Effect of FinTech Solutions on Financial Inclusion among Small Business Owners in Enugu Metropolis, Nigeria

• Post by: birpo
• July 11, 2026
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Nwankwo, Peter Emeka, Ph.D.*¹, Nkwo, Festus Ndubuisi² & Ozumah, ifeanyi John³

Abstract         

This study examined the effect of FinTech Solutions on Financial Inclusion among Small Business Owners in Enugu Metropolis, Nigeria. Despite Nigeria’s rapidly expanding FinTech ecosystem, characterized by mobile banking, digital payment platforms, mobile money services, and online lending platforms, financial inclusion among small business owners remains alarmingly low, particularly in South-East Nigeria. As of 2022, approximately 36% of Nigerian adults remained financially excluded, with small business owners in urban-secondary contexts such as Enugu Metropolis facing distinct access barriers despite proximate FinTech infrastructure. Specifically, this study examined the effect of mobile banking, digital payment platforms, mobile money services, and online lending platforms, on financial inclusion among small business owners in Enugu Metropolis, Nigeria. A descriptive cross-sectional survey design was adopted. Primary data were collected through a structured five-point Likert scale questionnaire administered to 384 small business owners drawn from major commercial zones in Enugu Metropolis via stratified random sampling. Data were analyzed using descriptive statistics, Pearson correlation, and multiple regression analysis with IBM SPSS Statistics Version 26.0. Results show that Mobile banking (β = 0.327, p < 0.001), digital payment platforms (β = 0.291, p < 0.001), mobile money services (β = 0.248, p < 0.01), and online lending platforms (β = 0.213, p < 0.05) each exerted significant positive effects on financial inclusion. The combined model explained 61.4% of the variance in financial inclusion (R² = 0.614, F = 60.473, p < 0.001). Conclusion: FinTech solutions are significant drivers of financial inclusion among small business owners in Enugu Metropolis. Targeted regulatory, infrastructural, and capacity building interventions are recommended to maximize theirinclusion impact.

Keywords: Fin-Tech solutions, financial inclusion, Small business owners, Enugu, NigeriaCite: Nwankwo, P. E., Nkwo F. N. & Ozumah, I. J. (2026). Effect of FinTech Solutions on Financial Inclusion among Small Business Owners in Enugu Metropolis, Nigeria. International Journal of Management Foresight and Strategy,4(6), 385-398. https://doi.org/10.5281/zenodo.21310020