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Central Bank of Nigeria (CBN)’s Financial Inclusion Policy and Access to Financial Services in The Federal Capital Territory (FCT), Abuja

Author

Listed:
  • Jeremiah Tersur Vambe

    (Department Of Public Administration, University of Abuja)

  • Usman Yakubu Abdulkadir

    (Federal University Lokoja, Kogi State)

  • Nweke Obinna Innocent

    (Department Of Public Administration, University of Abuja)

Abstract

This study sets out to assess financial inclusion policy and access to financial services in the Federal Capital Territory, Abuja. The study intended to determine the extent to which the expansion of financial service outlets as initiated by CBN’s financial inclusion policy enhanced access to financial services by residents of Abuja. The systems theory which explains the inter relatedness of financial inclusion and economic development was used as the theoretical framework. The study adopted survey research design, using both the primary and secondary sources to gather data. Structured questionnaire, designed in Likert Scale format, analysis was based on the mean and Analysis of Variance (ANOVA) was used to test hypotheses. Findings show that the expansion of financial service outlets has led to more access to financial services even though some people are still uninformed about the essence. The study recommended that more awareness campaigns need to be staged in order to keep more people informed; and the need to include more people in the information grid by translating some of the bank’s newsletters into local languages.

Suggested Citation

  • Jeremiah Tersur Vambe & Usman Yakubu Abdulkadir & Nweke Obinna Innocent, 2024. "Central Bank of Nigeria (CBN)’s Financial Inclusion Policy and Access to Financial Services in The Federal Capital Territory (FCT), Abuja," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(1), pages 377-392, January.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:1:p:377-392
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    References listed on IDEAS

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    2. Anjali Kumar & Manuela Francisco, 2005. "Enterprise Size, Financing Patterns, and Credit Constraints in Brazil : Analysis of Data from the Investment Climate Assessment Survey," World Bank Publications - Books, The World Bank Group, number 7330, April.
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