Front Inner Page - Volume 5 No.3 June 2018

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  • Title

    :

    FINANCIAL INCLUSION AS A CATALYST FOR POVERTY REDUCTION IN NIGERIA.

    Authors

    :

    Akeem Abimbola1,Opeyemi Babalola2,Elemide Farouk3

    Keywords

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    Financial Inclusion, Financial exclusion, ‘unbanked’, unemployment, poverty.

    Issue Date

    :

    June 2018

    Abstract

    :

    The purpose of this article is to examine the role financial inclusion can play in the reduction of poverty in Nigeria. It examines the roles of government and financial institutions and the use of various mobile initiatives such as mobile banking, mobile money, agent banking etc. as financial inclusion tools to stimulate poverty reduction. Time series analysis on data obtained from secondary sources between the periods of 1992 and 2016 was adopted by the authors and the study covered financial inclusion as it relates to unbanked people in Nigeria. Other empirical studies in this field were used to strengthen the OLS findings. It was concluded that majority of the ‘unbanked’ in Nigeria are low income people who do not have access to financial services and information on financial inclusion. While few are timid on the need to use a bank, a large number of them are willing to use banking services and believe the availability of these services will help improve their economic condition. At the end of the paper, it is recommended that the government should encourage Banks to continue to take advantage of all the financial inclusion policies of the government in mobilizing funds from the informal sector into the banking system and this can be best done by increasing the amount of customers within the financial system as a tool for encouraging financial inclusion and stimulating the economy and thereby reducing poverty in the country.

    Page(s)

    :

    1-9

    ISSN

    :

    2347- 4734

    Source

    :

    Vol. 5, No.3, June 2018

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