Managing Financial Inclusion Strategies and Economic Stimulation Effect in Nigeria within the COVID-19 Era

Tunde G Monogbe, Chinonye Gift Goni and Suoye Igoni
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Tunde G Monogbe: Department of Finance and Banking, University of Port Harcourt, Choba, Nigeria.
Chinonye Gift Goni: Department of Educational Management, Rivers State University, Port Harcourt, Nigeria.
Suoye Igoni: Department of Banking and Finance, University of Nigeria, Nsukka, Nigeria.

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Abstract: In order to chart the future paths of Nigerian economy response to financial inclusion behavior, it becomes necessary to investigate the connectivity between Financial Inclusion strategies in the phase of Covid-19 scourge and the economic stimulation effect within the period. Against this backdrop and taking memory stock, this study assessed financial inclusion strategies and the economic stimulation Effect in Nigeria within the Covid-19 era. The assessment adopted financial accessibility (FA), Capital market (CM) Inclusion, Insurance Sector (IS) Inclusion, Informal financial product (FP), Money Outside (MO) the Banking system, and Informal Sector Mobilized Deposit (DM) for financial inclusion strategies, while the economic stimulation effect were proxies with the gross domestic product per capita. The study adopted a Time series data between 1992 and 2019 extracted from the Central Bank of Nigeria Statistical bulletin, and further applied the Autoregressive Distributed Lag (ARDL) methodology for the analysis. The study found a negative and significant relationship between Money Outside the Banking system, and Insurance Sector and economic stimulation. The study however found a positive and insignificant relationships between DM, FA, FP, CM and economic stimulation in Nigeria within the covid-19 era. The study recommended for a full and deepen financial inclusion society to capture the vulnerable and rural excluded populace of Nigerian environment. Finally, conventional banks should spread more Auto Teller Machine retail outlet and financial education especially in rural areas.

Date: 2021-04-05
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Published in Asian Research Journal of Current Science, 2021, 3 (1), pp.11-23

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05190538

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