Remittance Flows and Financial Inclusion: The Role of Chinese Fintech Platforms in Nigeria

Chinese fintech companies operating in Nigeria, including OPay, PalmPay, and Lemfi, have introduced mobile payment and remittance technologies that are reshaping financial access patterns, particularly for low-income Nigerians who were previously excluded from formal financial services. This study analyses the role of Chinese fintech platforms in expanding remittance access and financial inclusion in Nigeria's South West and South East zones. A mixed-methods design was adopted, with structured questionnaires administered to 300 active users of Chinese-origin fintech platforms in Lagos and Onitsha, supplemented by interviews with ten platform representatives and eight Central Bank of Nigeria fintech regulation officials. Financial inclusion outcomes were measured through adoption of formal savings, access to digital credit, and frequency of digital transaction use before and after platform adoption. Results indicate that OPay and PalmPay account for 34 percent of active mobile money wallets in the study population. Remittance costs to Chinese-origin diaspora have declined by an estimated 40 percent for users of Lemfi compared to traditional wire transfer services. Financial inclusion gains are most pronounced among market traders and artisans who previously relied entirely on cash. Data privacy literacy among users is low, raising concerns about informed consent to data sharing. The study fills a gap in the fintech-financial inclusion literature specific to Chinese platform operations in Nigeria and recommends regulatory clarity on data governance obligations for all foreign-origin fintech operators.

Keywords: Chinese fintech, financial inclusion, remittance, mobile payment, Nigeria