Fintech Banking and Access to Financial Services among Commercial Banks in Kenya
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Date
2023
Authors
Adhing’a, David Collins
Gatauwa, James M.
Journal Title
Journal ISSN
Volume Title
Publisher
IAJEF
Abstract
The financial sector makes crucial
contributions towards financial improvement
of nations. Fintech firms have made it
possible to have low-cost financial
networking but its influence on accessing
banking services remains unclear. The project
aimed to scrutinize the impact of Fintech
banking on financial accessibility, with a
focus on Kenyan commercial banks. The
purpose of this study was to ascertain the
influence of cryptocurrency, FinTech lending,
mobile and online banking on financial
accessibility in Kenya. The research was
founded on the theory of financial
intermediation, technology acceptance model
and diffusion of innovation theory. A
descriptive research design was to be used and
source data be acquired using semi-structured
questionnaires from senior management of
Kenyan commercial banks. The researcher
targeted 39 Kenyan commercial banks which
formed the study population. The researcher
used semi-structured questionnaires to obtain
data. Collected data was examined employing
both descriptive and inferential statistics.
Findings from the study established that
embracing of financial technologies in the
banking sector had affirmative and
momentous impact on financial accessibility
among Kenyan commercial banks. Results
revealed that acceptance of mobile banking,
internet banking, blockchain technology and
cryptocurrency significantly influenced
financial accessibility with a (P-value< 0.05).
Therefore, it was concluded that adoption of
FinTech in the banking sector had a
noteworthy influence on financial
accessibility. It is vital for commercial banks
to adopt the latest financial technologies if
they are to meet the fast-changing demands of
their clientele. Adoption of such technologies
will also play key roles in the attainment and
sustainability of a competitive edge in the
current volatile and dynamic business
environments.
Description
Article
Keywords
Access to financial services, Fintech Banking, Mobile banking, Internet banking, Fintech lending
Citation
James M.