[PDF] Financial Inclusion As A Tool For Poverty Alleviation In Nigeria eBook

Author : Lucas Elumah
Publisher : LAP Lambert Academic Publishing
Page : 60 pages
File Size : 16,8 MB
Release : 2016-01-08
Category :
ISBN : 9783659820472

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This study is carried out with the objective to carefully examine financial Inclusion in a developing country and how it helped reduced poverty in Nigeria, ascertain if financial institutions facilitate more access to credit facilities, and to investigate the causes of financial exclusion in Nigeria. Developed countries have realised that there are complex and multi-dimensional factors that contribute to financial exclusion; hence, variety of providers, products and technologies that best suits the socio-economic, political, cultural and geographical conditions in these countries have been introduced accordingly. The Nigerian banking system is growing but at a semi fast rate when compared to other international institutions. This is perhaps due to the limited level of exposure of its services to the public thereby resulting to a low level of access to these facilities. Access and use of the services that banks have to offer is one of the primary driving factors of further growth. Financial inclusion is critical as increasing the poor's access to financial services is often considered as an effective tool that can help reduce poverty and lower income inequality.

Author : Folorunsho Ajide
Publisher :
Page : 23 pages
File Size : 50,12 MB
Release : 2015
Category :
ISBN :

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Studies have strengthened the importance of financial development as a veritable tool for poverty reduction. This study contributed to the existing literature by examining the effect of financial inclusion on poverty reduction in Nigerian rural communities using data from 1996-2013. Data sourced from Central bank of Nigeria (CBN), National Bureau of Statistics and World Bank data base were analyzed using Autoregressive Distributed Lag Modeling (ARDL). Bound test results showed that there was a long-run relationship among the variables. Both short and long run relationship confirmed the importance of financial inclusion as a suitable strategy for poverty reduction in rural communities. The finding of this paper has a clear-cut policy implication. As the beneficial effect of financial inclusion on rural poverty reduction is dampened or even cancelled out by cost of borrowing and degree of financial openness, the policy package must take into account the risk of interest charged by banks and financial exposure or openness of rural communities in Nigeria. This is because the levels of financial literacy are often low in rural areas. This does not allow people to understand financial services they have around them which may serve as an opportunity for banks to be exploited. The paper also recommended that monetary authorities should drive rural financial inclusion in the country.

Author : Essam Yassin Mohammed
Publisher : Routledge
Page : 260 pages
File Size : 29,42 MB
Release : 2017-12-12
Category : Business & Economics
ISBN : 1351595121

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More than one billion people still live below the poverty line – most of them in South Asia and Sub-Saharan Africa. Financial inclusion is a major issue, as more than three-quarters of the numbers of poor and disadvantaged women and men do not have access to financial products and services, such as bank accounts, affordable and suitable loans, and insurance. The key objective of this book is to provide practical case studies of financial inclusion, rather than focus on academic debates such as the ideological basis of promoting microfinance. Using the recently adopted Sustainable Development Goals as an overall framing of the issues, it shows how poor and disadvantaged women and men can be bankable if the right facilitation for maximizing opportunities and addressing constraints are in place. Case studies confirm that achieving inclusive and sustainable access to financial products and services goes beyond simply enabling poor and disadvantaged women and men to have access to credit, or the ability to open a bank account. Examples from Africa, Asia and Latin America demonstrate encouraging progress in making microcredit accessible to millions of poor people. The foremost challenge, however, has been to ensure that they have access to, and usage intensity of, suitable and affordable financial products and services that meet the needs of their livelihoods as well as risks and mitigation strategies. This requires understanding that poor and disadvantaged women and men do not exist in isolation from complex and interdependent functions in the financial system, which includes a number of actors, diversified services, constraints (not just symptoms) and capacities and incentives. Overall, the book provides a rich source of examples of how building inclusive financial systems can empower the world's poor – by increasing income and employment opportunities, securing livelihoods and reducing poverty.

Author : Stefan Johnson
Publisher :
Page : 108 pages
File Size : 49,15 MB
Release : 2016-09-16
Category :
ISBN : 9783668248656

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Master's Thesis from the year 2014 in the subject Economics - Finance, grade: 3, University of Applied Sciences Osnabruck (WiSo), course: International Business and Management, language: English, abstract: This paper observes the relationship between multiple variables in order to determine whether Financial Inclusion can be used as a tool for poverty reduction in the Middle East and North Africa. There are many reports that identify this to be function to something very likely as a tool around the world; however, there has been limited work regarding financial inclusion and the Middle East and North Africa. Through qualitative and quantitative research, this paper examines the possibility of this theory working in MENA. Wide income disparities, combined with government corruption, religious dispositions, and an overall lack of money are contributing barriers to the unbanked. These factors greatly limit the use of this tool until other issues are tackled and governments commit to more policies that will be conducive to growth; banks must be more open to lending; and people will have to become more financially literate. The World Bank, Gallup, the IMF, and various authors, in addition to the World Bank FINDEX dataset are used to reference information conceded by well-respected authors in the financial-, development-, and in the government sector. Although there seems to be a great deal of promise with the concept of Financial Inclusion as a Tool for Poverty Reduction world wide, it seems to be very limited in MENA, in the poverty-stricken nations. Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, and Yemen are observed in the report. Generally, there are barriers preventing the implementation of inclusiveness, which will prevent the advancement of poverty alleviation. More government commitment is required."

Author : Muhamed Zulkhibri
Publisher : Springer
Page : 336 pages
File Size : 20,78 MB
Release : 2017-11-30
Category : Business & Economics
ISBN : 3319697994

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This book explores the relationships between financial inclusion, poverty and inclusive development from Islamic perspectives. Financial inclusion has become an important global agenda and priority for policymakers and regulators in many Muslim countries for sustainable long-term economic growth. It has also become an integral part of many development institutions and multilateral development banks in efforts to promote inclusive growth. Many studies in economic development and poverty reduction suggest that financial inclusion matters. Financial inclusion, within the broader context of inclusive development, is viewed as an important means to tackle poverty and inequality and to address the sustainable development goals (SDGs). This book contributes to the literature on these topics and will be of interest to researchers and academics interested in Islamic finance and financial inclusion.

Author :
Publisher :
Page : pages
File Size : 23,79 MB
Release : 2013
Category :
ISBN :

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Abstract: The inflexibility of poverty is being met with increasing impatience from governments of diverse ideologies, donors and other international agencies. Recent data compilations show that many poor and non-poor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Therefore, financial inclusion plays a critical role in reducing poverty. Hence, this paper examines the relationship between sustainable financial services and poverty reduction in Nigeria from 1965-2010 using Error Correction Model (ECM). It was observed that total value prime lending rate, financial savings, credit to private sector and rate of inflation all have significant impact on the financial deepening. In the final analysis, the study concludes that financial inclusion tends to strengthen financial deepening and provide resources to the banks to expand credit delivery thereby leading to financial development. The study therefore recommends that these f

Author : Munacinga C. Simatele
Publisher : AOSIS
Page : 316 pages
File Size : 27,39 MB
Release : 2022-02-15
Category : Business & Economics
ISBN : 1776341813

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Financial inclusion has been noted as a key driver of poverty alleviation and growth. Yet, most of the scholarly work that exists lacks a comprehensive discussion of how the poor interact with financial services and the channels through which such services can affect their livelihoods. This book offers researchers who focus on financial inclusion and African economies a one-stop resource for understanding the channels of transmission for financial inclusion as well as an application of these channels through original country-specific empirical papers. The book provides a back-to-basics presentation of the transmission of financial services to growth and poverty. This theoretical discussion is complemented by an empirical presentation of the various services used by the poor, with a focus on Africa. Case studies of financial inclusion in six African countries cover a broad range of topics most important to African countries and highlight the unique African setting. These empirical papers provide important learning points. Firstly, hybrid financial institutions such as cooperative financial institutions and financial social entrepreneurs are the best way to increase financial inclusion in Africa. They provide important vehicles to circumvent the restrictive and exclusive bank-based financial markets typical of African economies. Secondly, digital finance is a potent tool for improving financial access and usage in Africa, and its impact on poverty operates through both traditional and nontraditional financial instruments. Thirdly, investment in infrastructure which supports complementary markets is critical and is likely to have a greater effect on credit rationing than direct provision of credit to small businesses.

Author : Sefa Awaworyi Churchill
Publisher : Springer Nature
Page : 375 pages
File Size : 19,58 MB
Release : 2020-04-25
Category : Business & Economics
ISBN : 9811515565

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This book presents a collection of chapters that examine various dimensions of development. Between 2000 and 2015, the Millennium Development Goals (MDGs) remained the overarching development framework that governed the international development community. After a decade and half of commitment to the MDGs, the framework is widely considered a success, although progress reported across countries has been uneven. The new overarching international development framework may not be successful or present the best opportunities for the desired global change without a better understanding of factors that contributed the most or the least to the attainment of the MDGs. The chapters presented in this book provide discussions and insights into understanding these factors better. They represent a collection of scholarship that address some of the important questions in international development. They adopt a wide range of research methods to provide insight into what works, and what does not, in promoting the stipulated development goals.

Author : Uyi Benjamin Edegbe
Publisher : GRIN Verlag
Page : 90 pages
File Size : 10,10 MB
Release : 2013-06-07
Category : Social Science
ISBN : 3656444242

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Master's Thesis from the year 2013 in the subject Sociology - Miscellaneous, University of Freiburg (Global Studies Program, Institute fur Soziologie.), language: English, abstract: [...] The poverty question is a global phenomenon. It is perhaps one of the greatest challenges facing Mankind today, especially in most parts of the developing world. This Perhaps explains why the eradication of poverty was listed as the first of the eight issues of the millennium development goals. The problem of poverty is more disturbing giving the fact that there is abundant and enormous wealth in the world to adequately meet the needs of every one. Poverty may be defined as a condition of lack and inability to meet adequately the basic needs of life such as Shelter, food, education and health care. Similarly, according to a United Nations statement: Poverty is a denial of choices and opportunities, a violation of human dignity. It means lack of basic capacity to participate effectively in society. It means not having enough to feed and clothe a family, not having a school or clinic to go to; not having the land on which to grow one’s food or a job to earn one’s living, not having access to credit. It means insecurity, powerlessness and exclusion of individuals, households and communities. It means susceptibility to violence, and it often implies living on marginal or fragile environments, without access to clean water or sanitation.(UN,2008 quoted in Ucha,2010). 2 In other words, the problems of poverty is more worrisome in Sub-Saharan Africa with 47.5% of the people living on less than $1.25 and 70% living on less than $2 per day in Sub-Sahara Africa (World Bank, 2008).The figure may have become worse considering the drought that hit parts of horn of (East) Africa in 2011 and the problem of maladministration or poor governance bedeviling the region. In Nigeria the high level of corruption, poor leadership has contributed to exacerbate the problem of poverty. Ucha, 2010 puts it thus: “Unemployment, corruption, non diversification of the economy, income inequality, laziness and a poor educational system can be considered to be some of the key factors contributing to poverty in Nigeria”(p.46). Given the fact that Nigeria is a country with rich human and natural resources, it is disturbing that majority of her citizens are still very poor. The government has over the years formulated a lot of programs and policies geared towards poverty reduction; however it remains a controversy whether those programs and policies have actually achieved their desired objectives.[...]