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What Financial Inclusion in Nigeria Should Include

Ben-Caleb, Egbide and Fakile , A. S. and Oyewo, B. and Faboyede, Olusola Samuel (2015) What Financial Inclusion in Nigeria Should Include. American Journal of Scientific Advances, 1 (1). pp. 36-42.

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The high percentage of Nigerians who are financially excluded coupled with the enormous advantages of a financially inclusive economy provides justification for the dogged pursuit of financial inclusion policy by the Central Bank of Nigeria (CBN) and other stakeholders. Also, financial literacy has been identified as a key pillar of financial inclusion and that financial inclusion will be impossible without a robust financial literacy programme. Hence, the CBN has sponsored the development of both the National Financial Inclusion Strategy and the Financial Literacy framework for Nigeria. However, the financial literacy framework designed by the CBN seemed to be tended toward benefiting the financial institutions and the government more than the individuals to whom it is targeted. This is so because some fundamental aspects of personal finance and money management skills, such as personal cash-flow management and the process of financial freedoms among others are excluded from the framework. This paper is therefore fixated on explaining these concepts and showing how integrating them in the financial literacy blue print of Nigeria will not only expedites the implementation of the financial inclusion agenda, but will also reduce poverty and ultimately contributes significantly towards the achievement of sustainable and inclusive economic growth and development in Nigeria.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Depositing User: Dr Egbide Ben-Caleb
Date Deposited: 29 Feb 2016 10:36
Last Modified: 05 Mar 2018 13:38

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