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Can Optimal Digital Innovation and Financial Inclusion Drive Poverty Reduction in the Niger Delta Region of Nigeria?

Author

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  • Eugene Okoi Ifere

    (Department of Economics, Federal University Lafia, Nasarawa State, Nigeria,)

  • Napoleon David Okosu

    (Department of Financial Policy and Regulation, Central Bank of Nigeria, Nigeria)

Abstract

Poverty has remained a stubborn challenge in the Niger Delta region of Nigeria amidst abundant natural resources. The sheer complexity of the Niger Delta with coastal waterways, creeks and islands creates unique challenges that cannot be underestimated. The study surveyed the extent of poverty using monthly income distribution, and degree of financial inclusion using access and usage of products and services. Findings revealed that women are more financially excluded. Findings also showed that majority of the population are unbanked and highly discouraged using financial products and services especially automated teller machine for fear of debiting without payment, long queues, high interest rates on loans and difficulty in accessing credit from financial institutions. The study suggests that the provisions of optimal digital financial services and products in this rural community with adequate education and advocacy for all the population will broaden financial inclusion, thereby contributing to poverty reduction.

Suggested Citation

  • Eugene Okoi Ifere & Napoleon David Okosu, 2017. "Can Optimal Digital Innovation and Financial Inclusion Drive Poverty Reduction in the Niger Delta Region of Nigeria?," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 539-546.
    • Handle: RePEc:eco:journ1:2017-01-68
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    References listed on IDEAS

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    5. Mr. Alexander Massara & André Mialou, 2014. "Assessing Countries’ Financial Inclusion Standing - A New Composite Index," IMF Working Papers 2014/036, International Monetary Fund.
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    Cited by:

    1. Jingrong Li & Bowen Li, 2022. "Digital inclusive finance and urban innovation: Evidence from China," Review of Development Economics, Wiley Blackwell, vol. 26(2), pages 1010-1034, May.
    2. Sun, Yanan & You, Xiaotong, 2023. "Do digital inclusive finance, innovation, and entrepreneurship activities stimulate vitality of the urban economy? Empirical evidence from the Yangtze River Delta, China," Technology in Society, Elsevier, vol. 72(C).

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    More about this item

    Keywords

    Financial Inclusion; Poverty; Digital Innovation;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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