Metadata for Digital Financial Inclusion, Financial Stability and Economic Sustainability in an Emerging Economy: Nigerian Experience

A three stage analytical framework was designed which include; structural path model for the direct and indirect analysis, The panel VAR for the dynamic response analysis, and causality testing, the structural break test with a two period option of six-period regime and the the a period pre/post e Naira cut-off.

The research confirms some previous works on emerging economies, while also establishing some new findings on the relationship that exist among the variables. However, to some extent, the research was limited by the small number of banks (which was the best we could get) given the limited number of the entire banking population in Nigeria as at December 2024, and the proportion of the market share controlled by the sample size.