Financial Inclusion: a tool for economic growth in Nigeria
Financial Inclusion is a driver of economic growth as it provides access to financial services through participation of every economic individual unit. Financial inclusion plays a major role in poverty reduction and empowerment. A huge number of Nigerian are unbanked and even lack access to formal financial services. Enhancing Financial Innovation and Access (EFInA) (2013) define financial inclusion as the provision of a broad range of high quality financial products such as savings, credit, insurance, payments and pensions, which are relevant, appropriate and affordable for the entire adult population especially the low income segments of the economy. The drive for Financial Inclusion is aimed at ensuring that all unbanked and disadvantage members of the economy have unlimited access to varying range of financial products to meet their needs and are rendered at affordable cost. According to Enhancing Financial Innovation and Access EFInA, (2012), research shows that 46.3...