Journal of Economic, Finance Research and Review (JEFRR)

Impact of Mobile Money on Financial Inclusion in Nigeria (With Specific Emphasis on Opay Users in Lagos State)

Emmanuel, Abuh, James, Peter, Ajagun Olusegun, Olubukola, Alabi, Olukemi

6 April 2026 · Vol. 2, Issue 4, pp. 198-210

DOI: 10.65150/EP-jefrr/V2E4/2026-01

Abstract

This study examined the impact of mobile money on financial inclusion in Nigeria using OPay users in Lagos Island as the case study. The study was motivated by the growing adoption of digital financial services and the need to determine the extent to which mobile money platforms contribute to improving access to and usage of formal financial services. Specifically, the study investigated the effects of ease of mobile money access, mobile money usage intensity, and mobile money–based savings services on financial inclusion. The study adopted a descriptive survey research design and utilized primary data collected through structured questionnaires administered to OPay users in Lagos Island, Lagos State. The population of the study consisted of mobile money users within the study area, from which a sample of 100 respondents was selected using the Taro Yamane sampling technique. Data collected were analyzed using descriptive statistics such as frequencies and percentages, while regression analysis was employed to test the hypotheses and examine the relationship between the variables. The findings revealed that ease of mobile money access has a significant positive effect on financial inclusion by reducing barriers associated with traditional banking systems and improving access to financial services. The results also showed that mobile money usage intensity significantly influences financial inclusion, indicating that frequent use of mobile money services for transactions such as transfers, bill payments, and merchant payments enhances users’ participation in formal financial systems. Furthermore, the study found that mobile money–based savings services significantly contribute to financial inclusion by encouraging digital savings behavior and improving financial management among users. The study concluded that mobile money platforms such as OPay play a significant role in promoting financial inclusion in Nigeria by improving access to financial services, increasing the frequency of digital financial transactions, and encouraging savings behavior among users. The study therefore recommends that policymakers, financial institutions, and fintech companies should continue to promote digital financial innovations, expand mobile money infrastructure, and enhance financial literacy programs to further strengthen financial inclusion in Nigeria.

Keywords: Mobile money, financial inclusion, digital finance, mobile money usage, OPay, Nigeria.

Read the full text on Journal of Economic, Finance Research and Review →The full peer-reviewed article and PDF are hosted on the journal's site (the version of record).

Emmanuel, Abuh, James, Peter, Ajagun Olusegun, Olubukola, Alabi, & Olukemi (2026). Impact of Mobile Money on Financial Inclusion in Nigeria (With Specific Emphasis on Opay Users in Lagos State). Journal of Economic, Finance Research and Review, 2(4), 198-210. https://doi.org/10.65150/EP-jefrr/V2E4/2026-01

@article{Emmanuel2026,
  title   = {Impact of Mobile Money on Financial Inclusion in Nigeria (With Specific Emphasis on Opay Users in Lagos State)},
  author  = {Emmanuel and Abuh and James and Peter and Ajagun Olusegun and Olubukola and Alabi and Olukemi},
  journal = {Journal of Economic, Finance Research and Review},
  year    = {2026},
  volume  = {2},
  number  = {4},
  pages   = {198-210},
  doi     = {10.65150/EP-jefrr/V2E4/2026-01},
  url     = {https://doi.org/10.65150/EP-jefrr/V2E4/2026-01}
}

← Back to all articles