Fostering Financial Inclusion: A Case Study of the Central Bank of Nigeria's Strategic Initiatives

Abstract

This case study examines the strategic initiatives implemented by the Central Bank of Nigeria (CBN) in fostering financial inclusion within the country. Financial inclusion, defined as the access and usage of affordable financial services by individuals and businesses, is crucial for economic development and poverty reduction. The CBN has recognized the significance of financial inclusion and has undertaken various measures to enhance accessibility and promote financial literacy among under-served populations. This study explores the key initiatives undertaken by the CBN, such as the implementation of agent banking, mobile money services, and the establishment of the National Financial Inclusion Strategy. It analyzes the impact of these initiatives on improving financial access, deepening financial literacy, and promoting economic empowerment. The findings of this case study contribute to the understanding of effective strategies for fostering financial inclusion and can inform policymakers and stakeholders in Nigeria and other similar contexts.

Keywords

• financial inclusion
• central bank of nigeria
• strategic initiatives
• mobile money services
• national financial inclusion strategy