Emerging Technology and Implications for Financial Inclusion

Abstract

This chapter examines some emerging technologies including distributed ledger technology, cryptocurrency, central bank digital currencies (CBDCs), data analytics, robo-advising, application programme interface, peer-to-peer lending, artificial intelligence and digital identity. The chapter opens with a description of the background of the state of the financial technology (fintech) industry in Nigeria. Thereafter, the selected technology is discussed with a focus on the Nigerian context. The aim is to establish whether these technologies offer solutions that ease the burden of financial exclusion. In reviewing each of these trends, the description, benefits, potential for financial inclusion as well as any likely detriment to consumers is highlighted.