FINANCIAL INCLUSION AND ECONOMIC DEVELOPMENT IN NIGERIA.

Abstract

The study investigated financial inclusion and economic development in Nigeria. The population of this study was the entire Nigerian economy (made up of 36 states including FCT) where the elements of data used for this research were extracted. Using judgmental sampling technique, a sample of 11years’ period from 2015 to 2025 was used. This study employed descriptive research and ex-post facto research design. However, relevant data for the study were obtained thorough secondary source via Central Bank of Nigeria (CBN) Statistical Bulletins. Ordinary Least Square Multiple regression technique was used to measure the effects of the predictor variables on the criterion variables. This study used estimated technique of both descriptive statistics and Ordinary least square (OLS) regression analysis method with the help of Eview-9 software. Consequently, the study revealed that mobile payment, internet payment, point of sale, automated teller machine have significant positive effect on gross domestic product in Nigeria; also, the study found that mobile payment, internet payment, point of sale, automated teller machine have significant positive effect on human capital development in Nigeria. The researcher concluded that financial inclusion significantly effects economic development. Hence, the researcher suggested that policy makers should continue to strengthen the internet system for better service delivery; also, financial institutions should continue to spread POS terminals across streets, towns and villages of the country for better financial inclusion; electronic taxes collected as a result of E-money transfer should be used to educate and enlighten the people for better usage of the financial system.