BARRIERS TO FINTECH ADOPTION AND THEIR IMPLICATIONS FOR FINANCIAL INCLUSION IN BAYELSA STATE
Abstract
This study examined the barriers to FinTech adoption and their implications for financial inclusion in Bayelsa
State, Nigeria. The objectives were to assess the level of awareness and adoption of FinTech services, identify
the key barriers to adoption, and examine the relationship between these barriers and financial inclusion
outcomes in the study area. A descriptive survey research design was adopted, and primary data were
collected through structured questionnaires administered to 582 respondents drawn from different socioeconomic groups in Bayelsa State. Data were analyzed using descriptive statistics such as frequency,
percentages, and mean scores. Findings revealed that awareness of FinTech services among respondents is
relatively high; however, actual adoption remains moderate. Major barriers identified include poor internet
connectivity, irregular electricity supply, low digital literacy, lack of trust in digital platforms, fear of fraud
and cybercrime, and high transaction costs. The study further found that FinTech services have positively
influenced financial inclusion by improving access to financial services, enhancing money transfer efficiency,
and promoting savings and financial participation. However, access to credit through digital platforms
remains limited. The study concluded that while FinTech has significant potential to enhance financial
inclusion in Bayelsa State, its impact is constrained by infrastructural, socio-economic, and security-related
challenges. It was recommended that government and relevant stakeholders improve digital infrastructure,
enhance financial literacy, strengthen cybersecurity systems, and promote awareness campaigns to
encourage wider adoption of FinTech services.
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Published in BUSINESS AND FINANCE JOURNAL
ISSN: 988-47878
This article appears in our peer-reviewed academic journal
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