Essentials of Guidance Services in Promoting Financial Inclusion and Islamic Banking Products and Services Utilisation in Nigeria

Dr. Isa Ado Abubakar and Dr. Kabiru Adamu Kiyawa
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Dr. Isa Ado Abubakar: Department of Education, Bayero University, Kano, Nigeria
Dr. Kabiru Adamu Kiyawa: Department of Islamic Banking & Finance, Al-Madina International University, Malaysia

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 9, 1112-1118

Abstract: Nigeria is one of the Sub Saharan countries with an estimated population of 200 million people (World Bank, 2019). Out of the figure about 97.485 million have active account representing 48.74% which increased to 111.54 million in 2020 (NBS, 2020) indicating an increase of 14.41%. This indicates that 63.15% of Nigerians possess active account, have access to loans and financial services which is still below despites lunching of the National Financial Inclusion Strategy (NFIS) that is aimed at reducing the number of Nigerians who do not have access to any formal or informal financial services from 46.3 percent in 2010 to at least 20 percent by 2020 (Central Bank of Nigeria, 2012). Achieving the milestone will enable substantial number of bankable adults to have access to financial services thereby reducing incidence of poverty. The introduction of Islamic Banking system which offers variety of products and services boosted the effort of the financial authority. The development helps substantial number of bankable adults the opportunity to have a formal account, formal saving and access to loans and other financial services. However, despites the efforts, more need to be done in order to meet the target of 20% financially excluded population. It is in the light of that, the paper examines the relevance of guidance services in promoting financial inclusion and utilization of Islamic banking products and services among the bankable adults Nigerians. Guidance being progressive in nature, it is use to assist individuals to understand, accept and make use of skills available, abilities, aptitude, interest and attitudinal pattern in relation to aspiration, thus through guidance in an appropriate manner, individual can be able to achieve desired goals. It is therefore concluded that guidance services have capacity to promote financial inclusion and utilization of existing products and services being offered by Islamic banks. It is also recommended that guidance services should be explored as mechanisms for reducing the financially excluded Nigerians.

Date: 2023
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