Digital Financial Inclusion and Poverty Alleviation in Nigeria
Keywords:
Digital financial inclusion, Mobile Payment, poverty alleviation, point of sales machines (POS) mobile paymentsAbstract
The main objective of this study is to analyze the impact of digital financial inclusion on poverty alleviation in Rivers State, Nigeria. The study focused on residents of Rivers State as the target population. Using a combination of multistage and purposive sampling methods, a sample size of 223 participants was selected. Data collection involved the administration of a structured questionnaire, with steps taken to ensure the validity and reliability of the research instrument. The collected data was analyzed using basic descriptive statistics, including tables, frequencies, graphs, and percentages. Hypotheses were tested using simple regression models through SPSS version 25.0 software. Findings showed a significant and positive correlation between mobile money accounts, presence of point-of-sale (POS) machines, frequency of mobile payments, and consumption expenditure in Rivers State. Based on these results, it is concluded that digital financial inclusion plays an important role in poverty alleviation, especially in developing countries like Nigeria. The recommendation is for the Central Bank of Nigeria to enact effective monetary policies to promote financial inclusion and poverty alleviation. In addition, expanding digital financial services in both urban and rural areas and implementing comprehensive financial literacy programs for low-income individuals, especially in rural areas, are suggested to address financial exclusion and reduce poverty levels.
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