Abstract
<p>This study analyses how monetary entrepreneurship, multi-stakeholder governance and institutionalisation shape the inclusive-growth outcomes of digital complementary currencies in Nigeria. Adopting an interpretivist approach and a qualitative multiple-case design, the study compares three settings: the state-driven eNaira, fintech-driven platforms and community-driven financial institutions. Data were obtained from semi-structured interviews and documents and analysed using reflexive thematic analysis. The findings demonstrate that monetary entrepreneurship is a multi-actor and co-produced endeavour involving state, market and community actors operating within a particular institutional context. Multi-stakeholder governance mediates system design, coordination and adoption, while institutionalisation influences legitimacy, sustainability and long-term impact. The study concludes that inclusive growth is an ecosystem outcome arising from the interaction of innovation, governance and institutional development, rather than from technological innovation alone. It recommends coordinated governance and institutional alignment in using digital financial systems to support financial inclusion and inclusive development.</p>