article · JOURNAL OF BUSINESS AND AFRICAN ECONOMY
Financial inclusion remains a significant challenge in Nigeria, with over one-third of adults lacking access to formal financial services like payments, savings, and credit. The Central Bank of Nigeria has established ambitious goals to expand access to these services, aiming for substantial increases across payment, savings, credit, insurance, and pension provisions by 2020. Financial inclusion is defined as ensuring that individuals and businesses can access and utilise affordable, suitable financial products and services delivered responsibly. This initiative is crucial for fostering economic growth, reducing poverty, and enabling people to manage risks, build wealth, and invest. It also acts as a catalyst for achieving seven of the Sustainable Development Goals, promoting economic empowerment, particularly for women.
Financial inclusion is vital for Nigeria's economic development, as it empowers individuals and businesses by providing access to essential financial tools. This access helps reduce poverty, stimulates economic growth, and supports the achievement of global sustainable development objectives, benefiting society as a whole.
The abstract highlights the broad importance of financial inclusion and the targets set by the Central Bank of Nigeria for expanding access to various financial services. However, it does not indicate specific application pathways, commercialisation opportunities, or readiness levels stemming directly from this research.
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Financial inclusion in Nigeria is a significant issue, with over 1 in 3 Nigerian adults financially excluded from formal financial services such as payment, savings, and credit. The Central Bank of Nigeria has set ambitious targets to increase access to financial services: payment services from 21.6% in 2010 to 70% by 2020, savings from 24% to 60%, credit from 2% to 40%, insurance from 1% to 40%, and pensions from 5% to 40%. Financial inclusion aims to ensure that financial services are accessible to all, promoting economic growth and reducing poverty. Affordable financial products and services—such as transactions, payments, savings, credit and insurance—help people manage risks, build wealth and invest in businesses. Financial inclusion means that individuals and businesses have access to and use affordable financial products and services that meet their needs, which are delivered in a responsible and sustainable way. Financial inclusion is a catalyst for achieving seven of the Sustainable Development Goals (SDGs). It fosters economic growth and employment, promotes economic empowerment of women, and contributes to eliminating poverty.
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DOI: 10.56201/jbae.vol.11.no10.2025.pg38.51
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