1.1      Background to the Study


In recent years, Nigeria has witnessed a burgeoning growth in financial technology (fintech) and digital banking operations, transforming the landscape of its financial sector. This evolution has been driven by various factors such as increasing internet penetration, smartphone adoption, regulatory reforms, and changing consumer preferences. As the largest economy in Africa, Nigeria's embrace of fintech and digital banking has significant implications not only for its domestic financial system but also for the broader African continent. Therefore, assessing the current state and future prospects of fintech and digital banking operations in Nigeria becomes imperative for policymakers, regulators, financial institutions, and stakeholders alike. Adeola, O., & Evans, O. (2020).





The assessment of fintech and digital banking operations in Nigeria encompasses a multifaceted analysis, ranging from regulatory frameworks to technological innovations, market dynamics, and consumer behavior. Regulatory oversight plays a crucial role in shaping the growth trajectory of fintech and digital banking in Nigeria. The Central Bank of Nigeria (CBN) has been proactive in formulating policies to foster innovation while ensuring financial stability and consumer protection. Understanding the regulatory landscape and its impact on market dynamics is essential for evaluating the opportunities and challenges within Nigeria's fintech ecosystem. Adeyeye, O. A., & Ogunleye, G. (2021).


Moreover, technological advancements and innovations drive the evolution of fintech and digital banking operations in Nigeria. From mobile payment solutions to blockchain technology and artificial intelligence, Nigerian fintech startups and traditional banks are leveraging cutting-edge technologies to enhance financial inclusion, efficiency, and accessibility. Assessing the technological landscape entails examining the adoption rates, scalability, interoperability, and security of digital financial services in Nigeria. Central Bank of Nigeria. (2021).


Furthermore, understanding consumer behavior and preferences is paramount in assessing the effectiveness and sustainability of fintech and digital banking operations in Nigeria. Factors such as trust, convenience, affordability, and user experience influence the adoption and usage of digital financial services among Nigerians. Therefore, market research and consumer insights are essential components of the assessment process, providing valuable inputs for product development, marketing strategies, and service delivery in the rapidly evolving fintech landscape of Nigeria. Fintech Nigeria. (2022).Top of Form

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1.2      Statement of the Problem

Despite the remarkable growth and potential of fintech and digital banking operations in Nigeria, several challenges persist, necessitating a comprehensive assessment. Firstly, there is a need to address regulatory uncertainties and gaps that may hinder the scalability and innovation of fintech startups and digital banking services. The evolving regulatory landscape, while essential for ensuring financial stability and consumer protection, often creates compliance burdens and delays, impacting the speed of product development and market penetration. Additionally, issues related to cybersecurity and data privacy pose significant concerns, especially with the increasing reliance on digital platforms for financial transactions. Ensuring robust cybersecurity measures and enhancing consumer trust are critical for fostering the long-term sustainability of Nigeria's fintech ecosystem. Adeola, O., & Evans, O. (2020).


Moreover, despite the proliferation of digital financial services, achieving widespread adoption and usage among Nigeria's diverse population remains a challenge. Factors such as limited internet access in rural areas, low financial literacy levels, and cultural preferences for cash transactions contribute to the slow pace of financial inclusion through digital channels. Understanding the barriers to adoption and designing targeted interventions to overcome them are essential for maximizing the social and economic benefits of fintech and digital banking in Nigeria. Therefore, a comprehensive assessment of the current landscape is crucial for identifying strategic priorities and implementing effective policies to accelerate the growth and impact of fintech and digital banking operations across the country. Adeyeye, O. A., & Ogunleye, G. (2021).Top of Form

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1.3 Objectives of the Study

The main objective of the study is to examine Assessment of fintech and digital banking operations in Nigeria. Specific objectives of the study are:

  1. 1.  To evaluate the impact of fintech on the accessibility and affordability of financial services in Nigeria.
  2. 2.  To analyze the level of collaboration and competition between traditional banks and fintech companies in Nigeria.
  3. Identify the key regulatory challenges and opportunities associated with the growth of fintech and digital banking in Nigeria.

1.4 Research Questions

To guide the study and achieve the objectives of the study, the following research questions were formulated:

  1. 1.  To what extent has fintech increased access to financial services for Nigeria's unbanked and underbanked population, and what are the remaining challenges?
  2. 2.  How are traditional banks and fintech companies collaborating or competing in Nigeria's financial services market, and what are the implications for service offerings and customer experience?
  3. What are the key regulatory gaps and opportunities in promoting responsible innovation and ensuring a secure and inclusive digital financial ecosystem in Nigeria?

1.5 Research Hypothesis

The following research hypothesis was developed and tested for the study:

Ho: There is no statistical significant relationship between fintech and digital banking operations in Nigeria.

1.6 Significance of the Study

The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:

Firstly, the paper will benefit major stakeholders and policy makers in the banking sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.

Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.

Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.


1.7 Scope of the Study

The study is delimited to moniepoint mfb.  Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.

1.8 Limitations of the Study

The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.

1.9 Organization of the Study

The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.

Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.

Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.

Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.

Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.



Adeola, O., & Evans, O. (2020). Fintech, financial inclusion, and poverty alleviation: Evidence from Nigeria. Technological Forecasting and Social Change, 157, 120103.

Adeyeye, O. A., & Ogunleye, G. (2021). Digital transformation in banking sector: A case study of Nigerian banks. In Advances in Digital Business and Commerce (pp. 123-138). IGI Global.

Central Bank of Nigeria. (2021). Regulatory framework for fintech and digital banking operations in Nigeria. Retrieved from

Fintech Nigeria. (2022). State of fintech in Nigeria report. Retrieved from

World Bank. (2020). Nigeria economic update: Digital Nigeria. Retrievedfrom