Sustainable Financial Inclusion in Nigeria: A Need to Go Beyond Access to Impact

Nse Udohaya, Suzanne Fifield (Lead / Corresponding author)

Research output: Contribution to journalArticlepeer-review

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Abstract

Purpose: This paper (1) evaluates the processes and strategies of Nigerian banks towards achieving financial inclusion; and (2) offers recommendations for policies that can lead to effective and sustainable financial inclusion.

Design/Methodology/Approach: This paper conducts semi-structured interviews with senior executives of Nigerian banks to investigate their financial inclusion policies and practices.

Findings: The paper highlighted Nigerian banks’ views on dimensions that measure financial inclusion and found that (1) they recognise that they play a pivotal role in providing access to formal financial services; however their efforts to promote financial inclusion are provider-focused rather than customer-focused; (2) they are keen to promote financial services usage; however, very little attention is paid to customer outcomes; (3) financial inclusion is viewed as synonymous with access and innovations are not aiming for impact; and (4) the sector is plagued with infrastructural challenges that breach service quality.

Originality: The paper reports on the practices of Nigerian banks towards financial inclusion and provides recommendations for rethinking sustainable financial inclusion. To date, this issue has not been investigated in the substantive literature. Nigeria is an ideal research site for examining financial inclusion. In recent years, the banking sector has made rapid strides in implementing policies to promote the adoption and usage of formal financial services. However, over half of the country’s adult population remains outside the formal financial system.
Original languageEnglish
Article number1755-4179
Number of pages25
JournalQualitative Research in Financial Markets
DOIs
Publication statusPublished - 2 Aug 2024

Keywords

  • Sustainable Finance
  • Financial Inclusion
  • Banks
  • Developing Countries
  • Financial inclusion
  • Developing countries
  • Sustainable finance

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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