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Comparative analysis of financial inclusion in Nigeria, sub-Saharan Africa and the World

Peterson K Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: Using six widely accepted indicators, this study compares the progress made in financial inclusion in Nigeria, Sub-Saharan Africa and the rest of the World, with a view to deducing lessons that each entity can improve upon. We find that Nigeria outperformed sub-Saharan Africa in three indicators of financial inclusion while sub-Saharan Africa did better than Nigeria in one metric. Nigeria and sub-Saharan Africa exceeded the World average in informal borrowings. We also constructed an index of financial inclusion and found that financial institution account ownership, formal borrowing, informal borrowing and debit or card ownership are significant positive determinants of the financial inclusion index. These findings indicate that policymakers in Nigeria and sub-Saharan Africa have significant room for improving their financial inclusion standings towards the global average. We make recommendations on the aspects where policymakers can place their focus in pursuit of this goal.

Keywords: financial inclusion; Nigeria; Sub-Saharan Africa; digital financial inclusion (search for similar items in EconPapers)
JEL-codes: G00 G20 (search for similar items in EconPapers)
Date: 2024
New Economics Papers: this item is included in nep-afr, nep-fle, nep-iue and nep-pay
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https://mpra.ub.uni-muenchen.de/121527/1/MPRA_paper_121527.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/121549/1/MPRA_paper_121527.pdf revised version (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:121527

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