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Effect of Financial Inclusion Policies on Financial Service Awareness among Accounting Education Students in Nigerian Polytechnics

Abstract

Financial inclusion has become an important component of economic and financial development in Nigeria, with increasing emphasis on expanding access to formal financial services through banking, mobile money, digital payment platforms, financial technology, agent banking, and other accessible financial channels. Financial inclusion policies are designed to improve individuals’ access to and use of appropriate financial services while promoting financial literacy, affordability, convenience, consumer protection, and participation in the formal financial system. However, Accounting Education students in Nigerian polytechnics may have varying levels of awareness of financial inclusion policies, available financial services, eligibility requirements, digital financial platforms, consumer protection measures, and the opportunities and risks associated with financial service utilization. Limited awareness may reduce students’ ability to understand contemporary financial systems and apply relevant knowledge in their academic, personal, and future professional activities. Against this background, this study investigates the effect of financial inclusion policies on financial service awareness among Accounting Education students in Nigerian polytechnics. The study will be anchored on the Technology Acceptance Model, Financial Literacy Theory, and Theory of Planned Behavior. The Technology Acceptance Model explains how perceived usefulness and perceived ease of use may influence students’ awareness and acceptance of financial services and digital financial platforms. Financial Literacy Theory emphasizes the importance of financial knowledge and understanding in enabling individuals to recognize, evaluate, and effectively utilize financial products and services. The Theory of Planned Behavior explains how attitudes, subjective norms, and perceived behavioural control may influence students’ intentions to understand and utilize available financial services. Collectively, these theoretical perspectives provide a suitable framework for explaining how financial inclusion policies may influence financial service awareness among Accounting Education students. The study will adopt a quantitative quasi-experimental or analytical cross-sectional research design. The population will comprise Accounting Education students enrolled in selected Nigerian polytechnics. A multistage sampling technique will be used to select states, polytechnics, departments, levels of study, classes, and eligible students. Financial inclusion policies will be assessed using indicators such as awareness of financial inclusion initiatives, access to formal banking services, availability of low-cost financial services, agent banking, mobile money services, digital payment platforms, electronic banking, financial technology services, bank account accessibility, simplified account-opening procedures, digital identity requirements, financial consumer protection, financial literacy initiatives, savings services, payment services, credit services, insurance services, pension services, remittance services, financial service affordability, service accessibility, financial service convenience, digital financial infrastructure, financial service information, financial education programmes, consumer rights, complaint-resolution mechanisms, fraud-awareness measures, data-protection measures, and policy communication. Financial service awareness will be assessed using indicators such as students’ knowledge of banking services, savings products, payment channels, mobile banking, internet banking, electronic funds transfer, point-of-sale services, automated teller machines, agent banking, mobile money, digital wallets, financial technology platforms, electronic payments, account-opening procedures, account requirements, transaction charges, savings options, credit facilities, loan requirements, interest charges, insurance services, pension services, remittance services, investment services, consumer rights, complaint procedures, fraud risks, phishing risks, password security, personal identification number protection, data privacy, transaction verification, digital financial safety, financial-service accessibility, financial-service costs, service-provider identification, and appropriate sources of financial information. Data will be collected using structured questionnaires, financial-service awareness assessment scales, financial inclusion policy awareness instruments, scenario-based questions, and relevant educational or financial-literacy programme records where available. Descriptive statistics will be used to summarize students’ demographic and academic characteristics, exposure to financial inclusion policies, sources of financial information, and levels of financial service awareness. Inferential statistical techniques, including chi-square tests, t-tests, correlation analysis, and logistic or multiple regression analysis where appropriate, will be used to determine the effect of financial inclusion policies on financial service awareness. Where a quasi-experimental design is adopted, financial service awareness scores before and after exposure to financial inclusion policy education may be compared with those of a comparison group to determine changes associated with the intervention. Diagnostic tests will also be conducted to assess the reliability, validity, and robustness of the findings. The study is expected to find that financial inclusion policies have a significant positive effect on financial service awareness among Accounting Education students in Nigerian polytechnics. Students who are exposed to information and initiatives associated with financial inclusion policies are expected to demonstrate greater awareness of available formal and digital financial services than students with limited exposure. Awareness of financial inclusion initiatives may improve students’ understanding of how government and financial institutions promote access to financial services. Exposure to formal banking services may strengthen students’ knowledge of bank accounts and related financial products. Agent banking awareness may improve students’ understanding of alternative channels for accessing financial services. Mobile money and digital-payment awareness may strengthen students’ knowledge of convenient electronic transaction methods. Internet-banking and mobile-banking information may improve students’ understanding of technology-supported banking services. Awareness of financial technology platforms may improve students’ knowledge of emerging digital financial services. Information about account-opening procedures may help students understand the requirements for accessing formal financial services. Awareness of simplified procedures may improve understanding of easier entry into the formal financial system. Digital identity information may strengthen students’ understanding of identification requirements associated with financial-service access. Financial consumer-protection awareness may improve students’ understanding of their rights when using financial services. Financial-literacy initiatives may strengthen students’ ability to understand financial products, service charges, and basic financial decisions. Awareness of savings services may improve students’ knowledge of available savings opportunities. Payment-service awareness may strengthen understanding of electronic and conventional payment channels. Credit-service awareness may improve students’ knowledge of loan facilities, eligibility requirements, interest charges, repayment obligations, and responsible borrowing. Insurance-service awareness may improve students’ understanding of risk-protection products. Pension-service awareness may strengthen students’ knowledge of long-term financial planning. Remittance-service awareness may improve students’ understanding of domestic and international money-transfer channels. Information about service affordability may improve students’ ability to identify appropriate financial services based on cost. Accessibility information may strengthen students’ understanding of how financial services can be obtained through banks, agents, mobile platforms, and other channels. Awareness of service convenience may improve students’ ability to recognize appropriate financial-service options. Digital financial infrastructure awareness may strengthen understanding of the technologies supporting modern financial transactions. Access to reliable financial-service information may improve students’ ability to identify appropriate products and providers. Financial education programmes may strengthen students’ knowledge of financial products and services. Consumer-rights education may improve students’ awareness of protections available to financial-service users. Complaint-resolution information may strengthen students’ ability to respond appropriately when financial-service problems occur. Fraud-awareness activities may improve students’ recognition of fraudulent financial practices. Phishing-awareness activities may strengthen students’ ability to identify deceptive digital communications. Data-protection awareness may improve students’ understanding of safeguarding personal and financial information. Password and personal identification number security awareness may strengthen students’ ability to protect financial accounts. Transaction-verification awareness may improve students’ ability to confirm financial transactions before and after completion. Overall, increased awareness of financial inclusion policies is expected to strengthen students’ understanding of the financial services available to them and improve their preparedness to participate responsibly in the formal financial system. However, limited access to reliable internet services, unstable electricity supply, inadequate digital infrastructure, low financial literacy, misinformation, high transaction costs, limited awareness campaigns, distrust of financial institutions, cybersecurity concerns, inadequate consumer education, restricted access to banking facilities, and differences in students’ socioeconomic backgrounds may reduce the effectiveness of financial inclusion policies. The study therefore expects well-communicated, accessible, affordable, student-oriented, and adequately implemented financial inclusion policies to contribute significantly to improved financial service awareness among Accounting Education students in Nigerian polytechnics. The study is expected to contribute to the literature on financial inclusion policies, financial service awareness, financial literacy, digital financial services, banking services, mobile banking, internet banking, agent banking, mobile money, electronic payments, financial technology, consumer protection, savings, credit, insurance, pensions, remittances, digital financial literacy, financial education, Technology Acceptance Model, Financial Literacy Theory, Theory of Planned Behavior, Accounting Education, and financial inclusion in Nigeria. The findings will provide useful information to the Central Bank of Nigeria, National Board for Technical Education, polytechnic administrators, Accounting Education departments, accounting educators, financial institutions, financial technology organizations, financial literacy practitioners, consumer-protection agencies, professional accounting bodies, policymakers, and other relevant stakeholders regarding strategies for improving students’ understanding of contemporary financial services. The study will also provide evidence-based recommendations for strengthening financial inclusion education within Accounting Education programmes, improving students’ awareness of formal and digital financial services, increasing financial-literacy initiatives in polytechnics, strengthening consumer-protection education, improving awareness of cybersecurity and digital financial risks, providing accessible information on savings, credit, insurance, pension, payment, and remittance services, and promoting responsible participation in Nigeria’s increasingly digital financial system.

Keywords: Financial inclusion policies, financial service awareness, financial literacy, digital financial services, banking services, mobile banking, agent banking, mobile money, electronic payments, financial technology, consumer protection, Accounting Education students, Nigerian polytechnics, Nigeria.