FINANCIAL INCLUSION INITIATIVES BRIDGING THE GAP OF THE UNBANKED POPULATION IN NIGERIA
Abstract
The economic goals of reducing poverty and income disparities are confronted with obstacles, particularly in developing nations. Electronic banking services as a platform that improves fantastic chances to obtain funding. This study aims to explore how financial inclusion initiatives can help Nigerians bridge the gap of the unbanked population. The statistical data used for the study were obtained from the Central Bank of Nigeria statistics bulletin 2024, International Monetary Fund report 2024, and the World Bank data 2024. The study employed statistical methods of regression models in analyzing the data obtained. Major findings from the study show that, according to the number of bank Branches (NBB), which measures bank branch spread, Poverty Rate (POV) is positively impacted by the spread. However, it was shown that this was not statistically significant. Moreover, banked population has a positive and significant impact on the poverty rate in Nigeria. It is recommended that the younger generation of today needs to be educated on how easy it is to register an account at home, anytime of the day, regardless of the amount involved. The study recommends that banks should expand their business presence to remote regions of the country for greater reach of the unbanked population and their inclusion into the formal financial system of Nigeria.