Financial Inclusion in Nigeria: The Journey so Far

31 Pages Posted: 10 Dec 2013

Date Written: December 9, 2013


Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country. In recent time, financial Inclusion has assumed a critical development policy priority in many countries, particularly in developing economies. This paper reviewed experiences of other jurisdictions in the achievement of financial inclusion. More importantly, the various country experiences showed that, though financial inclusion may have become a general phenomenon, its nature, form and challenges differ among jurisdictions and as such cannot be addressed by a single product or “one size fit all” approach. Nations should therefore implement initiatives that take into consideration the peculiarities of their environments and most critically its local people.

It further reviewed past and present efforts at promoting financial inclusion in Nigeria. Although gradual progress is being made to improve on financial inclusion, critical challenges of low financial literacy, inadequate infrastructural facilities as well as inadequate and inefficient technology-based facilities by financial institutions, has limited the achievement of significant expansion in financial inclusion level in Nigeria. This study recommends a systematic approach that aligns responsibility and institutions among all stakeholders in the financial inclusion process to guarantee sustainability.

Keywords: Financial Inclusion, Financial Services, Economic Growth and Development, Poverty

JEL Classification: G20, G21, O16, O40, I30

Suggested Citation

Kama, Ukpai and Adigun, Mustapha, Financial Inclusion in Nigeria: The Journey so Far (December 9, 2013). Available at SSRN: or

Ukpai Kama (Contact Author)

Central Bank of Nigeria ( email )

Plot 33, Abubakar Tafawa Balewa Way
Central Business District, Cadastral Zone

Mustapha Adigun

Independent ( email )

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