Title: Financial technology and deepening of financial inclusion amidst Nigeria's currency redesign policy: examining public relations implications of the policy

Authors: Princewell N. Achor; Ezenwa A. Opara

Addresses: Advanced Management Academy, Abuja, Nigeria ' Channels Television Incorporated, Lagos, Nigeria

Abstract: This article investigated the recent introduction and implementation of a currency redesign policy by the Central Bank of Nigeria (CBN), its attendant problems and how it affected the use of Fintech in facilitating financial inclusion among the under-banked and other vulnerable groups. A mixed method (quantitative and qualitative data sourced from a semi-structured questionnaire, participant observations, and interviews) was adopted. Results showed low utilisation of Fintech by small and medium enterprises, petty traders, artisans, and rural peasants. Fintech failed to deepen financial inclusion among the above-named categories of under-banked in the wake of currency redesign policy implementation. The public relations implications of the currency redesign policy implementation were highlighted. The currency redesign policy created a reputational problem for Nigeria. The study concluded that if Fintech is to be a key enabler of financial inclusion in Nigeria, there must be adequate infrastructure to drive the process and reorientation of majority of Nigerians on technology readiness adoption.

Keywords: cashless-based economy; Fintech; social/financial inclusion; under-banked; underprivileged; online payment system; digital banking; shadow banks.

DOI: 10.1504/IJEBANK.2024.139227

International Journal of Electronic Banking, 2024 Vol.4 No.3, pp.259 - 272

Received: 17 Aug 2023
Accepted: 24 Mar 2024
Published online: 26 Jun 2024 *

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