Resolving the Problem of Financial Inclusion Through Marketing of Financial Services Using Mobile Telephone Technology
Posted: 10 Apr 2017 Last revised: 24 Apr 2020
Date Written: April 9, 2017
Abstract
Financial inclusion is an essential ingredient that is instrumental in facilitating economic growth and development by increasing the access of financial services and financial products to financially excluded people in developing countries. Financial inclusion continues to be a challenge for government and policy makers in developing countries. Several policy approaches have been adopted to increase and strengthen the levels of financial inclusion in developing countries like Nigeria. Some measure of success has been achieved, however there is the need to adopt a different approach to addressing the issue of financial inclusion. To date, the traditional marketing approach implemented by Nigerian banks to strengthen financial inclusion have proved to be insufficient, inadequate and remains largely ineffective in reducing the number of unbanked Nigerians. The researchers advise that there is the urgent need for Nigerian banks to change the marketing strategy and approach. Adopting marketing approach that targets particular niche groups and markets, tailoring of mobile phone financial services to meet the needs of the specific group, and extending marketing campaigns beyond the urban cities to include rural dwellers would be significant steps in the right direction.
Keywords: Financial Inclusion, Developing Country, Financial Reform, Mobile Phone Technology, Marketing, Financial Services
JEL Classification: G20, O20, E50
Suggested Citation: Suggested Citation