AN INTEGRATED WAQF FINTECH INNOVATION AND FINANCIAL LITERACY IN PROMOTING WOMEN'S SUSTAINABLE FINANCIAL INCLUSION IN NIGERIA

Abstract

Purpose: This study examines the innovative integration of Waqf-Fintech solutions and financial literacy initiatives to promote sustainable financial inclusion for women in Nigeria.

Methodology / Approach / Method: The study proposes a synergistic framework. It combines Waqf-based Fintech innovations with targeted financial literacy programs for Nigerian women. The study employs a quantitative approach, using surveys to assess the perceptual impact of women using Waqf-Fintech technology. The respondents were 346 Muslim women from both rural and urban areas. Data were analyzed using structural equation modeling (SEM) to explore factor relationships using SPSS. The Sobel test examined the mediation effect of sustainable financial inclusion.

Findings: Findings indicate that integrating Waqf-Fintech innovations with financial services and providing technological services that comply with religious and cultural norms improve access to finance. This fosters economic employability, promotes gender equality, and supports sustainable financial inclusion in Nigeria.

Originality / Value: This research uniquely integrates the concepts of Waqf and Fintech innovation. It addresses women's financial exclusion in both rural and urban areas. The study contributes to the literature and offers policy guidance for stakeholders seeking sustainable financial inclusion for women in Nigeria.

Research Limitations / Implications: The study’s limitations include a sample limited to rural and urban women in Northern Nigeria. This means the findings are specific to this region and may not be applicable to other regions.

Practical and Theoretical Implications: The findings highlighted both practical and theoretical implications. Practically, financial inclusion is among the world's most pressing issues. It can hinder sustainable development in developing countries. The study also makes contributions to the theoretical domain. It contributes to the literature on Waqf-Fintech for financial inclusion. Some studies indicate that waqf is a significant factor in promoting financial inclusion.