Assessment of Efforts at Expanding Financial Inclusion in Nigeria

Clement Chiahemba Ajekwe

doi:doi:10.11648/j.ijefm.20200805.12

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Assessment of Efforts at Expanding Financial Inclusion in Nigeria

Clement Chiahemba Ajekwe

Published in International Journal of Economics, Finance and Management Sciences (Volume 8, Issue 5)

Received: 26 November 2019 Accepted: 7 April 2020 Published: 8 September 2020

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Abstract

The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accelerate achievement of the strategic objective of 80 per cent financial inclusion by the year 2020. This paper reviews relevant literature to assess efforts at expanding financial inclusion through the strategy encapsulated in NFIS (2018). Data was gathered from published sources (Enhancing Financial Innovation and Access in Nigeria Survey reports, World Bank Global Findex reports, the Central Bank of Nigeria; Interswitch & Nigeria Inter-Bank Settlement System annual reports) as well as supply-side data derived from statutory returns submitted by financial service providers to their respective regulatory agencies. Evidence from the study show that 2018 financial inclusion targets (products, channels, enablers, financial literacy & other initiatives for youth and gender inclusion) fell short of expectations, indicating that the 2020 targets are unlikely to be met. This study recommends that the identified critical challenges militating against financial inclusion expansion should be addressed. In particular, financial education among all stakeholders in the financial inclusion process should be instituted more purposively.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 8, Issue 5) This article belongs to the Special Issue Financial Inclusion and Challenges Ahead
DOI	10.11648/j.ijefm.20200805.12
Page(s)	180-187
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Financial Inclusion, Financial Inclusion Strategy, Financial Inclusion Assessment, Nigeria

References

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APA Style

Clement Chiahemba Ajekwe. (2020). Assessment of Efforts at Expanding Financial Inclusion in Nigeria. International Journal of Economics, Finance and Management Sciences, 8(5), 180-187. https://doi.org/10.11648/j.ijefm.20200805.12

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Clement Chiahemba Ajekwe. Assessment of Efforts at Expanding Financial Inclusion in Nigeria. Int. J. Econ. Finance Manag. Sci. 2020, 8(5), 180-187. doi: 10.11648/j.ijefm.20200805.12

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AMA Style

Clement Chiahemba Ajekwe. Assessment of Efforts at Expanding Financial Inclusion in Nigeria. Int J Econ Finance Manag Sci. 2020;8(5):180-187. doi: 10.11648/j.ijefm.20200805.12

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@article{10.11648/j.ijefm.20200805.12,
  author = {Clement Chiahemba Ajekwe},
  title = {Assessment of Efforts at Expanding Financial Inclusion in Nigeria},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {8},
  number = {5},
  pages = {180-187},
  doi = {10.11648/j.ijefm.20200805.12},
  url = {https://doi.org/10.11648/j.ijefm.20200805.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20200805.12},
  abstract = {The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accelerate achievement of the strategic objective of 80 per cent financial inclusion by the year 2020. This paper reviews relevant literature to assess efforts at expanding financial inclusion through the strategy encapsulated in NFIS (2018). Data was gathered from published sources (Enhancing Financial Innovation and Access in Nigeria Survey reports, World Bank Global Findex reports, the Central Bank of Nigeria; Interswitch & Nigeria Inter-Bank Settlement System annual reports) as well as supply-side data derived from statutory returns submitted by financial service providers to their respective regulatory agencies. Evidence from the study show that 2018 financial inclusion targets (products, channels, enablers, financial literacy & other initiatives for youth and gender inclusion) fell short of expectations, indicating that the 2020 targets are unlikely to be met. This study recommends that the identified critical challenges militating against financial inclusion expansion should be addressed. In particular, financial education among all stakeholders in the financial inclusion process should be instituted more purposively.},
 year = {2020}
}

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TY  - JOUR
T1  - Assessment of Efforts at Expanding Financial Inclusion in Nigeria
AU  - Clement Chiahemba Ajekwe
Y1  - 2020/09/08
PY  - 2020
N1  - https://doi.org/10.11648/j.ijefm.20200805.12
DO  - 10.11648/j.ijefm.20200805.12
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 180
EP  - 187
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20200805.12
AB  - The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accelerate achievement of the strategic objective of 80 per cent financial inclusion by the year 2020. This paper reviews relevant literature to assess efforts at expanding financial inclusion through the strategy encapsulated in NFIS (2018). Data was gathered from published sources (Enhancing Financial Innovation and Access in Nigeria Survey reports, World Bank Global Findex reports, the Central Bank of Nigeria; Interswitch & Nigeria Inter-Bank Settlement System annual reports) as well as supply-side data derived from statutory returns submitted by financial service providers to their respective regulatory agencies. Evidence from the study show that 2018 financial inclusion targets (products, channels, enablers, financial literacy & other initiatives for youth and gender inclusion) fell short of expectations, indicating that the 2020 targets are unlikely to be met. This study recommends that the identified critical challenges militating against financial inclusion expansion should be addressed. In particular, financial education among all stakeholders in the financial inclusion process should be instituted more purposively.
VL  - 8
IS  - 5
ER  -

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Author Information

Clement Chiahemba Ajekwe

Department of Accounting, Faculty of Management Sciences, Benue State University, Makurdi, Nigeria

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APA Style

Clement Chiahemba Ajekwe. (2020). Assessment of Efforts at Expanding Financial Inclusion in Nigeria. International Journal of Economics, Finance and Management Sciences, 8(5), 180-187. https://doi.org/10.11648/j.ijefm.20200805.12

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ACS Style

Clement Chiahemba Ajekwe. Assessment of Efforts at Expanding Financial Inclusion in Nigeria. Int. J. Econ. Finance Manag. Sci. 2020, 8(5), 180-187. doi: 10.11648/j.ijefm.20200805.12

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AMA Style

Clement Chiahemba Ajekwe. Assessment of Efforts at Expanding Financial Inclusion in Nigeria. Int J Econ Finance Manag Sci. 2020;8(5):180-187. doi: 10.11648/j.ijefm.20200805.12

Copy | Download

@article{10.11648/j.ijefm.20200805.12,
  author = {Clement Chiahemba Ajekwe},
  title = {Assessment of Efforts at Expanding Financial Inclusion in Nigeria},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {8},
  number = {5},
  pages = {180-187},
  doi = {10.11648/j.ijefm.20200805.12},
  url = {https://doi.org/10.11648/j.ijefm.20200805.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20200805.12},
  abstract = {The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accelerate achievement of the strategic objective of 80 per cent financial inclusion by the year 2020. This paper reviews relevant literature to assess efforts at expanding financial inclusion through the strategy encapsulated in NFIS (2018). Data was gathered from published sources (Enhancing Financial Innovation and Access in Nigeria Survey reports, World Bank Global Findex reports, the Central Bank of Nigeria; Interswitch & Nigeria Inter-Bank Settlement System annual reports) as well as supply-side data derived from statutory returns submitted by financial service providers to their respective regulatory agencies. Evidence from the study show that 2018 financial inclusion targets (products, channels, enablers, financial literacy & other initiatives for youth and gender inclusion) fell short of expectations, indicating that the 2020 targets are unlikely to be met. This study recommends that the identified critical challenges militating against financial inclusion expansion should be addressed. In particular, financial education among all stakeholders in the financial inclusion process should be instituted more purposively.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Assessment of Efforts at Expanding Financial Inclusion in Nigeria
AU  - Clement Chiahemba Ajekwe
Y1  - 2020/09/08
PY  - 2020
N1  - https://doi.org/10.11648/j.ijefm.20200805.12
DO  - 10.11648/j.ijefm.20200805.12
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 180
EP  - 187
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20200805.12
AB  - The Central Bank of Nigeria (CBN), in October 2012, crafted a National Financial Inclusion Strategy (NFIS) for achieving 80% overall financial inclusion by year 2020 from the base line figure of 46.3% in 2010. The CBN refreshed/revised the 2012 NFIS in 2018 to address changes in the regulatory and financial technology landscape with a view to accelerate achievement of the strategic objective of 80 per cent financial inclusion by the year 2020. This paper reviews relevant literature to assess efforts at expanding financial inclusion through the strategy encapsulated in NFIS (2018). Data was gathered from published sources (Enhancing Financial Innovation and Access in Nigeria Survey reports, World Bank Global Findex reports, the Central Bank of Nigeria; Interswitch & Nigeria Inter-Bank Settlement System annual reports) as well as supply-side data derived from statutory returns submitted by financial service providers to their respective regulatory agencies. Evidence from the study show that 2018 financial inclusion targets (products, channels, enablers, financial literacy & other initiatives for youth and gender inclusion) fell short of expectations, indicating that the 2020 targets are unlikely to be met. This study recommends that the identified critical challenges militating against financial inclusion expansion should be addressed. In particular, financial education among all stakeholders in the financial inclusion process should be instituted more purposively.
VL  - 8
IS  - 5
ER  -

Copy | Download