192 Int. J. Financial Innovation in Banking, Vol. 3, No. 3, 2025 Copyright © 2025 Inderscience Enterprises Ltd. Financial inclusion, e-payments and economic growth in Nigeria Olajide Oyadeyi Economic Policy and Small States – The Commonwealth, Marlborough House, Pall Mall, St. James’s, SW1Y 5HX, London, UK Email: jide.oyadeyi@gmail.com Abstract: The paper examined the impacts of financial inclusion and e-payments on economic growth in Nigeria using quarterly data from 2009Q1 to 2021Q4. The paper contributes to the ongoing debate by establishing the growth-inducing e-payment channels and how the drive toward financial inclusion has affected the economy of Nigeria. The paper adopted the principal component analysis, the autoregressive distributed lag, and the Granger-causality techniques to achieve the results. The results showed that financial inclusion and e-payments (except for cheque payments) had a significant long and short-run impact on economic growth. Furthermore, the findings showed that POS payments had the most significant effect on economic growth in Nigeria. This was followed by ATM payments, mobile payments, and web payments respectively. In addition, the results showed that causality runs from real GDP to ATM, and the paper recommends that the monetary authorities should support the development and expansion of financial inclusion and e-payments by providing meaningful institutional changes to support the healthy growth of financial inclusion and e-payments in Nigeria. Keywords: financial inclusion; electronic payments; economic growth; ATM payments; POS payments; web payments; cheque payments; mobile payments; Nigeria. Reference to this paper should be made as follows: Oyadeyi, O. (2025) ‘Financial inclusion, e-payments and economic growth in Nigeria’, Int. J. Financial Innovation in Banking, Vol. 3, No. 3, pp.192–214. Biographical notes: Olajide Oyadeyi is a professional economist and currently working as a researcher at the Commonwealth Secretariat. He received his PhD from the Obafemi Awolowo University and works mainly in the areas of macroeconomics, monetary economics, international economics, financial economics, and development economics. He has published several articles on topics such as financial development, monetary transmission mechanisms, monetary policies, the current account, banking, capital market, exchange rate, interest rates, the economics of crime, etc. His current research includes analysing the impact of e-payments and financial inclusion on the economy of Nigeria, and their wider implications for the financial and banking industry.