ABSTRACT
This study explores the prospects and challenges associated with mobile banking applications in Nigeria. With the rapid acceptance of digital technologies, mobile banking has emerged as a crucial tool in enhancing financial inclusion, stimulating economic activity, and affording customers convenience in managing their accounts. The report explores the usage trends, demographic variables, and main benefits of mobile banking in Nigeria, while also identifying the problems that restrict its full potential.
Key prospects include improved financial inclusion, the incorporation of advanced security measures, and the opportunity for enhanced user experience. However, issues such as high transaction costs, inadequate internet connectivity, limited infrastructure, and security concerns continue to pose barriers to widespread use. Despite these limitations, the study stresses the favorable impact of mobile banking on customer comfort, transaction efficiency, and job development in many sectors.
The study concludes with solutions for overcoming these difficulties, including the enhancement of internet connectivity, increased user education, and the installation of rigorous security measures to create trust and encourage larger mobile banking usage in Nigeria.
