ADVANCING SUSTAINABLE DEVELOPMENT THROUGH DIGITAL FINANCIAL INCLUSION: EVIDENCE FROM NIGERIA

Abstract

This study investigated the impact of digital financial inclusion in achieving sustainable development in Nigeria. An ex post facto research design was adopted utilizing quarterly secondary data from 2012Q1 to 2024Q4. Data were sourced from the Central Bank of Nigeria Bulletin, National Bureau of Statistics (NBS) Data Warehouse and World Bank. The study employed econometric techniques, including stationarity tests and regression analysis, to assess the relationship between digital financial inclusion indicators; WEB, MBP, POS; and household consumption expenditure (CSP) in relation to sustainable development (GDP per capita). Findings revealed that mobile banking payments significantly and positively impact sustainable development, while POS have a statistically significant negative impact. Web-based payments with a negative coefficient, and CSP with a positive coefficient showed limited statistical relevance. Based on these insights, the study recommended scaling mobile banking infrastructure, reevaluating POS deployment strategies, expanding digital literacy and internet across and integrating financial inclusion with broader social programs.