BLOCKCHAIN TECHNOLOGY AND FINANCIAL INCLUSION IN NIGERIA: AN ANALYSIS OF THE MISSING LINK

Abstract

This research study analyzes the missing link between blockchain technology and financial inclusion in Nigeria. The study aims to examine the current state of financial inclusion in Nigeria, explore the potential of blockchain technology in addressing the identified challenges, identify key barriers to its adoption, and propose practical strategies and recommendations to bridge the gap. The research methodology includes a comprehensive review of existing literature, data analysis, and case studies of blockchain-based financial inclusion projects in Nigeria. The findings reveal that although Nigeria has made progress in improving financial inclusion, significant gaps and challenges persist, including gender disparities, geographical limitations, and regulatory uncertainties. Blockchain technology offers potential solutions by providing secure, affordable, and accessible financial services to the unbanked population. However, challenges such as regulatory constraints, infrastructure limitations, lack of awareness and education, trust and security concerns, and socioeconomic and cultural factors hinder its implementation. The study recommends the development of clear regulatory frameworks for blockchain technology, improvement of infrastructure and technological capabilities, awareness and education campaigns, addressing trust and security concerns, and tailored approaches that consider the local context.