Financial inclusion, Cartesian space, Strategy, Nigeria, Central Bank of Nigeria.


The National Financial inclusion Strategy of the Central Bank of Nigeria was designed to reduce the percentage of adult Nigerians excluded from financial services from 46.3 per cent as at 2070 to 20.0 per cent by 2020. As a component of the policy tool kit, the strategy makes provision for annual data gathering to measure progress in financial inclusion drive of the Bank. This approach and others recognised by the CBN are mostly survey based, hence occasional and expensive. ln order to facilitate cross-country comparison, this study adopted Sarma (2008, 2012) to compute a composite index for financial inclusion for Nigeria from 2007Q7 to 2016Q2. The results indicate that financial inclusion effort of the CBN is yielding the desired result, particularly in term of penetration dimension. ln other words, there is increase in coverage with limited access to the services rendered by these institutions that could be of immense benefit to the customers. The study therefore, recommends that, CBN should not concentrates effort on reducing the percentage of adult Nigerians excluded from financial services alone, but also ensure that the customers benefit from financial services so as to enhance their participation in the developmental process. An inclusive financial system requires more thon the size of the banked population, it includes the availability of banks' services (such as credit facilities) and relative ease with which the services can be accessed.

Author Bio

The author is a staff of the Central Bank of Nigeria.

Publication Title

CBN Bullion







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