Financial Inclusion in Nigeria: Issues and Challenges

This paper examines efforts made so far in achieving financial inclusion in Nigeria, the challenges therein, and the way forward. It recommends a systematic approach that aligns responsibility and institutions in the financial inclusion process to guarantee sustainability. It also reviews the experiences of other countries in the achievement of financial inclusion. The paper notes that, although financial inclusion may have become a general phenomenon, its nature, form, and challenges differ across regions, and hence cannot be addressed by a single product or approach. It covers the following sections in detail:

• Conceptual issues and the relevance of financial inclusion;
• Financial inclusion in selected jurisdictions including developed economies, emerging economies, Middle East and North Africa, and Sub-Saharan Africa;
• Overview of financial inclusion in Nigeria;
• Recent financial sector reforms in Nigeria;
• Issues and challenges in the financial inclusion process;
• Way forward with a focus on role of financial regulators, banks, government, informal sector, and technology.