FINANCIAL INCLUSION

The study examined the effect of financial inclusion on economic growth in Nigeria spanning periods from 1994 to 2023 based on the accessibility of data. Four hypotheses were raised and evaluated using the fully modified ordinary least squares estimator. Based on the analysis conducted, the following findings were made that: the number of bank branches per 100,000 adults has a statistically significant but negative impact on economic growth in Nigeria; the number of deposit accounts with commercial banks per 1,000 adults does not significantly impact economic growth in Nigeria; the proportion of outstanding loans from commercial banks as a percentage of GDP does not have a significant effect on economic growth in Nigeria; and the total volume of mobile money transactions as a percentage of GDP has a statistically significant and positive impact on economic growth in Nigeria. Thus, it was recommended that: policymakers and financial institutions should prioritize investments in mobile and digital banking infrastructure over expanding physical bank branches; financial institutions should implement strategies to encourage the active use of deposit accounts; financial institutions should focus on enhancing access to productive credit for individuals and small businesses; and policymakers and financial institutions should further develop mobile money ecosystems.

This study investigates the impact ofdigital banking channels specifically Point ofSale (POS),Mobile Banking, Automated Teller Machines (ATM), andInternet Banking onfinancial inclusion in Nigeria over the period 2009 to 2024. Employing the Robust Least Squares (RLS) estimation technique, the analysis addresses issues of serial correlation and model misspecification to provide reliable estimates of the relationship between digital banking tools and the level of financial inclusion. The findings reveal that POS transactions significantly promote financial inclusion, while mobile banking exhibits a positive but statistically weak influence. In contrast,ATM usage has a significant negative effect, and internet banking shows no meaningful contribution to inclusion outcomes. These results suggest that while digital banking is a potent enabler offinancial inclusion, its impact is not uniform across platforms. It is therefore recommended that policymakers prioritize investment in scalable, low-cost digital banking channels like POS and mobile banking, while simultaneously addressing infrastructural, trust,and literacy barriers that hinder the effectiveness ofinternet and ATM-basedfinancial services in reaching underservedpopulations

This study examined the effect of financial technology and financial inclusion on economic growth in selected sub-Saharan African (SSA) countries. The specific objectives of the study are to examine the effect of internet penetration and the influence of financial technology application on economic growth in selected SSA countries, while also examine the role of financial access, the extent financial usage impact and how financial quality impact on the economic growth in selected SSA countries. The method of analysis adopted in the study is the panel non-linear autoregressive distributed lags (PNARDL) approach which was chosen because it allows for the capture of the effect of potential asymmetries in the independent variables on the dependent variable. It therefore captures nonlinear dynamics that standard linear models might miss. With stratified sampling technique and the use of data filtering approach 29 countries were included in the study based on data availability, depth of the Fintec space and regionalization within the period 2014 to 2023. The study found that the internet penetration and financial technology significantly promotes economic growth in SSA countries. Similarly, financial access and financial quality were also found to positively promote economic growth while the reverse was the case for financial usage which was found to exhibit a negative relationship towards economic growth. In addition, the asymmetric effects of ICT infrastructure and Fintec are found to be much larger than the beneficial effects of their positive shocks with the coefficients of mobile banking (MBK) and POS agency positive but significant values of 0.185 and 0.002 respectively dwarfed by their respective coefficient of negative changes of -0.721 and -0.172. This result therefore calls for a combination of measures in addressing the digital deficits in SSA countries and also encouraging financial technology and inclusion while ensuring that digital services are stabilised and efficiently used over time to prevent costly disruptions.

This study examined financial inclusion and welfare outcomes among rural women in the Edo North Agricultural Zone of Edo State, Nigeria. The specific objectives were to describe the socio- economic characteristics of respondents; assess their awareness, access, and utilization of financial services; evaluate their welfare status; and identify structural, institutional, and socio-cultural barriers affecting financial inclusion. A three-stage sampling procedure was used to select 180 women for the study. Data were analyzed using descriptive and inferential statistics at the 5% level of significance. Results showed that respondents’ mean age was 46 years, with an average household size of five persons, nine years of formal education, and a mean monthly income of ₦64,298.83. The religious distribution revealed that 48.9% were Christians and 46.7% were Muslims, while 36.8% engaged in farming and 33.5% in trading as major occupations. More than half of the respondents demonstrated high levels of awareness (62.1%) and access (55.5%) to financial services, and exactly half (50%) exhibited a high level of financial service utilization. Garrett’s ranking indicated that ir regular income (structural), distance to financial institutions (institutional), and lack of trust in financial institutions (socio-cultural) were the most severe constraints to inclusion. The Household Food Insecurity Access Scale (HFIAS) revealed that 46.2% of respondents were severely food insecure. Multiple linear regression analysis identified four statistically significant predictors of welfare at the 5% level: age (β = 0.106, p = 0.038) showed a positive relationship with welfare (implying that food insecurity increases as respondents grow older), while awareness (β = –0.8213, p = 0.002), access (β = –0.6944, p = 0.018), and utilization (β = –0.4160, p = 0.001) had a negative relationship (suggesting that food insecurity decreases with higher levels of financial Inclusion)

This study investigates the relationship between financial inclusion and economic growth in Nigeria for the period 2000 to 2024. Financial inclusion was measured using the number of bank branches per 100,000 adults, automated teller machines (ATMs) per 100,000 adults, borrowers from commercial banks per 1,000 adults, and current account holders per 1,000 adults, while economic growth was proxied by the real gross domestic product (RGDP) growth rate. The study relied on secondary data obtained from credible sources, including the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, and World Bank Development Indicators. Data were analyzed using descriptive statistics, correlation analysis, panel unit root tests, Johansen Fisher Panel Cointegration Test, and Panel Fully Modified Least Squares (FMOLS) regression. The results indicate that the number of bank branches and bank borrowers have a significant positive impact on economic growth, whereas ATMs and current account holders exhibit a significant negative effect. These findings suggest that while expanding physical banking infrastructure and credit access support economic growth, digital banking access and current account proliferation may not automatically translate into growth unless accompanied by targeted financial inclusion strategies. The study concludes that effective policy interventions are required to optimize the benefits of financial inclusion and recommends the strategic deployment of banking resources, particularly to underserved populations, to enhance Nigeria’s economic performance.

This study sought to examine financial consumer protection, financial inclusion and efficiency of financial markets. The study utilised the descriptive survey research design. The study adopted the simple random sampling technique which allows all units in the population to have an equal chance of being selected. This implies that the r searcher will randomly distribute questionnaires to three hundred and eighty-five (385) respondents who are POS service providers, customers of POS services, as well as other financial consumers in Benin City, Edo state. It revealed that: that financial consumer protection has significant effect on financial market efficiency, the regression analysis revealed that financial consumer protection has significant effect on financial access and the result indicates that financial consumer protection has significant effect on financial inclusion in Nigeria. Based on this findings it was recommended that: it is crucial for policymakers and financial institutions to enhance consumer protection mechanisms, Policymakers should work with financial institutions to develop and promote products and services that cater to the needs of low-income individuals and those in remote areas and Policymakers and regulatory bodies should regularly assess the effectiveness of existing policies and make necessary adjustments based on evolving market dynamics and consumer needs.