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

Gideon Simon Ghajiga, Dikeledi Jacobeth Warlimont () and Tyron Tegwen Warlimont ()
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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

Ovidius University Annals, Economic Sciences Series, 2024, vol. XXIV, issue 1, 80-89

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.

Keywords: Financial inclusion; Central Bank of Nigeria; strategic initiatives; mobile money services; National Financial Inclusion Strategy (search for similar items in EconPapers)
JEL-codes: G2 G23 G3 (search for similar items in EconPapers)
Date: 2024
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