SIAR-Global Jou nal o Economics, Finance & Accoun ing (GJEFA)
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in o@sia publica ions.o g Vol. 1 Issue 1 Sep .-Oc . 2025
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Financial Inclusi e and Economic G ow h: An Examina ion wi h Endogenous G ow h
Model
E habo , Osa uyi Je ey Ph.D & Okoh, Osa hemen Macdonald Ph.D
Depa men o Banking and Finance, Amb ose Alli Uni e si y, Ekpoma.
Co esponding email: [email p o ec ed]
Abs ac
Nige ia o e he yea s has no achie ed a sus ainable economic g ow h. I is in his ein ha his
s udy was ca ied ou in o de o in es iga e inancial inclusion and economic g ow h in Nige ia.
Seconda y da a we e collec ed om banks’ annual inancial epo , Cen al Bank o Nige ia (CBN)
S a is ical bulle in and he NDIC annual epo . Desc ip i e s a is ical, uni oo es and mul iple
eg ession econome ic echnique we e used o he s udy. Loans om u al bank, u al bank
b anch ne wo k and bank lending a e had posi i e ela ionship wi h inancial inclusion while
deposi o u al bank b anch, u ban bank b anch ne wo k, au oma ed elle machine and poin o
sale had nega i e ela ionship wi h inancial inclusion. Au oma ed elle machine, poin o sale and
bank lending a e we e all signi ican while deposi o u al bank b anch, loans om u al bank,
u al bank b anch ne wo k, and u ban bank b anch ne wo k we e insigni ican
Keywo ds: Financial Inclusion, Economic G ow h, Loans, Au oma ed Telle Machine, Poin o
Sale.
1. In oduc ion
Financial inclusion e e s o inc eases banks’ access h ough he enhancemen o inancial se ices
ha a e ailo ed o all le els o he socie y including he u al and he inancially excluded a eas
ha a e o en e m he unde se ed, unbanked, and unde banked; he eby inc easing he
a ailabili y o , and accessibili y o inancial se ices in he economy. I aimed o ensu e ha
indi iduals and business i ms ega dless o whe e hey a e, and hei income le el can access and
u ilizes inancial se ices, including paymen s, sa ings, c edi s, and insu ance se ices.
His o ically, he inancial sys em has p ima ily se ed he u ban and high-income popula ion while
limi ing access o he u al and low-income indi iduals; his has con ibu ed o income inequali y
and slowed economic p og ess (IMF, 2021). To b idge his gap, go e nmen s and inancial
ins i u ions implemen ed ini ia i e o expand inancial accessibili y. The global push o inancial
inclusion gained momen um in 2010 ollowing he ou come o he mee ing held by he G-20 global
pa ne ship o inancial inclusion (GPFI), in esponse o hese in e na ional e o s, Nige ia
launched i s na ional inancial inclusion s a egy (NFIS) IN 2012, aiming o educe he inancial
exclusion a e om 46 pe cen in 2010 o 20 pe cen by 2020. The NFIS in oduced mobile
banking, agen and mic o inance banking expansion aiming o imp o e and expand inancial
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se ices access o he u al a eas, low-income ea ne s, small business en e p ise as well as o he
nume ous agencies (CBN, 2018). Some inancial links such as T ade Moni, Ma ke Moni,
Moniepoin , Opay, and Condi ional Cash ans e we e also in oduced by he Cen al Bank o
Nige ia o p omo e inancial inclusion by equi ing indi iduals o open and use o mal bank
accoun s o unds deposi s, wi hd awals and ans e s (Na ional Social In es men o ice, 2020).
Financial inclusion s a egy ha e hus becomes a c i ical policy objec i e ha is globally
ecognized o i s ole i can con ibu e o economic g ow h, po e y alle ia ion, and inancial
s abili y.
Though he p ima y aim o inancial inclusion is o spu economic g ow h h ough expansions o
a eas ha we e o mally unde se ed, unde banked,and inancially excluded, his s udy he e o e
in end an in-dep h analysis o inancial inclusion and Nige ia’s economic g ow h b inging in o
ocus he numbe s o banks’ b anch ne wo k, banks’ deposi s and loans o ag icul u al sec o and
ela ed a eas, in ech and o he inancial inclusion s a egies ha will aid he g ow h p ocess.
S a emen o he p oblem
Financial exclusion has limi ed in es men oppo uni ies, educe economic p oduc i i ies, and
hampe s o e all economic g ow h. On he con a y, i has been accep ed by some s udies ha
inancial inclusion can play a os e ole in economic g ow h and a g ea e bank’s inancial
pe o mance by ensu ing ha indi iduals, households and o he economic uni s ha e access o
o mal inancial se ices such as sa ings, c edi s, and paymen sys em, as well as om bank’s
income di e si ica ion;; ha is, mobilizing inancial esou ces wi h inclusi e s a egy can help a
g ea deal enhancing economic g ow h, income smoo hing, and po e y educ ion in ou u al a eas
which ha e been ega ded as unbanked and unde banked a eas.
Exis ing li e a u es on inancial inclusion in Nige ia has la gely ocused on mic o inance
ins i u ions such as sa ings mechanisms; his ha e p o ided aluable insigh s bu lacks b oade
mac oeconomic pe spec i e ha in eg a es mul iple inancial inclusion indica o s (Onaaolapo,
2023), mobile banking pene a ion (Soyemi, Olowo ela, and Yunusa, 2020), and banks’
accoun ing owne ship a es (Demi guc-Kun , Klappe , and Singe , 2018). These s udies neglec ed
key inancial inclusion indica o s such as in ec, and banking densi y. This s udy illed he
iden i ied gap by inco po a ing hese a iables o be able o p o ide a good ou come o inancial
inclusion impac on economic g ow h. This is he basis and he need o his s udy.
Objec i es o he s udy
The b oad objec i e o his s udy is o examine he impac o inancial inclusion on he economic
g ow h o Nige ia, he speci ic objec i es a e o;
i. Examine he ela ionship be ween inancial inclusion and economic g ow h in Nige ia,
ii. De e mine he ela ionship be ween deposi s o u al banks’ b anch ne wo k and
economic g ow h in Nige ia.
iii. In es iga e he ela ionship be ween Loan om u al bank b anch ne wo k and
economic g ow h o Nige ia,
i . Assess he ela ionship be ween u al bank b anch ne wo ks and economic g ow h o
Nige ia,
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. Assess he ela ionship be ween u ban bank b anch ne wo ks and economic g ow h o
Nige ia,
i. De e mine he ela ionship be ween au oma ed elle machine on economic g ow h o
Nige ia,
ii. Analyze he ela ionship be ween poin o sale on economic g ow h in Nige ia, and
iii. Asce ain he ela ionship be ween bank lending a e on economic g ow h o Nige ia.
S a emen o hypo heses
To achie e he abo e objec i es, he ollowing hypo heses a e es ed which a e s a ed as Null
hypo heses, ha ;
HO1: inancial inclusion has no signi ican ela ionship on economic g ow h in Nige ia,
HO2: deposi s o u al bank b anches has no signi ican ela ionship on economic g ow h in
Nige ia.
HO3: he e is no signi ican ela ionship be ween loans om u al bank b anch ne wo k on
economic g ow h o Nige ia.
HO4: numbe s o u al bank b anch ne wo k has no signi ican ela ionship on economic g ow h
o Nige ia.
HO5: u ban bank b anch ne wo k has no signi ican ela ionship on economic g ow h o
Nige ia,
HO6 au oma ed elle machine has no signi ican ela ionship on economic g ow h o Nige ia,
HO7: Poin s o sale has no signi ican ela ionship on economic g ow h o Nige ia, and
HO8: bank lending a e has no signi ican ela ionship on economic g ow h in Nige ia.
2. Li e a u e e iew
2.1 Concep ual Re iew
2.1.1 Financial inclusion
Financial inclusion e e s o he ope a ions o inancial ins i u ions in a eas o enable indi iduals,
ade s, a me s, en ep eneu s, and small business i ms as well as he unbanked and unde banked
ha e access o inancial se ices such as banks c edi s, paymen se ices and money ans e , and
insu ance se ices, as well as imp o ing o e all economic pa icipa ion (wo ld Bank, 2022;
Demi guc-Kun , Klappe , Singe , & Ansa , 2018). Acco ding o he global index da abase (2021),
while access o inance ha e imp o ed wo ldwide, de eloping economies including Nige ia, a e
s ill besiege wi h obs acles in expanding o mal inancial se ices pa icula ly in he u al a eas
(Wo ld Bank, 2021); bu , in spi e o some se backs such as digi al illi e acy and in as uc u al
p oblems, he ecen ise o inancial echnology ( in ech) and inno a ions such as mobile banking,
digi al walle s, and agen banking has helped imp o e inancial inclusion.
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Financial inclusion can play a i al ole in economic g ow h as i allows indi iduals o sa e, in es
and ac i ely pa icipa e in he economy. I can also s imula e en ep eneu ship, a me s, ade s,
and small businesses by p o iding access o c edi , educing he dependence on in o mal inancial
sou ces and con ibu ing o he o e all economic p oduc i i y (Badajide, Taiwo, and Isibo , 2021).
S udies ha e shown ha coun ies wi h highe inancial inclusion a es end o expe ience mo e
s able economic g ow h as inc ease access o inancial se ices imp o es capi al alloca ion and
encou ages in es men (Beck, Demi guc-Kun , and Honohan, 2009).
2.1.2 Financial inclusion indica o s
Se e al key indica o s a e used o measu e inancial inclusion. This includes u al deposi money
bank’s deposi s, bank densi y, loans access, banks’ lending a e, and he use o au oma ed elle
machines and paymen on sale.
i. Deposi money banks’ deposi s
Deposi s o deposi money banks se es as a undamen al inancial inclusion indica o ,
ep esen ing he ex en o which u al popula ion engaged wi h o mal inancial sys em. These
deposi s p o ide he essen ial capi al ha he banks ex end as loans o indi iduals and businesses.
ii. Ru al and U ban deposi money banks’ popula ion densi y
Banks’ cus ome ’s popula ion densi y in bo h u al and u ban a eas is also a inancial inclusion
de e minan indica o . A high bank cus ome popula ion densi y educes ansac ion cos s, enhance
banking e iciency, and p omo e g ea e pa icipa ions in he o mal inancial sys em. Acco ding
o Beck and B own (2018), inc easing bank densi y encou ages deposi mobiliza ions, imp o e
inancial in e media ion, and enhances economic ac i i ies.
iii. Deposi money banks’ loans and ad ances
Access o bank c edi in he u al, unbanked and unde banked a eas is a undamen al d i es o
inancial inclusion, enabling indi iduals and business uni s o in es , expand and imp o e
p oduc i i y. Loans and ad ances p o ided by deposi money banks acili a es economic g ow h
by suppo ing ag icul u al ac i i ies, pe y ade s, en ep eneu s and small scale and medium scale
en e p ises ( u al economy).
i . Deposi money banks’ lending a e (in e es a e)
Banks’ lending a es di ec ly in luence he cos o bo owing and in es men decisions. Lowe
in e es a es encou age bo owing, s imula e in es men and p omo e economic ac i i ies. On he
con a y, high in e es a e discou ages c edi demands, and hus limi s economic ac i i ies.
. Au oma ed elle machine (ATM)
The use o ATM p o ides con enien access o inancial se ices, especially in emo e, u al,
unbanked and unde banked a eas. The applica ions o ATM educes ansac ions ba ie s, p omo e
cashless ansac ions and enhance inancial inclusion. Acco ding o Mohammed and Elwan (2024),
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he expansion o ATM ne wo ks ha e signi ican ly con ibu ed o inancial inclusion in eme ging
economies.
2.1.3 Economic g ow h
Economic g ow h is a key indica o o a coun y’s economic pe o mance, e lec ing an inc ease
in he p oduc ion o goods and se ices o e ime. I is measu e by a coun y’s eal g oss domes ic
p oduc ( GDP) which indica es he coun y’s abili y o gene a es mo e ou pu s while main aining
p ice s abili y (Wo ld Bank, 2022). Se e al ac o s in luences economic g ow h, amongs which
is capi al accumula ions, e c. wi hin his amewo k, inancial inclusion plays a i al ole in
s imula ing g ow h by imp o e access o inancial se ices hence acili a ing in es men and
p oduc i i y (Wo ld Bank, 2022). Economic g ow h is a ise in a na ion’s g oss domes ic p oduc ,
o na ional p oduc o e ime; hus unde he Keynesian app oach o na ional income
de e mina ion, economic g ow h o g oss domes ic p oduc (GDP) is also e e ed o as agg ega e
demand. Economic g ow h he e o e ep esen s he expansion o a coun y’s po en ial GDP o
ou pu ; hence i has emained he commones measu e o economic pe o mance and ma ke
expansion. As poin ed ou by Nzo a, and Oke eke (2013), ma ke expansions can only be achie ed
when he equi ed capi al a e a ailable when needed, as well as endogenous a iables.
2.1.4 Financial inclusion and Economic g ow h .
The e is a signi ican ela ionship be ween inancial inclusion and economic g ow h as banks
enhance economic ac i i ies, economic pa icipa ions, en ep eneu ial de elopmen , enabling
paymen sys em, and imp o e esou ces alloca ions (Demi guc-Kun , Klappe , Singe , & Ansa ,
2018). On he global le el inancial inclusion is ega ded as a key d i e o economic g ow h;
ins i u ions such as he Wo ld Bank, he In e na ional Mone a y Funds, and he Global Pa ne ship
o inancial inclusion emphasis ha inancial inclusion enhances po e y educ ion, and weal h
c ea ions (GPFI, 2020).
Financial echnology such as mobile banking, digi al paymen s sys em, agen banking, POS
se ices, and he use o au oma ed elle machines ha e made inancial se ices mo e accessible
especially in he u al, unde se ed, unbanked, and he unde banked a eas. Empi ical esul s om
s udies in some de eloping coun ies e idences ha mobile banking enhances economic ac i i ies
by educing ansac ion cos , enabling paymen sys em easy and s essless, inc easing inancial
pa icipa ions, and acili a ing emi ances (Sahay, e al., 2015).
2.2 Theo e ical Re iew
Endogenous g ow h heo y
This s udy is ancho ed on he endogenous g ow h heo y as de eloped by Rome (1986), and Lucas
(1988). The heo y p oposes ha long- e m economic g ow h is p ima ily d i en by in e nal ac o s
such as human capi al de elopmen , echnological ad ancemen s, and inancial inno a ions.
Rome (1986), a gued ha echnological inno a ion and inancial ma ke e iciency a e key
d i ing o ces o sus ained economic g ow h. Simila ly, Lucas (1988), also p oposes ha
in es men in human capi al such as inancial li e acy p og ammes and skill de elopmen enhances
p oduc i i y and os e inclusi e economic g ow h. F om he inancial inclusion pe spec i e, he
endogenous g ow h heo y unde sco es he ole o inancial ins i u ions in suppo ing
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en ep eneu ship, inno a ion, and human capi al de elopmen in Nige ia; access o inancial
se ices as acili a ed in es men in educa ion, businesses, ag icul u e, and inancial echnology
(Fin ech), he eby d i ing economic g ow h (CBN, 2022).
2.3 Empi ical Re iew
Se e al s udies ha e examined he ela ionship be ween inancial inclusion and economic g ow h.
This sec ion e iews some o hese s udies.
Khan, Za a , Okunlola, and Robe (2022), conduc ed a s udy on he e ec s o inancial inclusion
on economic g ow h, and po e y educ ion in G20 coun ies. The s udy co e ed a pe iod o wen y
yea s, om 2002 o 2021. The a iables used in he s udy we e GDP, bank accoun owne ship,
loans disbu semen , and mobile money usage. Applying he gene alized me hod o momen
(GMM) econome ic echniques, he esul o he s udy ou come e eals ha he e is a posi i e
signi ican ela ionship be ween he dependen a iable and independen a iables; ha inancial
inclusion educes po e y, and spu s economic g ow h.
Fu he mo e, Ali, Hashani, Nazi , and Bilal (2021), in hei s udy also examined he ela ionship
be ween inancial inclusion and economic g ow h in Islamic de elopmen bank’s membe
coun ies. Da a we e collec ed om 2015 o 2020 on GDP, loans ex ensions and inancial li e acy.
The au ho s u ilizes econome ic panel co-in eg a ion echniques; and he s udy ou come e eals
ha inancial inclusion signi ican ly con ibu e o GDP g ow h a e in Islamic de elopmen bank’s
membe s S a e, bu ha loans ex ension has a nega i e signi ican e ec on economic g ow h.
A olabi (2020), examined he impac o inancial inclusion on he economic g ow h o Nige ia
using ime se ies da a. Va iables such as g oss domes ic p oduc , inancial li e acy, mic o inance
ins i u ions, and o mal inancial ins i u ions we e used. The s udy ou come shows ha
mic o inance ins i u ions and inancial li e acy has signi ican posi i e impac on economic g ow h
in Nige ia. he s udy also ound ha expanded access o inancial se ices leads o g ea e
economic pa icipa ions and po e y educ ions.
Onyechukwu and Samuel (2022), examined he impac o inancial inclusion on Nige ia’s
economy; he s udy co e ed en yea s pe iods o be ween 2011 o 2020. Applying he o dina y
leas squa e (OLS) eg ession model, he s udy ou come shows ha u al b anch banking, and
deposi s has a nega i e signi ican ly impac on he Nige ia’s economy. Howe e , o he a iable
such as u ban bank b anches, mic o inance ins i u ions and u al loans shows posi i ely signi ican
impac on he economy.
In he same iew, I edio a, O o , Eze, and Takon (2022), conduc ed a s udy on he e ec o
inancial inclusion on he economic g ow h in he Sub-Saha a A ica egions co e ing en yea s
peiods o 2011 o 2020S. he a iables used we e GDP, banks accoun owne ship, inancial
li e acy, and sa ings mobiliza ions. F om he eg ession analysis esul s, banks’ accoun owne ship
and inancial li e acy has a posi i e signi ican e ec on Sub-Saha a A ica economic g ow h,
while sa ings mobiliza ions has a nega i e and insigni ican e ec on Sub-Saha a A ica economic
g ow h.
A s udy by Raju oy and Emmanuel (2023), in es iga ed he in luence o inancial and socio-
economic ac o s on sus ainable de elopmen in Bangladesh. The a iables employed we e GDP,
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mobile banking usage, access o mic oc edi , and digi al paymen sys em om 2010 o 2022. While
panel da a eg ession model was employed o analysis. The ou come o he s udy e eals ha
inancial inclusion a iables ha e posi i e and signi ican e ec on Bangladesh economic g ow h.
In ano he s udy, Raju oy & Emmanuel (2023), examined he ole o inancial inno a ion and agen
banking in os e ing small and medium scale en e p ises g ow h in Bangladesh; da a we e collec ed
om 2015 o 2022, and in ol ed a iables such as SME g ow h, agen banking, access o c edi ,
co e age a eas, and inancial cons ained. Using s uc u al equa ion model o analysis, he esul
ob ained shows ha agen banking, co e age a eas a e posi i e and s a is ically signi ican o he
g ow h o SME, while he ease o c edi and inancials a e nega i ely signi ican o SME g ow h.
3. Me hodology
The s udy examines inancial inclusion and economic g ow h in Nige ia. To achie e his objec i e,
wo econome ic me hods we e used; hese a e he uni oo es s and he mul iple eg ession
econome ic echnique.
The popula ion o he s udy comp ises o deposi money banks (DMBs) u al b anch ne wo ks
ope a ing in Nige ia wi h he exclusion o Islamic and mic o inance banks.
Seconda y da a we e collec ed om he banks’ annual inancial epo s o a ious yea s, cen al
bank o Nige ia (CBN) annual epo s and s a is ical bulle ins, and NDIC annual epo s.
The a iables used a e g oss domes ic p oduc (GDP), deposi s o u al deposi money banks, u al
communi y banks’ densi y, u ban deposi money banks’ densi y, numbe o banks’ b anch
3.1 Model Speci ica ion
The model o he s udy is de i ed om he gene al o m:
Y = a + bx equ.1
Whe e:
Y = dependen a iable,
a = cons an ,
b = he coe icien o he independen a iables, and
x = he independen a iables.
In line wi h he gene al o m o equa ion 1 abo e, he s udy is ancho ed on he model de eloped
by Ugbade, Mohammed, and Ahmad (2017) in line wi h he endogenous g ow h heo y. Ugbade,
Mohammed, and Ahmad (2017) equa ion is s a ed as:
GDP = ao + a1D b + a2L b + e equ.2
Whe e:
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GDP = eal g oss domes ic p oduc o e ime,
D b = deposi s o u al bank b anches o e ime,
L b = loans om u al bank b anches o e ime, and
E = e o e m
Essen ially, he equa ion es on he suppo o eigh independen a iables, ha is, deposi o u al
bank b anches, loans om u al bank b anches, u al bank densi y, u ban bank densi y, numbe o
bank b anch ne wo ks, au oma ed elle machine, paymen on sale, and banks’ lending a es, and
one dependen a iable-g oss domes ic p oduc .
The e o e, he modi ied model o his s udy is speci ied in a unc ional o m as indica ed below:
GDP = (D bb, L b, Rbd, Ubd, Nbb, A m, Pos, Bl ) equ.3
Whe e:
GDPg = eal g oss domes ic p oduc ,
D b = deposi s o u al b anch,
L b = loans om u al bank,
Rbb = u al bank b anch ne wo k,
Ubb = u ban bank b anch ne wo k,
A m = au oma ed elle machine,
Pos = poin o sale, and
Bl = bank lending a e.
Adjus ing he abo e model (equ. 3) a e ou wo k, and o es ablish any causal ela ionship be ween
he a iables, linea eg ession equa ion was used; and ou eg ession model speci ica ion is
ep esen ed in econome ics e ms as:
GDg = a0 +a1D b + a2L b + a3Rbb + a4Ubb + a5ATM + a6POS + a7Bl + e
3.2 ap io i expec a ions
Ou ap io i expec a ions a e; ha : a1, a2, a3, a4, a5, a6, ˃ 0, a7 ˂ 0.
4. Da a p esen a ion and Analysis
4.1 Da a p esen a ion
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Table 1: Financial inclusion and Economic g ow h a iables (2014 o 2023)
Yea
GDPg
D bb
#billion
L b
#billioin
Rbb
Ubb
A m #
Pos #
Bl
2014
6.31
0.48
12,889.42
722
4804
000.1471951
000.01248287
16.6
2015
2.65
90.37
13,086.20
722
4748
000.1588100
000.17940502
16.9
2016
-1.62
87.93
16,117.29
722
4848
000.19952.54
00.808665150
16.9
2017
0.81
185.34
15,740.59
722
4992
000.25750.37
00.563925230
17.6
2018
1.92
308.85
15,134.20
722
4579
000.19435.26
00.953243570
19.3
2019
2.21
354.86
17,187.77
722
4715
000.26050.43
00.128190130
15.6
2020
-1.79
351.50
3,273.49
722
4663
000.72798.64
000.18908307
12.3
2021
3.98
351.5
17910
722
4663
000.84923.74
00.978216660
27.6
2022
3.1
351.5
21170
722
4663
3.264803000
00000.410358
29.1
2023
2.9
352
22700
722
4665
2.821259000
000.11034709
25.9
Sou ce: CBN s a is ical bulle in o a ious yea s. NDIC annual publica ions.
Desc ip i e S a is ics
The desc ip i e s a is ics o he a iables (2014–2023) a e p esen ed below.
Table 1: Desc ip i e S a is ics o S udy Va iables (2014–2023)
Va iable
Mean
S d. De .
Minimum
Maximum
GDPg
2.147
2.606
-1.79
6.31
D bb
248.493
140.998
0.48
354.86
L b
15020.996
5277.75
3273.49
22700
Rbb
722
0
722
722
Ubb
4717
122.40
4579
4992
ATM
0.804
1.054
0.147
3.264
POS
0.433
0.341
0.012
0.978
Bl
19.18
5.41
12.3
29.1
127
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3. Nige ians consume a lo o inancial se ices as opposed o in es men . Financial li e acy
campaigns mus ocus on sa ings, in es men and inancing en ep eneu ship as a way o
enhancing e ec i e u iliza ion o inancial inclusion ools.
4. The policies ha a o he in oduc ion o in ech, lowe ansac ion cos s, and consume
p o ec ion can p omo e us and s imula e he u he adop ion o digi al inance.
5. The CBN ough o concen a e on agen banking, mobile money, and coope a i e models o
inance, which a e less expensi e and e icien o he u al popula ion as opposed o b anching.
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