The Strength of Blockchain Technology as an Advanced Security System for the Nigerian Financial Sector (Fintech) in Financial Transactions

Authors- Sulaiman Zakariyya Yakubu, Muhammad Auwal Ishaq

Abstract-Introduction: Blockchain technology is revolutionizing the financial technology sector (FinTech) by increasing security and transparency. In Nigeria, its adoption has the potential to revolutionize financial services, reducing the risks associated with traditional banking. This study examines the role of blockchain in securing financial transactions, examining its benefits and challenges in the Nigerian context. However, challenges related to regulation, scalability, and education must be addressed to ensure effective adoption. The study emphasizes blockchain’s ability to create a secure, transparent, and inclusive financial ecosystem, while recommending steps to overcome the identified challenges for successful implementation. Methodology: The methodology employed in this study involves a comprehensive review of existing literature, a qualitative analysis of current blockchain applications in the FinTech sector, and a case study approach to assess the impact of blockchain technology in Nigeria. The gender gap in blockchain and FinTech participation calls for initiatives to promote diversity and inclusivity. The age distribution shows that blockchain technology appeals primarily to individuals in the middle stages of their careers, likely due to their familiarity with digital advancements. The high representation of bachelor’s degree holders underscores the need for advanced education in blockchain-related fields. Implications: This study demonstrates the potential of blockchain technology to improve security, reduce fraud, improve financial inclusion and contribute to economic growth, in the Nigerian financial sector. For these benefits to be fully realized, it is necessary to address challenges related to regulation, scale and training. Blockchain can play an important role in building a safe and efficient financial ecosystem and move Nigeria towards economic progress.

DOI: /10.61463/ijset.vol.13.issue2.241