FINANCIAL TECHNOLOGY (FINTECH) AND THE EXPANSION OF RURAL BANKING SERVICES IN SOUTH-WEST NIGERIA

Abstract

Abstract

The study examined the extent Financial Technologies (FinTech) Electronic-Payments (E-payments) services in commercial banks have influenced the success of rural banking policy in Southwest, Nigeria. It was motivated by the problem of low permeation of rural dwellers banking in the South-West of Nigeria, making financial inclusion policy a herculean task. The specific objectives were, therefore, to ascertain the extent to which Fintech Credit Cards (E-Payment), Automated Teller Machines (ATM), and Fintech Point of Sales (POS) influence the adoption of modern financial technology services by rural dwellers in Southwest, Nigeria. Exploratory research design was adopted for the study, while data analysis were through multiple regression statistical tool. Results obtained indicate that: Fintech credit cards (e-payment), Automated Teller Machines (ATM), point of sales (POS), services could significantly make rural banking attractive to rural dwellers in the South-West of Nigeria. Based on these, it was recommended among other things that: Fintech services operators should reduce all the bureaucratic bottlenecks that make rural banking unattractive to rural dwellers in parts of Nigeria, and use fintech to reduce the socio-economic distance between rural and urban dwellers in the country.

Keywords: Fintech Services Adoption, Credit Cards, E-Wallets, E-Checks, ATMs, POS, Rural Banking.