Blockchain for digital banking: enhancing financial inclusion and satisfaction in Lagos, Nigeria

Financial exclusion remains a challenge in Nigeria's banking sector, especially for marginalised groups, partly due to unclear perceptions of blockchain technology. Its role in increasing financial inclusion and consumer satisfaction is not fully examined, leaving its potential unexplored despite opportunities for digital transformation. To assess in what capacity blockchain technology can improve digital financial engagement and customer experience. The article examines its implementation in Nigeria's commercial banking industry. To understand the dynamics of user adoption and the perceived value of emerging technologies, the research is based on the diffusion of innovation theory (Rogers, 2003) and the technology acceptance model (Davis, 1989). The study uses a quantitative survey technique, interpreting client responses with regression analysis, chi-square testing, and descriptive statistics. Structured questionnaires were used to collect information from 266 Lagos-based commercial bank clients. Blockchain adoption is related to fintech growth but does not significantly affect traditional measures of financial inclusion. The key desired features are security and decentralisation, although awareness and complexity are challenges. The study shows the benefits of blockchain in Nigeria's financial sector and its potential to boost financial inclusion in Lagos.

1. Bello A.I., Ladan S.S., Ibrahim M. Agency banking adoption in Nigeria // UMYU Journal of Accounting and Finance Research. 2024. Vol. 6, No. 1. Pp. 56–69. doi:10.61143/umyu-jafr.6(1)2024.005.

2. Advancing financial inclusion through fintech / A.O. Adelaja, S.C. Umeorah, B.E. Abikoye, M.C. Nezianya // World Journal of Advanced Research and Reviews. 2024. Vol. 23, No. 2. Pp. 427–438. doi:10.30574/wjarr.2024.23.2.2379.

3. Belozyorov S., Sokolovskaya O., Kim Yu. Fintech as a prerequisite for transformation in global financial markets // Foresight and STI Governance. 2020. Vol. 14, No. 2. Pp. 23–35. doi:10.17323/2500-2597.2020.2.23.35.

4. Baldin M. A sustainable view on entrepreneurial ecosystems: The Lagos context. Master's thesis. Ca’ Foscari University of Venice, 2023. URL: https://dspace.unive.it/handle/10579/23477 (date of access: 18.07.2025).

5. Central Bank of Nigeria. Financial inclusion. 2021. URL: https://www.cbn.gov.ng/dfd/Financialinclusion.html (date of access: 18.07.2025).

6. Alalade Y.S., Ogbebor P.I., Akwe M. Liquidity risk and profitability of listed banks in Nigeria // Research Journal of Finance and Accounting. 2020. Vol. 11, No. 8. Pp. 126–139. doi:10.7176/RJFA/11-8-13.

7. Zhang Y. Cross-border blockchain finance under the Belt and Road Initiative // The Chinese Journal of Comparative Law. 2020. Vol. 8, No. 1. Pp. 143–176. doi:10.1093/cjcl/cxaa010.

8. Blockchain and cybersecurity in fintech / P.E. Odio, R. Okon, M.O. Adeyanju [et al.] // Gulf Journal of Advance Business Research. 2023. Vol. 3, No. 2. Pp. 380–409. doi:10.51594/gjabr.v3i2.88.

9. Swan M. Blockchain: blueprint for a new economy. Sebastopol, CA : O’Reilly Media, 2015. URL: https://dl.acm.org/doi/10.5555/3006358 (date of access: 18.07.2025).

10. Tapscott D., Tapscott A. Blockchain revolution: how the technology behind Bitcoin is changing money, business, and the world. New York : Penguin Publishing Group, 2016. URL: https://books.google.com/books/about/Blockchain_Revolution.html?id=NqBiCgAAQBAJ (date of access: 18.07.2025).

11. Maramygin M.S., Chernova G.V., Reshetnikova L.G. Digital transformation of the financial services market in Russia: trends and features // Manager. 2019. Vol. 10, No. 3. Pp. 70–82. doi:10.29141/2218-5003-2019-10-3-7.

12. Tan T.M., Saraniemi S. Trust in blockchain exchanges: directions for blockchain marketing // Journal of the Academy of Marketing Science. 2023. Vol. 51, No. 4. Pp. 914–939. doi:10.1007/s11747-022-00889-0.

13. Khalid S.M., Dhiman B. Blockchain in decentralized finance // Augmenting Retail Reality, Part B: Blockchain, AR, VR, and AI. Emerald Publishing Limited, 2024. Pp. 167–183. doi:10.1108/978-1-83608-708-3-20241026.

14. Kharitonova E.S., Savina V.S. Artificial intelligence technologies and law: modern challenges // Bulletin of Perm University. Legal sciences. 2020. No. 49. Pp. 123–132. doi:10.17072/1995-4190-2020-49-123-132.

15. Bitcoin and cryptocurrency technologies: a comprehensive introduction / A. Narayanan, J. Bonneau, E. Felten [et al.]. Princeton University Press, 2018. doi:10.5555/2994437.

16. Nigeria – Global Financial Inclusion (Global Findex) Database 2021 / World Bank. 2023. URL: https://microdata.worldbank.org/index.php/catalog/4688 (date of access: 18.07.2025).

17. Population and housing census of the Federal Republic of Nigeria: 2022 census / National Population Commission. 2022. URL: https://www.nigerianstat.gov.ng/ (date of access: 18.07.2025).

18. Blockchain’s impact on financial services / V. Chang, P. Baudier, H. Zhang [et al.] // Technological Forecasting and Social Change. 2020. Vol. 158. Article 120166. doi:10.1016/j.techfore.2020.120166.

19. Davis F.D. Perceived usefulness, perceived ease of use, and user acceptance of information technology // MIS Quarterly. 1989. Vol. 13, No. 3. Pp. 319–340. doi:10.2307/249008.

20. Kumari V., Bala P.K., Chakraborty S. User adoption of cryptocurrency: role of awareness and literacy // Journal of Theoretical and Applied Electronic Commerce Research. 2023. Vol. 18, No. 3. Pp. 1580– 1600. doi:10.3390/jtaer18030080.

21. Fintech, and microfinance: credit access transformation / B.M. Omowole, O. Urefe, C. Mokogwu, S.E. Ewim // International Journal of Frontline Research and Reviews. 2024. Vol. 3, No. 1. Pp. 90–100. doi:10.56355/ijfrr.2024.3.1.0032.

22. OpenAI. ChatGPT: generative artificial intelligence language model. URL: https://chat.openai.com/ (date of access: 13.06.2025).

23. Rogers E.M. Diffusion of innovations. 5th ed. Tampa, FL : Free Press, 2003. URL: https://www.simonandschuster.com/books/Diffusion-of-Innovations-5th-Edition/Everett-M-Rogers/9780743222099 (date of access: 13.06.2025).

24. The future of blockchain in finance: what we know and should know / S. Singh, R. Jaiswal, S. Gupta, C. Kumar // F1000Research. 2024. Vol. 13. Article 1051. doi:10.12688/f1000research.153215.1.

25. Yamane T. Statistics: an introductory analysis. 2nd ed. New York : Harper and Row, 1967.