Financial Inclusion and Economic Empowerment: A Systematic Review (Published)
Due to rising levels of poverty and inequality in the world, there is a need to study the nexus between financial inclusion and economic empowerment and how it can aid sustainable development. The United Nations has identified financial inclusion as a pertinent tool that can economically empower citizens and lead to inclusive and sustainable economic development. This study implemented the Systematic Quantitative Assessment Technique and systematically reviewed the body of literature on the measurement of financial inclusion and economic empowerment as well as the impact of financial inclusion on economic empowerment. The review revealed financial inclusion is an essential enabler of economic empowerment as it provides individuals with means to access resources and advance their financial well-being. Recognizing and harnessing the potential of financial inclusion is pivotal in unlocking the full potential of individuals and communities, ultimately leading to inclusive economies worldwide.
Keywords: Economic Empowerment, Financial Inclusion, Review, systematic
Financial Liberalization and Domestic Savings in Nigeria: An Empirical Analysis (Published)
One of the reasons for financial liberalization is to adequately mobilize domestic savings in developing countries. Hence, this study investigated the existing relationship between financial liberalization and domestic savings in Nigeria. In achieving this, contemporary econometric approach involving unit root test, co-integration test and error correction model was adopted to analyze the time series data from 1970 to 2015. The study used interest rate spread and financial liberalization index as measures of financial liberalization. It used credit to the private sector over GDP and the number of bank branches over the population to measure financial deepening and financial inclusion respectively. The findings revealed that per capita income and financial deepening were the two factors that affected domestic savings in Nigeria significantly as against interest rate which was widely viewed as the major factor affecting savings mobilization in Less Developed Countries. The study recommended increase in the existing level of per capita income which could be achieved by upward review of wages and salaries of workers every three years. Monetary authorities should use moral suasion to encourage microfinance banks and commercial banks to establish branches in rural areas to help further reduce the population of unbanked Nigerians and ensure greater financial deepening. Monetary authority should ensure that interest rate is determined by market forces to reflect the true depth of the Nigerian financial system and thereby reduce the interest rate spread. The sustenance of CBN autonomy was equally recommended as a key to ensuring financial system stability
Keywords: Domestic Savings, Financial Inclusion, Financial Liberalization, Financial deepening, Nigeria
Barriers of Access to Finance in Nepal (Published)
Access to finance has several meanings, reasons and consequences. Normally, access to finance has two facets, i.e. at household or individual level and business firm level (Beck and Kunt, 2008; World Bank, 2009) to reach in financial institutions to consume financial services. Many policies are formulated and practiced in Nepal to increase access to finance, still the situation is poor. Number of financial intermediaries are increased since the decades, however a larger segment of people are out of financial mainstream. Still, the people do not know about financial services, about service centers and doing business; i.e. financial literacy is poor. From this, a consistent and sustainable access of them to financial services is questionable. Access of people in financial services or access of service providers to people is a ‘double barrel’ question. Similarly, why the poor access among the efforts to increase it since some decades in Nepal is a big question. The paper presents some of the reasons for the poor access of people in financial services. The paper is based on analytical design with some secondary data.
Keywords: Access To Finance, Barriers, Development, Financial Inclusion, Financial literacy