Abstract
An emphasis on inclusive development via conventional financial inclusion and digital innovation is evident globally. Contemporary business innovations are driven by digitalization. This paper explores the effects of financial inclusion and digital business innovations on Nigeria's economic growth. It tracks the evolution of financial inclusion from banking sector recapitalization, through the Maya Declaration's implementation and the regulation of M-payments to the licensing of Mobile Network Operators (MNOs). The article describes digital business innovation (DBI) facilitated by Information and Communication Technology (ICT) as well as Artificial Intelligence (AI) as a strategy that will raise the quality of life for those at the base of the development pyramid. The effectiveness of Digital Banking Inclusion (DBI) in Nigeria faces challenges including the presence of individuals without traditional bank accounts, the uneven distribution of digital technology and higher incomes in cities, barriers that hinder fair competition, the use of a single regulatory approach that may not fit all situations, a shortage of affordable, high-quality digital connections, and conflicts of interest between DBI service providers and DBI users. The study suggests speeding up the development of financial infrastructure, application of digital technologies, and modifying the regulatory framework to fit various contexts.
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