THE ROLE OF FINANCIAL TECHNOLOGY IN FINANCIAL INCLUSION
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With the potential for higher level of ICT and financial inclusion, it is important to explore
how FinTech and Financial Inclusion integrate. Thus, this study explored if there was a
significant relationship between smartphone penetration and the usage of PFFS as well as if
there was a significant role internet penetration played on PFFS. This study used a
questionnaire as its source of primary data. The study employed Pearson’s Coefficient, Chi
Square and T-Test in its analysis. The following findings were established: (i) Internet
connection was just at average but plays a major role in the use of PFFS and respondents
usually made use of the internet to make payments. (ii) Access to smartphones moderately
affected the usage of OPay as a payment platform. (iii) Proximity to mobile agent services
affected the access to payment services of OPay. (iv) Services provided by the PFFS were
easy to understand and little effort was needed to use the payment service. Findings also
showed that the payment offerings (financial services) of OPay met the needs of respondents.
In the lights of the established findings, this study recommends that FinTech companies look
to incorporate more synergistic working frameworks that would encourage an experience that
would establish, more extensive financial benefits to the generality of people across all
segments of the population, especially those who cannot use the existing financial
technologies. Also, the government must look to provide stronger internet connections in suburban
and rural areas, by working with internet service providers, to ensure that FinTech
companies find it easy to provide financial services to all customers.
Keywords
HG Finance