An Investigation into the Role of Stakeholders in Achieving Financial Inclusion: A Case Study on Mobile Payment Technology in Nigeria

Abstract

Abstract
Financial inclusion, such as the use of mobile payment technology, is a pivotal element in fostering economic development in Nigeria. The nexus between government support and industry-specific technical assistance plays a crucial role. Through case studies on mobile payment technology, this study aims to investigate the impact of the combination of government support and technical aid on financial inclusion in Nigeria. Despite regulatory initiatives and technological advancements, significant portions of the Nigerian populace remain financially excluded, particularly in rural and underserved areas. Anchored in Public Goods Theory, Diffusion of Innovation Theory, and Institutional Logics Theory, this research critically examines the interactions among government institutions, financial industry stakeholders, and end-users within the mobile payment ecosystem. A qualitative research methodology grounded in social constructivism and interpretivism was employed. Data were gathered through semi-structured interviews with three principal stakeholder groups: government representatives, active players in mobile payment technology, and customers. Policy documents provided additional insights. The interviews were audio-recorded, transcribed, and analysed using thematic coding in NVivo software. The analysis identified both enabling and constraining factors, in that while government policies and public infrastructure initiatives have established essential foundations, their limited implementation and coordination across institutions pose significant challenges. FinTech companies and banks serve as pivotal innovators and service providers, yet their efforts are often shattered by policy instability and differing institutional priorities. From the user perspective, trust, ignorance, high transaction costs, and digital illiteracy remain key barriers, highlighting the necessity of inclusive strategies that extend beyond infrastructure to address socio-cultural and behavioural factors. These findings reveal a dynamic interplay of institutional logics. While government actors view mobile payments as economic inclusion and national development tools, industry stakeholders prioritise innovation, market expansion, and user acquisition. End users often perceive mobile payments through relational and trust-based perspectives. Areas of alignment, such as infrastructure development and security, present opportunities for collaboration. However, conflicts persist, particularly regarding regulatory rigidity, infrastructure deficiencies, and competing priorities between government and industry actors.

Date of Award	5 Jan 2026
Original language	English
Awarding Institution	University of Portsmouth
Supervisor	Xinxiang Li (Supervisor), Lisa Jack (Supervisor) & Panagiota Papadimitri (Supervisor)