Adoption of Information Systems Engineering Practices in Driving Financial Inclusion in Underbanked Economies - Opportunities and Challenges in Nigeria

Elijah Ailen Omijie

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  • Abstract:
  • The relevance of financial inclusion has grown in importance globally. Within the past few years, the efforts of different economies to incorporate at least 80% of their population into their national financial system became important. The incorporation of innovative technological solutions and embracing the transformative power of digital advancements, underbanked population in developing economies can speed up achieving financial inclusion, thereby ensuring equal access to financial services for all individuals and communities. This thesis investigates the adoption of Information Systems Engineering (FinTech) practices in driving financial inclusion in the underbanked economies, with a particular focus on Nigeria. The study is structured around four primary objectives. First, it analyzes the capabilities of FinTech solutions in bridging the financial inclusion gap among underbanked populations in developing economies. This analysis explores how FinTech innovations can provide accessible, affordable, and efficient financial services to those traditionally excluded from formal financial systems. Second, the research identifies the challenges and opportunities associated with adopting FinTech for financial inclusion initiatives in underbanked economies. Third, the study explores a successful case study of ISE-driven (FinTech) financial inclusion programs in a developing economy. By examining these case studies, the research identified, best practices, critical success factors, and lessons learned from various underdeveloped economies’ initiatives and successful adoption of Financial Technology in enhancing financial inclusion. Finally, the thesis proposes recommendations for policymakers, financial institutions, and technology providers aimed at enhancing the effectiveness of Information Systems Engineering in promoting financial inclusion. Through a comprehensive analysis of the opportunities, challenges, and case studies, this thesis provides a tailored technology design approach as recommendation of what needs to be done technologically to further enroll the underbanked populations into the formal financial system. The findings and recommendations are intended to guide stakeholders in developing effective strategies to harness FinTech for inclusive economic development. Keywords: Information Systems Engineering (ISE), FinTech, Financial Inclusion (FI), SDLC, blockchain, Underbanked, Developing Economies, Nigeria.
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  • Apr 20, 2025
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  • Copyright (c) 2025 Elijah Ailen Omijie
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This work is licensed under a Creative Commons Attribution 4.0 International License.