ABSTRACT: Blockchain technology presents a paradigm shift for the financial sector with its decentralized, transparent, and immutable ledger system. In Nigeria, a significant gap persists between the technology's potential to enhance efficiency, security, and inclusion and its sluggish, cautious adoption by traditional financial institutions, necessitating empirical investigation into its perceived impact and the barriers to integration. This study utilized a descriptive survey research design to quantitatively assess the perceptions of Nigerian financial sector professionals. Data were collected from 235 purposively selected bankers and fintech experts using a structured questionnaire. The instrument demonstrated strong validity and reliability. Data analysis involved descriptive statistics and inferential techniques, including Pearson's Product-Moment Correlation to test relationships between blockchain adoption and key dependent variables, and multiple regression analysis to determine the predictive power of specific blockchain features on operational cost reduction. The methodology effectively captured industry sentiment as a vital gauge of future adoption potential. The results revealed strong, positive, and statistically significant correlations between blockchain adoption and the disruption of traditional banking models (r=0.611, p<0.01), the enhancement of financial inclusion (r=0.574, p<0.01), and the improvement of transaction security and privacy (r=0.652, p<0.01). Respondents strongly agreed that blockchain simplifies loan processing, eliminates cross-border payment intermediaries, and provides superior, tamper-proof encryption. Regression analysis confirmed that blockchain attributes, particularly transparency and automation, significantly predict cost reduction in banking operations, accounting for 47.7% of the variance (Adjusted R2). A critical finding, however, is the "implementation gap," where high perceived potential contrasts with lower agreement on observed institutional benefits, indicating that practical integration lags behind theoretical promise due to existing barriers. To bridge the implementation gap, the study recommends that Nigerian policymakers and regulators, led by the Central Bank of Nigeria (CBN), prioritize the development of a comprehensive, clear, and risk-based regulatory framework for blockchain applications. This must be supported by substantial investment in foundational digital infrastructure and nationwide capacity-building and public awareness campaigns. These coordinated actions are essential to foster a conducive environment for the responsible and widespread adoption of blockchain, thereby unlocking a more efficient, inclusive, and secure financial system.
Samson Ogege (Thu,) studied this question.