Exploring the Determinant of Financial Inclusion in Nigeria: The Role of Digital Financial Access and Socio-Economic Factors

Abstract

This study investigates the determinants of financial inclusion in Nigeria, with particular emphasis on digital access and usage. Using individual-level data from the 2025 Global Findex Database and survey-weighted logistic regression, the study examines how socio-economic characteristics and digital access relate to ownership of a formal financial-institution account among respondents aged 18 years and older. The analysis includes age, gender, education, income quintiles, and internet use. The primary results show that education, internet use, male gender, and higher income quintiles are positively associated with financial inclusion, while the age-squared term is not statistically significant. Mobile-money-account ownership and digital-payment use are reported descriptively but excluded from the primary model because their close relationship with account ownership produces unstable estimates when entered together. The findings highlight the need to expand internet connectivity, improve educational attainment, and address gender and income-related barriers to foster a more inclusive financial ecosystem.