Qualitative Inquiry into FinTech Operation in Nigeria: A User Perspective

Abstract

This study examines FinTech operations in Nigeria through the lens of user experiences with mobile payment platforms. Adopting a qualitative research design, data were collected through in-depth interviews with twenty six informants, comprising salaried employees, self-employed individuals, and tertiary education students. The analysis revealed three key themes: poor internet connectivity, cashless policy and fraud concerns. Findings indicate that while FinTech presents significant opportunities for enhancing financial inclusion and improving service delivery, user perceptions are shaped by a complex interplay of institutional forces. Specifically, the regulative pillar influences security, compliance, and legitimacy; the normative pillar affects social acceptance and cultural alignment; while the cognitive pillar shapes users’ understanding of risks and benefits. The study further reveals that persistent challenges such as fraud, inadequate infrastructure, and regulatory gaps undermine user trust in FinTech platforms, thus, signifying digital risk. Consequently, strengthening internet infrastructure, enhancing cybersecurity measures, and improving regulatory frameworks are critical to ensuring sustainable growth in the sector. In conclusion, reliable and high-speed internet connectivity is essential for reducing transaction failures, while issues such as financial risk, legal uncertainty, and privacy concerns remain significant barriers to adoption. The study contributes to existing literature by offering qualitative insights into user experiences and demonstrating how institutional forces influence FinTech adoption and trust in Nigeria.