THE FUTURE OF FINANCIAL SERVICES IN AFRICA - DIGITAL FINANCIAL SERVICES
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The study examines the future of digital financial services in Africa using Nigeria bank as a case study. The objective of this study is to find out effectiveness of digital financial services in banking system delivery in Nigeria. At all levels of African banks, digital financial services which are measured by ICT indicators have positive significant effects on financial inclusion in African in general. This study will serve as a means of finding out how African financial system is been affected by digital technology. The findings of this study have shown that the rate of financial inclusion in Africa rises with increasing in digital financial services. From the study, it is recommended that financial systems in Africa should invest in digital financial services in all their service units thereby promoting financial stability in Africa.
CHAPTER ONE
1.0 INTRODUCTION
BACKGROUND OF THE STUDY
Technology in general was accepted to have started in the 17th century in Europe with the emergence of the giants of the scientific revolution such as Dalton (1766 – 1844) who advanced the atomic theory of matter made remarkable break through in the 18th century with the likes of Michael Faraday (1971 – 1967) inventing the electric generator. Alexander Graham Bell who invented the telephone in 1975 and Charles Babbage who in the 19th century make a landmark also in the development of calculate machine and indeed, what could be considered to be the fore runner of the modern computer (Asongu, S. A., & Odhiambo, N. M. 2019). The machine performed its operation in a pre-determined sequence. The second generation of computer was based on the punch and machine. This was the type of machine in 1890 for the American census. The first and electro computer was built at the University of Penn Sylvania to solve problems in ballistic aromatic for US Army. Taking some three years to construct, finished as massive machines weighting some thirty town and using 18,000 and electronic values and diodes it occupies 10,000 squire fast of floor space, put into service in 1949 known as electronic numerical integration and calculator (ENIAC) but was relatively in adaptable as it had been designed to bank on special field problems (Asongu, S. A., & Odhiambo, N. M. 2019).
The next generation machine developed by the same Arm’s University is Electronic Discrete Variable Automatic Computer (EDVAC). It is more versatile; it’s a store program machine using a punched power tape input and was described as world first comment electronic data processing machine. During this same time IBM was general purpose computer in US resulting in the introduction in 1948 of the IBM 701 in 1952 IBM 650 in 1960 with punched paper tape as well as punched card input using magnetic tape was established going on in the US today behave what could be called fifth generation computer now in market (mostly micros). They can accomplish task originally meant for mainframe.
Financial system at the global level has reaped immense benefit from information technology and has warmly embraced it, hence such facilities as Electronic Fund Transfer (EFI), Automated Teller Machine (ATM), smart cards and other internet facilities inputs in the banking industry today (Asongu, S. A., Biekpe, N., & Cassimon, D. 2021).
In our world today, the use of digital technologies have been found to enhance individuals to access more financial services most especially those that found it difficult to access financial services due to distance such as those residing in local areas and cannot afford a bank account which made them financially exclusive (Adeleye, N., & Eboagu, C. 2019).
Digital technologies have been known as an asset for the inclusion of the financial system and for achieving sustainable development in that it helps ameliorate the livelihood of individuals since they have access to financial services. Though, it is true that the rate of poverty in Africa in general have been so high that too many people found it difficult to afford financial services, thereby making life miserable (Anand et al., 2012).
Digital technologies ensure the accessibility of financial services by ensuring its provision at affordable prices to those that find it difficult to afford it. Though, with the growth and advancement of technology which have cause competitions between financial institutions have made people to question the effect of digital technologies on financial system stability (Anand et al., 2012).
The effect of digitalization in financial services in Africa has been a topic of debate among contemporary researchers. Digital financial inclusion has risen over the years due to mobile money penetration in Africa. Information and communication technologies have contributed immensely to the development of the African economy specifically in the financial system (Anarfo, 2018).
Gross national product of many African countries including Nigeria has grown higher over the past decade due to digital technologies and at the same time aspiring to adapt to the global structural transformation dominated by growth in Information and communication technologies (Anarfo, 2018).
Digital technologies such as mobile phone, internet, computer hardware and softwares, satellite networks have facilitated the financial services through their automation of services and flow of financial transactions in the world financial market (Osongu et al., 2019).
Information and communication technologies (ICT) have gone a long way changing and increasing financial globalization which has been a major factor in the new global world which as produced rapid changes in the financial systems. Digital technologies have produce bedrock for financial development and inclusive growth in African financial system (Osongu et al., 2019).
Deployment of digital financial services globally came as a result of technological innovation which will serve as a means of lowering costs, increasing speed, transparency, security and availability of more useful financial services that can be served at poor scale (Asongu et al., 2021).
Deployment of digital financial services in African banking system will reduce friction in each step along the financial service life cycle, from opening an account to conducting customers due diligence, authenticating transaction and other product-specific processes (Arun et al., 2021).
Using digital financial services will serve as a means of enhancing transparency since every transaction carried out generate data trail. Data trail furthers the ability of financial institutions to develop a a credit scoring mechanism for informal market participants.
Considering the supply side, digital financial services provides new systems in financial sector such as peer-to-peer lending platform, e-commerce platform, online lenders and other platforms such as online search engines etc.
1.2 STATEMENT OF THE PROBLEM
In Africa, young people are more likely to have a bank account than adult, and the same time they are more like to have access to digital gadgets such as cellphones. As as result of that, they find it difficult to try new things and also most of them are not aware of digital channels. For this reason it look as if using digital banking will be a winning strategy for advancing financial inclusion among the youth of Africa. High percent of Youth Africa such as in Nigeria have limited access to digital financial services despite their financial activeness (Asuming et al., 2019).
Digital financial services were introduced to become a solution to banking for youth, and African youth are curious about the digital system of banking.
According to research by Asuming et al, the ability of youth to use their mobile phones efficiently has attracted them to mobile money, there should be a strategy for increasing the usage of digital financial services among youth identifying different drivers of the usage among youth as well as reasons why some youth in Africa are not actively on digital financial services platforms (Asuming et al., 2019).
1.3 AIM AND OBJECTIVES OF THE STUDY
The objectives of this work are:
- To study the state of digital financial services in Africa.
- To study how digital financial services can be used to reduce transaction costs associated with money transfer in Africa.
- To study how digital financial services in Africa can serve as a means increasing access to money transfers, smoothing consumption of financial services and reducing poverty in the long term.
- To offer understanding of the digital financial services.
- To study the relationship between digital financial services and services delivery ability in African banks.
- To analyze the effect of full utilization of digital financial services in the delivery of banking services in African (Nigeria) banks.
- To highlight services provided by information technology
1.4 SIGNIFICANCE OF THE STUDY
Digital financial services in Africa in general will and the macro level will serve as a means promoting higher economic growth and larger reduction in poverty and income inequality. At the micro level, the introduction of digital financial services in Africa will serve as a means of reducing poverty, increase resilience and improving the lives of the poor.
Digital financial services in Africa will also serve as a means of facilitating daily financial transaction, which include personal transaction, government transfers and other transactions such as paying of bills or receiving wages.
The inclusion of digital financial services in Africa have the manual means of making transactions which is risker, time consuming, less efficient and also which requires one-on-one interaction.
To financial institution in Africa (Nigeria), digital financial services make the industry to be responsible to the modern economic development through efficient financial market based and sustainable accounting structure become, necessary.
To the customers, digital financial services provide a means of reducing the long hours of waiting in the banking hall.
CHAPTER FIVE
CONCLUSION AND RECOMMENDATIONS
The study investigated the future effect of digital financial services on financial inclusion in Africa countries using Nigeria as a case study. Financial inclusion was measured by financial development variables: United bank of Africa as a case study. The findings show that digital technology at all levels had significant effects on financial inclusion in Africa (Nigeria).
RECOMMENDATION
From the findings of the study, we recommend policy makers to invest in information and digital technologies so as to ensure the inclusiveness of the population to the financial sector. Also, as shown by the literature on the absence of financial institutions in rural areas, states are encouraged to invest more to infrastructures that transmit knowledge about technology so as to ensure access to banking activities like e-banking that can help ameliorate the living conditions of the citizens. As a future perspective, studies should be carried to investigate the modulating effects of mobile banking as a dimension of digital technology on financial inclusion. A further perspective is suggested to be carried on digital banking-financial stability nexus. Besides, informal finance which characterizes this study region could be integrated in future studies.
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