that FinTech has become an indispensable catalyst for financial inclusion and recommends stronger governance mechanisms, a more robust regulatory framework, and targeted public administration strategies to promote financial literacy and inclusion among marginalized populations. Keywords: FinTech, financial inclusion, Nigeria, digital banking, financial technology
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