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Bullion

Keywords

Financial inclusion, Banking services, Inclusive growth

Abstract

Financial inclusion suggests an innovative concept which helps to achieve sustainable development, by making available financial services to the unbanked and underbanked with the help of financial institutions. The concept of financial inclusion gained popularity from year 2000. Thus, it is a great weapon to overcomes financial backwardness. This paper attempts to assess the current status of financial inclusion by examining recent policies and developments toward achieving financial inclusion in Nigeria. Specifically, the framework aimed at enhancing financial inclusion in Nigeria while also supporting the growth and stability of the financial sector, including policies around microfinance, mobile payment, KYC, electronic payments bank charges, non-interest banking and agent banking, financial literacy, consumer protection, the implementation of MSME development fund credit enhancement programme among others. the fundamental objectives of all these initiatives are to reach the larger section of the financial excluded Nigerian populace and improve on their welfare and put them into the banking stream. Nevertheless, illiteracy, incidence of poverty, low income savings and lack of bank branches in some rural areas continue to pose serious challenge.

Author Bio

The authors are staff of the Research Department, Central Bank of Nigeria

Publication Title

CBN Bullion

Issue

1-3

Volume

39

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