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Determinants of interest in eNaira and financial inclusion information in Nigeria: role of Fintech, cryptocurrency and central bank digital currency

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  • Ozili, Peterson K

Abstract

The eNaira is the central bank digital currency of Nigeria. People who are interested in the eNaira and financial inclusion will seek information about eNaira and financial inclusion. Their interest in information about eNaira and financial inclusion will make it easier for them to adopt the eNaira and embrace other financial inclusion innovations such as financial technology (Fintech) and cryptocurrency. This paper investigates the determinants of interest in eNaira and financial inclusion information. Interest over time data were analyzed using descriptive statistics, correlation analysis and ordinary least squares (OLS) regression. The study also used the GMM and 2SLS regression methods for robustness. The findings of this study reveal that interest in Fintech and eNaira information are significant positive determinants of interest in financial inclusion information. Also, interest in financial inclusion is a significant positive determinant of interest in eNaira information. Furthermore, interest in Fintech information has a positive and significant correlation with interest in financial inclusion information. There is also a significant positive correlation between interest in central bank digital currency information and interest in Fintech information. The implication of the findings is that interest in information about new financial innovations, such as Fintech and eNaira, can stimulate interest in information about financial inclusion.

Suggested Citation

  • Ozili, Peterson K, 2023. "Determinants of interest in eNaira and financial inclusion information in Nigeria: role of Fintech, cryptocurrency and central bank digital currency," MPRA Paper 116405, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:116405
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    References listed on IDEAS

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    1. Désiré Kanga & Christine Oughton & Laurence Harris & Victor Murinde, 2022. "The diffusion of fintech, financial inclusion and income per capita," The European Journal of Finance, Taylor & Francis Journals, vol. 28(1), pages 108-136, January.
    2. Ufuk Akcigit & Qingmin Liu, 2016. "The Role Of Information In Innovation And Competition," Journal of the European Economic Association, European Economic Association, vol. 14(4), pages 828-870, August.
    3. Thorsten Beck & Lemma Senbet & Witness Simbanegavi, 2015. "Financial Inclusion and Innovation in Africa: An Overview," Journal of African Economies, Centre for the Study of African Economies, vol. 24(suppl_1), pages 3-11.
    4. Adhami, Saman & Giudici, Giancarlo & Martinazzi, Stefano, 2018. "Why do businesses go crypto? An empirical analysis of initial coin offerings," Journal of Economics and Business, Elsevier, vol. 100(C), pages 64-75.
    5. Bruce Carlin & Arna Olafsson & Michaela Pagel, 2017. "FinTech Adoption Across Generations: Financial Fitness in the Information Age," NBER Working Papers 23798, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Ozili, Peterson K, 2023. "Assessing global and local interest in eNaira CBDC and cryptocurrency information: implications for financial stability," MPRA Paper 116978, University Library of Munich, Germany.
    2. Afshan, Sahar & Leong, Ken Yien & Najmi, Arsalan & Razi, Ummara & Lelchumanan, Bawani & Cheong, Calvin Wing Hoh, 2024. "Fintech advancements for financial resilience: Analysing exchange rates and digital currencies during oil and financial risk," Resources Policy, Elsevier, vol. 88(C).

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    More about this item

    Keywords

    eNaira; Fintech; financial inclusion; central bank digital currency; cryptocurrency; information; innovation; innovation diffusion theory;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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