Title: Measuring financial inclusion: a survey-based approach

Authors: Akinwumi Sharimakin; Anthony Enisan Akinlo

Addresses: Department of Economics, Adeyemi Federal University of Education, Ondo, Nigeria ' Department of Economics, Obafemi Awolowo University, Ile-Ife, Nigeria

Abstract: The study measured the extent of financial inclusion in Southwestern Nigeria in the year 2021. Data on ten indicators of three dimensions (outreach, ease of transaction, and cost of transaction) were collected through surveys. Usage dimension of index of financial inclusion was separately measured with data on the use of ten financial instruments in the last one year. The results of outreach, ease and cost of transaction, averagely showed a fair extent of financial inclusion in Southwestern Nigeria. The frequency and depth of usage of financial instruments revealed that only a few number of households made regular use of financial services. More policy efforts of the government, banks and regulatory authorities are still needed at ensuring that formal financial services are available and affordable to all qualified adults.

Keywords: financial inclusion; survey; financial instruments; usage dimension; household; index of financial inclusion; IFI.

DOI: 10.1504/IJSEM.2024.142454

International Journal of Services, Economics and Management, 2024 Vol.15 No.6, pp.623 - 649

Received: 15 Dec 2021
Accepted: 11 Dec 2022
Published online: 01 Nov 2024 *

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