THE NEXUS BETWEEN FINANCIAL INCLUSION AND ECONOMIC DEVELOPMENT IN NIGERIA
Abstract
Enhancing financial inclusion has become more prominent across the globe as a result of its strategic role in sustaining socio-economic growth and development. Thus, this study was undertaken to assess the link between financial inclusion and economic development in Nigeria. The study specifically examined the extent to which financial inclusion (proxied by number of bank branches per 100,000 adult) and financial deepening, among other factors, affect the Gross National Income (GNI) per capita. Times series data obtained from the World Bank and the Central Bank of Nigeria (CBN) from 1990 to 2021, which were analyzed using the least square multiple regression technique. The result indicated that financial inclusion and financial deepening has significant positive and negative effect on economic development, respectively. Thus, increasing financial access has the potential to stimulate a higher level of economic development. This study therefore advocates for more concerted effort in driving financial inclusion, especially through commercial branch expansion – which should target the rural areas – through agency banking as well as through increased digital financial services offerings.
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Published in BUSINESS AND FINANCE JOURNAL
ISSN: 988-47878
This article appears in our peer-reviewed academic journal
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