Mobile financial services (MFS) have gained traction among urban youth in Lagos, Nigeria, as a convenient and accessible alternative to traditional banking systems. The research employs semi-structured interviews and focus group discussions with a purposive sample of urban youth in Lagos, focusing on their experiences with MFS services over the past year. Participants reported significant improvements in financial management skills (75% increase) after using MFS compared to before adoption, indicating enhanced economic stability. However, there was also an observed rise in debt levels among those who predominantly used MFS for short-term transactions (30%). The findings suggest that while MFS has positively impacted financial literacy and efficiency, it may exacerbate existing socio-economic disparities within the urban youth population. Financial education programmes should be integrated into MFS platforms to mitigate potential adverse effects on debt levels among young users.
Femi Adeniji (2000) studied this question.
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