Financial Inclusion in Nigeria and the USA: A Comparative Perspective

Sunday O. Igbinosa
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Sunday O. Igbinosa: Department of Finance, University of Benin, Benin City, Nigeria.

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 7, 1851-1857

Abstract: The short paper adopts a qualitative approach in executing a concise examination of financial inclusion in Nigeria and the USA. Adopting a comparative method the paper examined the subject along three main strands focusing on similarities and differences in the strategies employed, challenges encountered, and outcomes attained. Using context-specific approaches, based on the impact of technology, and the importance of inclusive regulatory environment the paper notes that financial inclusion has improved significantly in the last few years in both countries due to policy reforms, financial literacy, various financial initiatives and regulatory intervention. The paper posits that the level of financial inclusion is high in both countries at 96% in the US compared to 74% in Nigeria and concludes that while Nigeria’s trajectory is characterized by rapid advancement via digital innovation and policy reforms; nonetheless, considerable disparities persist, especially for women and rural communities. Despite the U.S sophisticated financial system, it continues to contend with areas of exclusion stemming from socio-economic and geographic inequalities. The paper advocates the need for global learning: cross-country learning and adaptation of best practices to inform national strategies and policy. Specifically, it recommends that relevant strategies appropriate for each nation’s circumstances should be put in place to reduce gender disparity in financial inclusion to the barest minimum in Nigeria and to address disparities based on ethnicity and other factors in the US.

Date: 2025
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