Financial inclusion and sustainable development in Nigeria

Kenny Adedapo Soyemi · Olusola Enitan OLOWOFELA · Lateef Adewale Yunusa

56 citations0/0 files storedJournal of Economics and Management

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Microfinance and Financial Inclusion Monetary Policy and Economic Impact Economic Growth and Development

Abstract

Aim/purpose -Financial inclusion is a catalyst for achieving sustainable development.This study attempts to evaluate impact of financial inclusion on sustainable development.Design/methodology/approach -Both Error Correction Model (ECM) and Fully Modified Ordinary Least Square (FMOLS) were used to ascertain the short-run and long-run relationship respectively among the variables which covers the period from 2001 to 2016, as data for HDI (Human Development Index) were available for Nigeria from 2001 through 2016 only.Findings -The result of the analysis indicated that in the short-run there is short-run causality running from a number of commercial bank branches, demand deposit from the rural areas, loan to rural areas to HDI.The long-run result revealed that the explanatory variables consisting of loan to rural areas, number of commercial bank branches and demand deposit from the rural areas all have positive significant impact on HDI in Nigeria.The overall result revealed that financial inclusion has impact on sustainable development in Nigeria.Research implications/limitations -The study recommends that banks and monetary authorities should develop new product and services that will attract savings from the rural dwellers because of the level of significance of their deposit to the development of the country.All the more so as commercial banks should also ensure that the rural dwellers are provided with more bank branches, most especially, in areas where there are few or no banks.Credit facilities should also be provided to the people at an affordable rate as this will uplift the level of inclusion and reduce the level of exclusion in the country which will improve the sustainable development in the country.Originality/value/contribution -Empirically, the study attempted to investigate the impact of financial inclusion on sustainable development in Nigeria.The results of the study suggest that government should continue its effort in the area of poverty alleviation by embracing financial inclusion via a vis financial institutions introducing new financial product and services at lower cost that will cater for the disadvantaged group in the society.

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References

2003The Theory of Economic Development 1991Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models 1975Clausulas comparativas do portugues 2019The Sustainable Development Goals Report 2019 2017The theory of economic development 1990Financial Development, Growth, and the Distribution of Income 2007Finance, inequality and the poor 1989Financial Development, Growth, and the Distribution of Income

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