MOBILE BANKING AND DIGITAL WALLETS AS CATALYSTS FOR FINANCIAL ACCESS AMONG NIGERIAN RURAL ENTREPRENEURS

Abstract

Access to formal financial services remains uneven in many developing economies, particularly 
among rural entrepreneurs in Nigeria who continue to experience limited integration into the formal 
financial system despite the expansion of digital finance platforms. Mobile banking and digital 
wallets have increasingly been promoted as accessible and cost-effective alternatives to traditional 
banking channels. However, evidence suggests that adoption and sustained usage in rural areas remain 
constrained by infrastructural deficiencies, usability concerns, and limited perceived value. This study 
examined the relationship between mobile banking, digital wallet usage, and financial inclusion 
among rural entrepreneurs in Nigeria. A quantitative research design was adopted, and data were 
collected through a structured questionnaire administered to 363 rural entrepreneurs across Kogi, 
Kwara, Nasarawa, and Niger States. Descriptive statistics and regression analysis were employed to 
test hypotheses relating to infrastructure, ease of use, transaction usage, and perceived usefulness. 
The descriptive findings revealed generally low to moderate mean scores for ease of use, perceived 
usefulness, continued use intention, and digital wallet usage, indicating that respondents still 
experience substantial barriers in the adoption and utilization of digital financial services.