IMPACT OF MONIEPOINT MICROFINANCE SERVICES ON FINANCIAL INCLUSION IN ABUJA MUNICIPAL AREA COUNCIL (AMAC), FEDERAL CAPITAL TERRITORY, NIGERIA

Abstract

This study examined the impact of Moniepoint Microfinance Bank's services on financial inclusion in the Abuja Municipal Area Council (AMAC), Federal Capital Territory, Nigeria. The study sought to determine the extent to which Moniepoint's digital financial services, including agent banking, point-of-sale (POS) infrastructure, business banking, and digital payment channels—have enhanced financial inclusion among adult residents of AMAC. The research design was survey research design based on the Diffusion of Innovation Theory (Rogers, 2003). Primary data were generated through a structured questionnaire administered to adult residents who were proportionately sampled from the 12 wards of AMAC. Applying the Yamane (1967) sampling formula, a sample size of 400 respondents was derived from the estimated adult population of 427,000, of which 379 usable questionnaires were retrieved. Data were analysed using means and one-way Analysis of Variance (ANOVA). The findings showed that Moniepoint’s microfinance services have greatly influenced financial inclusion in AMAC particularly in relation to account accessibility, adoption of digital payments, convenience of point of sale, and awareness of formal financial services. However, access to credit and affordability of services remain relatively weaker aspects. The affordability indicator does not reach statistical significance between the urban and peri-urban groups. The study recommends improved access to credit services, affordable tiered service packages, and the continued implementation of financial literacy initiatives in underserved wards to consolidate and further deepen financial inclusion gains across AMAC.