The Effects of Demographic Factors on Leveraging Digitalization for Financial Inclusion in Nigeria

This paper examined financial digitalization in Nigeria and how the demographic characteristics of the various segments of the population influenced leveraging digitalization to enhance financial inclusion in Nigeria. The methodology adopted was the collection and analysis of secondary annual data on demographic, financial digitalization and financial inclusion from the National Bureau of Statistics (NBS), the Central Bank of Nigeria (CBN) and Enhancing Financial Innovation & Access (EFInA). The study revealed that the differences between the demographic characteristics of the various segments of the population influence the pace of leveraging digitalization for financial inclusion. To bridge the observed financial inclusion gaps for the various demographic segments, the paper recommended providing among others, the need for building and expanding more digital infrastructure to boost connectivity to the underserved population in the rural and sub urban areas, design gender friendly digital products and services, improve regulatory reforms to check cybersecurity challenges and instill confidence in the digital value chain as well as creating more enlightenment, youth and women empowerment schemes to increase their capacity for digital financial services and inclusion.