It is anticipated that this will better enable the accurate capture of the state of womens financial. The views expressed are those of the author and do not necessarily. The study uses unbalanced panel data framework of 752 microfinance banks mfbs in nigeria during the period 2011 to 2014. The g20 made the topic one of its pillars at the 2009 pittsburgh summit g20 2009. The british high commission to nigeria and efina convened an interactive event and webinar on how the nigerian fintech ecosystem can increase financial. The little data book on financial inclusion 2018 is a pocket edition of the global findex database published in 2018. However, the marginal improvement in economic growth. The study tests the assertion that greater lending to microfinance female clients leads to an improvement in repayment rate. Access to financial services contributes both to economic growth and wealth creation and is key to tackling the poverty trap in nigeria. Imf releases the 2017 financial access survey, tracking. Findings from the regressions confirm a positive impact of female inclusion on loan repayment rate.
Global financial inclusion global findex database development research group, finance and private sector development unit created on november 01, 2018 last modified november 01, 2018 page views 15262 download 2181 documentation in pdf study website interactive tools metadata ddixml json. Antimoney laundering and terrorist financing measures and. Financial inclusion indicators for rural and urban population in africa 85 figure v. At present, nigeria is not on track to meet the 2020 targets set out in the national financial inclusion strategy nfis of 2012. First, it provides a brief overview of the african financial sector landscape. How to promote financial inclusion in nigeria world.
In 2012, nigeria introduced the national financial inclusion strategy and promoted it as a key driver in becoming one of the worlds largest economies. G20 financial inclusion indicators nigeria the world bank. The fas collects annual data on indicators tracking financial accessan important pillar of financial inclusion. Financial inclusion is critical in reducing poverty and achieving inclusive economic growth. The purpose of nigerias national financial inclusion strategy fis is to set a clear agenda for significantly increasing access to and usage of financial services by 2020. This 2017 edition combines the fatf supplement with the original 20 guidance. The 20 guidance on antimoney laundering and terrorist financing measures and financial inclusion was a collaboration with apg and the world bank.
Following reforms in the financial system geared towards enhancing women financial inclusion and digitalization of financial products and services, its effect on women empowerment becomes imperative. Percentage of nigerian adults, n6,352 thirtyfive percent of nigerians are financially included and banks remain the driver of financial inclusion in nigeria. The database provides nationally representative, demandside data on access to and use of accounts, credit, payments, and savings by adults age 15 and above in 144 economies. The international monetary fund imf released today the results of the eighth annual financial access survey fas. This financial inclusion insights fii survey is the fifth in a series of surveys intermedia uses to track the role dfs play in. Table of select indicators 2014 download the little data book on financial inclusion. New measurement and crosscountry impact assessment financial inclusionone of the pillars of the global development agendaaids inclusive growth and economic development. The major highlights of the meetings included an update on strategic engagements to promote financial inclusion in nigeria and initia. This study ascertains the significant effectiveness of nigerias microfinance model of financial inclusion on women empowerment. G20 financial inclusion indicators pdf glossary pdf. In 2012, nigeria introduced the national financial inclusion strategy nfis and promoted it as a key driver in becoming one of the worlds largest economies the goal of nfis is to decrease the number of nigerians without access to financial services from 46.
The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in nigeria as the exclusion rate. Access the g20 financial inclusion indicators database download countrylevel data powered by the world bank. This paper summarizes financial inclusion across africa. Sector distribution of bank credit in africa 2009 86 figure vi. Financial inclusion and the role of women in nigeria. Financial inclusion in africa african development bank. The strategy articulated the demandside, supplyside and regulatory barriers to. The database provides nationally representative, demandside. Intermedia conducted a nationally representative survey in nigeria to explore the uptake and usage of digital financial services dfs among the adult population ages 15 and over. The data represent a third round of data collection since the global findex database was launched in 2011. Adults around the world and in all income groups use an array of different financial services. Launched in 2011, it includes more than 100 financial inclusion indicators in a format allowing users to compare access to financial services among adults worldwide including by gender, age and household income.
When people can participate in the financial system, they are better able to start and expand businesses, invest in their childrens education, and absorb financial shocks. Pdf international journal of economics and financial. Mr niyi ajao, managing director, nigeria inter bank settlement system nibss, says the nations financial inclusion rate has increased to 63. The financial inclusion national council in tanzania has expanded its financial inclusion database to include data by gender and age and expand the data collected to incorporate usage and quality, as well as financial access indicators. Smes with an account at a formal financial institution enterprise surveys, 2014 70. Banking services should be available to the entire population of the economy without discrimination. Fatf 202017, antimoney laundering and terrorist financing measures and financial inclusion. Theory, practice and policy article pdf available in ssrn electronic journal 11. Nigeria home financial inclusion insights by kantar. This paper introduces a new index of financial inclusion for 151 economies using. While the poor dont have the same access to financial products, their need for financial services may be even greater.
The little data book on financial inclusion 2018 data. The views expressed are those of the authors and do not necessarily. Percentage of nigerian adults, n6,352 thirtyfive percent of nigerians are financially included and banks remain the. The financial inclusion working groups held their 9th meeting at the international training institute, abuja on 3rd april, 2017. National financial inclusion strategy 20172022 xi executive summary this national financial inclusion strategy nfis is a renewed commitment to financial inclusion in zambia and builds on previous efforts and ongoing initiatives by government. Financial inclusion is delivering financial services. Effects of financial inclusion on economic growth in. Global financial inclusion and consumer protection survey. Exposure draft of the national financial inclusion.
S8 3 according to sanusi 4, to achieve high level of economic sustainability and development in nigeria, there is need to. How to promote financial inclusion in nigeria punch. This paper identifies the key drivers of financial inclusion in t he literature and uses the statewide data fro m nigeria to pro vide the evidence for their i mpact on fin ancial inclusion. Second, it uses the global financial inclusion indicators global findex database to characterize adults in africa that use formal and informal financial services and identify the barriers to formal account ownership. By fall 20, more than 50 nationallevel policymaking and regulatory bodies had publicly committed to financial inclusion strategies for their countries world bank 20a, afi 20. Financial inclusion can help reduce poverty and inequality by helping people invest in the future, smooth their consumption, and manage financial risks. The central bank of nigeria cbn adopted the national financial inclusion strategy nfis in 2012. This paper examines the nexus between financial inclusion and financial innovation while incorporating financial development and remittance inflows. The 2017 global ficp survey covers key topics related to the enabling environment for financial inclusion and financial consumer protection, including national financial inclusion strategies, the issuance of emoney by nonbanks, agentbased delivery models, simplified customer due diligence, institutional arrangements for financial consumer. Between 2014 and 2017, the share of adults who have an account with a financial institution or through a mobile money service rose globally from 62 percent to 69 percent. The impact of financial inclusion on agriculture in nigeria evans olaniyi1 received.
Fintechs are bridging the gap and ultimately solving the challenge of financial inclusion by offering a variety of products and services that are cost effective to deploy and easy to access. The nfis set two financial inclusion targets for the year 2020. The little data book on financial inclusion 2018 the data represent a third round of data collection since the global findex database was launched in 2011. Financial inclusion is achieved when adults have easy access to a broad range of formal. Nigeria financial inclusion insights survey technical. Nigeria is out of the recession that started in the first half of 2016. This void in using financial institution to gdp as dependent. However, in india, banks have not been able to cover many segments of our population since long. Federal government launches nigerian economic recovery. The global findex database is the worlds most comprehensive set of data on how people make payments, save money, borrow and manage risk. Nigeria financial inclusion report 2017 linkedin slideshare. I32 april 2014 with 8,090 reads how we measure reads. The vision for financial inclusion in zambia is to have universal access to and usage of a broad range. Covering more than 140 economies, the indicators of financial inclusion measure how people.