The Impact of Digital Financial Services on Savings Account Activity in Rural Nigeria

Last registered on June 28, 2026
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Pre-Trial

Trial Information

General Information

Title
The Impact of Digital Financial Services on Savings Account Activity in Rural Nigeria
RCT ID
AEARCTR-0015900
Initial registration date
April 29, 2025

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
April 30, 2025, 1:34 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Last updated
June 28, 2026, 5:04 PM EDT

Last updated is the most recent time when changes to the trial's registration were published.

Locations

Country
Nigeria
Region
Kano and Jigawa States

Primary Investigator

Name
Enahoro Innocent Ojiri
Affiliation
University of Ilorin
Contact Primary Investigator

Other Primary Investigator(s)

PI Name
Khadijat Amolegbe
PI Affiliation
University of Ilorin
Contact Investigator
PI Name
Sunmibola Olaniyi
PI Affiliation
University of Ilorin
Contact Investigator
PI Name
David Murphy
PI Affiliation
Colgate University
Contact Investigator
PI Name
Takshil Sachdev
PI Affiliation
Cornell University
Contact Investigator
PI Name
Vageesha Bainwala
PI Affiliation
Northwestern University
Contact Investigator

Additional Trial Information

Status
Completed
Start date
2025-04-14
End date
2026-01-26
Keywords
Agriculture, Finance & Microfinance, Welfare
Additional Keywords
FinTech, Savings, DFS
JEL code(s)
O15, O16, G21, D14, O12
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Digital Financial Services (DFS) have significantly promoted financial inclusion across sub-Saharan Africa, particularly in rural areas. However, low access to and utilisation of formal savings services remain a significant challenge, especially in rural Northern Nigeria, where financial exclusion is most acute. The 2023 Access to Financial Services in Nigeria (A2F) survey reported that 28.8 million adults in Northern Nigeria are financially excluded, with exclusion rates reaching 47% in the North West region. Our project investigates the impact of DFS on savings account activity among rural farming households in Nigeria. Using a randomised controlled trial, we examine whether providing training on using a DFS platform (Opay) and associated ATM cards influences the ownership and active use of formal digital savings accounts. The project aims to improve rural household welfare and enhance their resilience to economic shocks by strengthening savings account activity.
External Link(s)

Registration Citation

Citation
Ojiri, Enahoro Innocent et al. 2026. "The Impact of Digital Financial Services on Savings Account Activity in Rural Nigeria." AEA RCT Registry. June 28. https://doi.org/10.1257/rct.15900-1.1
Sponsors & Partners

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Experimental Details

Interventions

Intervention(s)
Intervention (Hidden)
To estimate the impact of Digital Financial Services (DFS) on rural farming household savings behaviours, the study will provide training on using DFS to the treatment group (T1). This training will be conducted in the local language (Hausa) and focus on digital financial literacy. The training manual will be designed in a calendar format, featuring different modules including budgeting and saving, financial goals, loans and debt, insurance and investments, banking, and scams and fraud prevention. Additionally, the manual will include information on the Opay Unstructured Supplementary Service Data (USSD) code. As part of the intervention, we will assist the treatment group in opening a financial account and provide them with an ATM card. The control group (T0) will not receive any part of this intervention, allowing for a clear comparison between those who receive the DFS training and tools and those who do not.

(T1) =Training manual in both English and local language (Hausa) in calendar format that they could hang in their dwellings, plus an ATM card.

(T0) = This group will not receive the intervention in any form, but the research team will provide an incentive to compensate them for their time spent on the survey, which will also be given to the treatment group T1.
Intervention Start Date
2025-07-14
Intervention End Date
2025-08-11

Primary Outcomes

Primary Outcomes (end points)
The primary outcomes of this study will be measured across four key domains. First, take-up is defined as the extent and frequency of DFS usage among targeted farming households. Second, the use of DFS for paying for agricultural inputs and receiving payments from product sales. Third, an increase in formal savings accompanied by a reduction in informal savings. Fourth, an increase in the frequency of remittances.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The study employs a randomized experimental design to assign eligible communities to either the treatment or control group. We focus on two states in northwestern Nigeria, Kano and Jigawa, where community and household identification were conducted. Eligible communities must be farming communities with strong network connectivity, and there must be a minimum distance of at least 2 kilometers between selected communities. Eligible households must own a mobile phone and have a valid phone number. Communities (villages) will then be randomly assigned to one of two groups:

Treatment group (T1): Communities that will receive Digital Financial Services (DFS) training and ATM cards.
Control group (T0): Communities that will not receive the intervention.
Experimental Design Details
Randomization Method
Randomization will be done in the office using stata.
Randomization Unit
Randomization will be done at the community (village) level
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
24 villages
Sample size: planned number of observations
The cluster size is 16 households per village, resulting in a total of 384 households included in the study.
Sample size (or number of clusters) by treatment arms
12 communities in the treatment group and 12 communities in the control group
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
The Minimum Detectable Effect Size for the main outcome (Savings) is N60000.
Supporting Documents and Materials

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IRB

Institutional Review Boards (IRBs)

IRB Name
University of Ilorin Ethical Review Committee
IRB Approval Date
2025-02-13
IRB Approval Number
UERC/ASN/2025/3126
Analysis Plan

Analysis Plan Documents

DFS - Rural Savings Project Pre-Analysis Plan

MD5: 60ddaf46fffdd82513b08a5896adc612

SHA1: 52a303f8c351c5040651d664a8e3bfe0c51f8d1a

Uploaded At: June 28, 2026

Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials