Digital Financial Inclusion and Growth Quality: A Governance-Based Structural Analysis of Financial Sustainability in Nigeria

Article DOI: https://doi.org/10.57017/jgsd.v3.i3.01

Author(s):

Adekunle Christopher WILLIAMS Department of Economics Education, College of Social Sciences Education (COSScED), Lagos State University of Education, Ijanikin, Nigeria
Gbenro Matthew SOKUNBI Department of Economics Education, College of Social Sciences Education (COSScED), Lagos State University of Education, Ijanikin, Nigeria
Comfort AMIRE Department of Economics, Crawford University, Igbesa-Ogun State< Nigeria

Abstract:

This study investigates the impact of digital financial inclusion on the quality of economic growth in Nigeria, specifically examining how governance-led structural financial reforms influence long-term stability. Utilizing annual time-series data (2000–2024), the research employs an Autoregressive Distributed Lag (ARDL) model to examine the short- and long-run effects of fintech adoption and financial accessibility. The findings demonstrate that digital financial inclusion serves as a primary driver of high-quality growth by reducing information asymmetry and lowering transaction costs. Crucially, the analysis reveals that financial sustainability is significantly enhanced when technological diffusion is anchored by robust regulatory frameworks and governance mechanisms. The results suggest that for digital inclusion to remain a sustainable engine of development, policymakers must harmonize legal protections with technological infrastructure. The study concludes with governance recommendations to strengthen the nexus between fintech and inclusive economic performance.

© The Author(s) 2026. Published by RITHA Publishing. This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited maintaining attribution to the author(s) and the title of the work, journal citation and URL DOI.

Article’s history: Received 21st of January, 2026; Revised 31st of January, 2026; Accepted for publication 8th of February, 2026; Available online: 10th of February, 2026. Published as article in Volume III, Issue 3.

How to cite:

Williams, A. C., Sokunbi, G. M., & Amire, C. (2026). Digital Financial Inclusion and Growth Quality: A Governance-Based Structural Analysis of Financial Sustainability in Nigeria. Journal of Global Sustainability and Development, Volume III, Issue 3, 7-22. https://doi.org/10.57017/jgsd.v3.i3.01

Conflict of Interest Statement: The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

Acknowledgment: N/A

Data Availability Statement: The data that support the findings of this study were sourced from World Bank, World Development Indicators, with the dataset spans 2000 to 2024.

Ethical Approval Statement: Ethical approval was waived by WDI (where the data was sourced from) due to the use of anonymised secondary data and the retrospective nature of the study.

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