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Fostering Financial Inclusion: A Case Study of the Central Bank of Nigeria's Strategic Initiatives

Author

Listed:
  • Gideon Simon Ghajiga

    (Centre For Distance Learning, Federal University Wukari, Nigeria)

  • Dikeledi Jacobeth Warlimont

    (Mzansi Youth Leadership Academy NPO|NGO, North-West Province, South Africa)

  • Tyron Tegwen Warlimont

    (Mzansi Youth Leadership Academy NPO|NGO, South Africa)

Abstract

This case study examines the strategic initiatives implemented by the Central Bank of Nigeria (CBN) in fostering financial inclusion within the country. Financial inclusion, defined as the access and usage of affordable financial services by individuals and businesses, is crucial for economic development and poverty reduction. The CBN has recognized the significance of financial inclusion and has undertaken various measures to enhance accessibility and promote financial literacy among under-served populations. This study explores the key initiatives undertaken by the CBN, such as the implementation of agent banking, mobile money services, and the establishment of the National Financial Inclusion Strategy. It analyzes the impact of these initiatives on improving financial access, deepening financial literacy, and promoting economic empowerment. The findings of this case study contribute to the understanding of effective strategies for fostering financial inclusion and can inform policymakers and stakeholders in Nigeria and other similar contexts.

Suggested Citation

  • Gideon Simon Ghajiga & Dikeledi Jacobeth Warlimont & Tyron Tegwen Warlimont, 2024. "Fostering Financial Inclusion: A Case Study of the Central Bank of Nigeria's Strategic Initiatives," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 80-89, August.
    • Handle: RePEc:ovi:oviste:v:xxiv:y:2024:i:1:p:80-89
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    References listed on IDEAS

    as
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    2. Honohan, Patrick, 2008. "Cross-country variation in household access to financial services," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2493-2500, November.
    3. Thorsten Beck & Asli Demirgüç-Kunt & Ross Levine, 2007. "Finance, inequality and the poor," Journal of Economic Growth, Springer, vol. 12(1), pages 27-49, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Financial inclusion; Central Bank of Nigeria; strategic initiatives; mobile money services; National Financial Inclusion Strategy;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G3 - Financial Economics - - Corporate Finance and Governance

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