FINANCIAL INCLUSION IN NIGERIA: INSTITUTIONAL, REGULATORY AND COMPARATIVE PERSPECTIVES

Abstract

Financial inclusion remains a critical challenge in Nigeria, where large segments of the population are excluded from formal financial systems. This conceptual and comparative study critically examines Nigeria’s financial inclusion framework, focusing on institutional arrangements, regulatory policies, and systemic constraints. By contrasting Nigeria’s model with those of developed economies, the paper highlights gaps in policy coherence, institutional capacity, technological adoption, and regulatory effectiveness. While initiatives such as inclusive banking policies and digital financial services signal progress, they often lack the strategic depth and coordination observed in advanced economies. The study argues that Nigeria’s approach is frequently reactive, shaped by socio-economic and governance limitations, rather than proactive and integrated. Drawing on comparative insights, the paper offers recommendations for strengthening institutional frameworks, aligning regulations with global best practices, and leveraging technology to enhance access, affordability, and usage of financial services. Ultimately, meaningful financial inclusion in Nigeria requires a holistic, context-sensitive strategy that bridges policy ambition with practical implementation.