NON-INTEREST FINANCIAL INSTITUTIONS IN TACKLING FINANCIAL EXCLUSION AND ECONOMIC DEVELOPMENT
DOI:
https://doi.org/10.15282/ijhtc.v10i1.12167Keywords:
Non-interest financial institutions, North-East (BAY states), Financial exclusion, Poverty, Economic developmentAbstract
This study aims to provide a solution to poverty and financial exclusion in North-East (BAY) states using non-interest financial institutions and financial technology (Fintech) to enhance economic development and accelerate the financial stability of the affected areas destroyed by Boko Haram in North-East Nigeria. This study adopted qualitative and quantitative research techniques to achieve its objectives. The data collected for the research were compiled through a survey. Five hundred (500) questionnaires were distributed; however, four and fifty (450) were valid for the analysis. The study shows a need for an initiative scheme of loan facilities using technological means to enhance financial inclusion and reduce poverty through non-interest financial institutions and financial technology (Fintech) based on direct and mediating variables for sustainable and economic development in the region. The result of this study proposed an integrated model of non-interest financial institution and financial technology (Fintech) platform as a sustainable source of funding businesses and agricultural financial activities to accelerate and promote financial inclusion and reduce poverty in (BAY) states.
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