FINANCIAL INCLUSION STRATEGY – A CASE STUDY OF NIGERIA

Abstract

Financial inclusion is core to country development. Prior research shows that financial inclusion is one of the key drivers, among others, towards achieving the 2030 Sustainable Development Goals (SDGs). A study of Africa’s largest economy which is Nigeria, both in terms of market and GDP, reveals how crucial financial inclusion is to improve wellbeing of all people. In 2012, the government of Nigeria, through its central bank, has came up with a national strategy on financial inclusion and other supporting frameworks. A review of the 2016 CBN financial inclusion annual report showed that the country was still lagging behind and that there were still many barriers to financial inclusion. Examining the latest statistics provided by CBN (at end of 2018) reveals that although there is some progress, yet it is insignificant. A large fraction of its population still lacks access to finance and is not in position make better financial decisions and thus to improve their lives.

Author : Olayemi Bilikis Kolejo

Keywords : Financial Inclusion, Sustainable Development Goals