Financial Inclusion and Poverty Alleviation: A Critical Analysis in Nigeria

Chinonyerem Matilda Omenihu, Sanjukta Brahma, Epameinondas Katsikas, Demetris Vrontis, Evangelia Siachou () and Ioannis Krasonikolakis
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Chinonyerem Matilda Omenihu: Department of Finance, Accounting and Risk, Glasgow Caledonian University, Glasgow G4 0BA, UK
Sanjukta Brahma: Department of Finance, Accounting and Risk, Glasgow Caledonian University, Glasgow G4 0BA, UK
Epameinondas Katsikas: Department of Management, University of Kent, Canterbury CT2 7NZ, UK
Demetris Vrontis: Gnosis: Mediterranean Institute for Management Science, Department of Management, School of Business, University of Nicosia, Nicosia 2417, Cyprus
Evangelia Siachou: Department of Economics, National and Kapodistrian University of Athens, 15772 Athens, Greece
Ioannis Krasonikolakis: Department of Electronic and Electrical Engineering, University of Bath, Bath BA2 7AY, UK

Sustainability, 2024, vol. 16, issue 19, 1-21

Abstract: The study looks at the impact that the three dimensions of financial inclusion (FI) (i.e., access, usage, quality) may have on poverty alleviation. In doing so, the study relies on demand and supply-side data to measure Nigeria’s FI. The demand-side data were derived from the 2021 Global Findex data, and the supply side data were sourced from the IMF Access survey database (2004–2021). The supply-side data were analysed using the ordinary least squares regression (OLS), while the demand-side data were analysed using the probit regression model. The study outcomes revealed a negative and significant relationship between financial access and poverty rate, further indicating that those who use financial services are less likely to experience poverty. The study recommends that financial service providers tailor their financial products to align with the educational level of the target population to encourage savings.

Keywords: financial inclusion; access; usage; quality; macro data; micro data (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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