By: Ezebunwo Nyeche, Ozulem Elvis Wokekoro, Chukwuma Ogbonna Ogbodo
Pages: 357–374, Volume: 2, Number: 2
Published by: AEFUNAI Journal of Economics, Finance and Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, 9/1/2025, 2025
ISSN (Electronic): 2536-6742
DOI: 10.48028/iiprds/aefunaijefds.v2.i2.19
Digital Financial Inclusion and its Macroeconomic Effects on Consumption in Nigeria
Abstract:
Digital financial inclusion (DFI) has emerged as a transformative tool for deepening access to formal financial services in emerging economies. This study explores the extent to which DFI inEuences macroeconomic variables, specifically consumption. The study covered the period 2005 – 2023 and used the ARDL regression models. The dependent variable was household consumption final expenditures. The independent variables include POS, ATM, INF, EXR, and DIL. The study found that the independent variables have positive and significant relationship with consumption in Nigeria. However, INF and EXR were found to have negative and significant relationship. The study concluded that digital financial inclusion has demonstrable macroeconomic benefits for Nigeria if well managed. Amongst others, the study recommends that consumption should be regulated when using digital financial technologies, in favour of locally manufactured goods.
Keywords: Digital financial inclusion, Macroeconomic consumption, Fintech, Financial deepening, Nigeria
How to Cite
Nyeche, E., Wokekoro, O. E., & Ogbodo, C. O. (2025). Digital Financial Inclusion and its Macroeconomic Effects on Consumption in Nigeria. AEFUNAI Journal of Economics, Finance and Development Studies (AEFUNAI-JEFDS), Vol. 2(2), 357–374.
Creative Commons Attribution 4.0 International License (CC BY 4.0)
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