{"id":8082,"date":"2023-05-26T15:52:02","date_gmt":"2023-05-26T15:52:02","guid":{"rendered":"https:\/\/infibranches.com\/blog\/?p=8082"},"modified":"2023-05-26T15:52:02","modified_gmt":"2023-05-26T15:52:02","slug":"5-top-reasons-why-financial-inclusion-matters","status":"publish","type":"post","link":"https:\/\/fazipay.com\/blog\/5-top-reasons-why-financial-inclusion-matters\/","title":{"rendered":"5 Top Reasons Why Financial Inclusion Matters"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"8082\" class=\"elementor elementor-8082\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-627f6f3d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"627f6f3d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-42eb261a\" data-id=\"42eb261a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-275ea901 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"275ea901\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77653aff\" data-id=\"77653aff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7c5d2a1a elementor-widget elementor-widget-text-editor\" data-id=\"7c5d2a1a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As of 2008, Nigeria had 53% of her adult population excluded from access to financial services. This rate reduced to 46.3% in 2010 as a result of various global growth and interventions.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Following the CBN financial inclusion policy, the included adult population grew to 64% in 2020, which was still far below the target of 80%.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Some of the critical factors responsible for this shortcoming include <\/span><strong><a href=\"https:\/\/www.premiumtimesng.com\/opinion\/511928-financial-inclusion-in-nigeria-1-by-dotun-eyinade.html\">economic issues, security, level of literacy, and lack of trust for service providers<\/a><\/strong><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Despite these efforts, EFINA, an independent think tank, established that up to 38.1 million adults in Nigeria remain financially excluded. In other words, this crop of the population has no access to ordinary financial services and offers.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Before we consider the top reasons for financial inclusion for the Nigerian population, first, what does financial inclusion mean?<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-24ff274d elementor-widget elementor-widget-spacer\" data-id=\"24ff274d\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-18d2296c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18d2296c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2c63aaaf\" data-id=\"2c63aaaf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-703d85f5 elementor-widget elementor-widget-heading\" data-id=\"703d85f5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What is Financial Inclusion?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7374d86d elementor-widget elementor-widget-text-editor\" data-id=\"7374d86d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The World bank describes Financial inclusion as the provision of access to financial products and services to individuals and businesses. These transactions may or may not involve cash.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Examples of cash transactions may include cash withdrawal, loans, savings, thrift collections and related services. On the other hand, cashless transactions may involve subscriptions, payments, bettings, and insurance.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Making these financial products and services available to otherwise excluded people is the first stage of financial inclusion. The processes are sustainable and affordable while operating through a digital wallet or bank account.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6316fbe3 elementor-widget elementor-widget-spacer\" data-id=\"6316fbe3\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3564304b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3564304b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7d3dbb65\" data-id=\"7d3dbb65\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5951f059 elementor-widget elementor-widget-heading\" data-id=\"5951f059\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">CBN\u2019s Framework for Financial Inclusion<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a770464 elementor-widget elementor-widget-text-editor\" data-id=\"7a770464\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In 2012, the <\/span><a href=\"https:\/\/www.cbn.gov.ng\/fininc\/\"><span style=\"font-weight: 400;\"><strong>Central Bank of Nigeria (CBN)<\/strong><\/span><\/a><span style=\"font-weight: 400;\"> adopted a National Financial Inclusion Strategy to reduce financial exclusion rate to 20% by 2020. The set goal for various financial products and services are itemized below:<\/span><\/p><table><tbody><tr><td><p><b>Financial services<\/b><\/p><\/td><td><p><b>Rate in 2010 (%)<\/b><\/p><\/td><td><p><b>Rate in 2020 (%)<\/b><\/p><\/td><\/tr><tr><td><p><span style=\"font-weight: 400;\">Payment services<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">21.6<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">70.0<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"font-weight: 400;\">Access to savings<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">24.0<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">60.0<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"font-weight: 400;\">Acess to credit<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">2.0<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">40.0<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"font-weight: 400;\">Insurance<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">1.0<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">40.0<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"font-weight: 400;\">Pensions<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">5.0<\/span><\/p><\/td><td><p><span style=\"font-weight: 400;\">40.0<\/span><\/p><\/td><\/tr><\/tbody><\/table><p><span style=\"font-weight: 400;\">Some of the adopted <\/span><b>channels <\/b><span style=\"font-weight: 400;\">to achieve these goals include\u00a0<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Deposit money bank branches<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Microfinance bank branches<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Autmated Teller Machines (ATMs)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/infibranches.com\/blog\/infibranches-raises-2m-pre-seed-funding-from-all-on\/\"><span style=\"font-weight: 400;\"><strong>Mobile agents<\/strong><\/span><\/a><\/li><\/ul><p><span style=\"font-weight: 400;\">The available framework and tools to achieve financial inclusion also includes<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mobile Money Operation and Services\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Agent banking\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Linkage banking<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial literacy<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consumer protection<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tiered Know-Your-Customer (KYC) requirements<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">MSME Development Fund Implementation\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credite Enhancement Programmes<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-27e3d6ba elementor-widget elementor-widget-spacer\" data-id=\"27e3d6ba\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-730d3ada elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"730d3ada\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6d92b52f\" data-id=\"6d92b52f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4790ec5d elementor-widget elementor-widget-heading\" data-id=\"4790ec5d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Why Financial Inclusion Matters in Nigeria<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464e591f elementor-widget elementor-widget-text-editor\" data-id=\"464e591f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Prior to this time, the major financial service providers such as banks are concentrated in urban areas. However, this uneven distribution leads to limited access to money services for dwellers of rural and semi urban areas.<\/span><\/p><p><span style=\"font-weight: 400;\">The goal therefore is to extend financial inclusion to this demography. Moreover, this <\/span><a href=\"https:\/\/www.cbn.gov.ng\/out\/2014\/rsd\/occasional%20paper%20no.%2045%20issues%20and%20challenges.pdf\"><span style=\"font-weight: 400;\">financial inclusion goal<\/span><\/a><span style=\"font-weight: 400;\"> is not only peculiar to Nigeria but also to the rest of the world with similar characteristics.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Meanwhile, Nigeria has her peculiar issues with provision of financial access to excluded groups. For example,\u00a0<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Only 45% of women use a formal financial service as against 56% of men. As a result, the CBN launched a new framework for the financial inclusion of Women in 2020.\u00a0\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The level of literacy via-a-vis financial literacy is partially responsible for financial exclusion. And one can hardly solve one without solving the other.\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adults in Southern Nigeria are more financially included than those in Northern Nigeria.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Young adults within the age range of 18 and 25 have a significantly higher tendency to be financially excluded than older adults.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Generally, a higher percentage of financially excluded population are the rural dwellers\u00a0<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Up to 81% of Nigerians now own a mobile phone, and this can be a huge advantage in driving faster results through digital services.\u00a0<\/span><\/li><\/ol><p><span style=\"font-weight: 400;\">Now, let us unwrap some of the essential purposes of embarking on the financial inclusion journey in Nigeria.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-682883bd elementor-widget elementor-widget-spacer\" data-id=\"682883bd\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-525e6d55 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"525e6d55\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c28faa6\" data-id=\"4c28faa6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-452ec479 elementor-widget elementor-widget-text-editor\" data-id=\"452ec479\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li aria-level=\"1\"><h5><b>GDP or Income growth\u00a0<\/b><\/h5><\/li><\/ul><p><span style=\"font-weight: 400;\">Financial inclusion is of immense advantage to Individuals, families and businesses because of its positive impact on income. A proper financial management improves the lives of individuals and organizations.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Financial inclusion often comes with financial literacy that enables better financial planning. The process may also involve savings, loans, managing cash flows and reduce the risk of selling assets to raise funds.\u00a0<\/span><\/p><p>\u00a0<\/p><ul><li aria-level=\"1\"><h5><b>Building Assets<\/b><\/h5><\/li><\/ul><p><span style=\"font-weight: 400;\">Another worthy benefit of financial inclusion is the ability to <\/span><a href=\"https:\/\/infibranches.com\/blog\/earn-up-to-200k-per-month-with-20k-investment\/\"><span style=\"font-weight: 400;\"><strong>build valuable assets<\/strong><\/span><\/a><span style=\"font-weight: 400;\">. With better financial management, people not only have better savings, they can also acquire assets to build more values.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">For instance, otherwise poor families can accomplish capital projects such as building a home or developing other assets. On the other hand, they can start a business or expand on existing ones while securing the future.\u00a0<\/span><\/p><p>\u00a0<\/p><ul><li aria-level=\"1\"><h5><b>Increased financial security<\/b><\/h5><\/li><\/ul><p><span style=\"font-weight: 400;\">Financial inclusion is a huge way to ensure financial security since it is now easier to manage one\u2019s finances. By saving money in a trusted financial institution, the investor can gradually grow, store and maximize their values.<\/span><\/p><p><span style=\"font-weight: 400;\">Otherwise, financially excluded population rather keep money in unwholesome places where it can be stolen. Others invest in volatile valuables such as jewelry or livestock to save or accrue savings.\u00a0<\/span><\/p><p>\u00a0<\/p><ul><li aria-level=\"1\"><h5><b>Reduced Unemployment in the community\u00a0<\/b><\/h5><\/li><\/ul><p><span style=\"font-weight: 400;\">As the financial inclusion grows in rural undeserved communities, provision of these services create more jobs. For instance, the CBN financial inclusion policy that empowered <\/span><strong><a href=\"https:\/\/infibranches.com\/blog\/how-to-become-a-mobile-money-agent-in-4-easy-steps\/\">mobile money agents<\/a><\/strong><span style=\"font-weight: 400;\"> has led to more POS terminus.<\/span><\/p><p><span style=\"font-weight: 400;\">It has also led to creation of fintech companies, making many people entrepreneurs. More jobs are created as other organizations release aids, grants, and other funding to people\u2019s dreams and business ideas.\u00a0<\/span><\/p><p>\u00a0<\/p><ul><li aria-level=\"1\"><h5><b>Community Development<\/b><\/h5><\/li><\/ul><p><span style=\"font-weight: 400;\">A wider financial inclusion also implies that individuals and families can better meet their own needs. As a result, there is lesser tendency for illegal or illicit activities within that community. Families have better financial health.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">On the other hand, as parents can now take care of their children, there is less tendency for misbehaviors. Meanwhile, a financially healthy community can also achieve corporate projects and conduct a healthy social interaction.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9abdbc2 elementor-widget elementor-widget-spacer\" data-id=\"9abdbc2\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-33984f17 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33984f17\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-359e104\" data-id=\"359e104\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12fa7cb4 elementor-widget elementor-widget-text-editor\" data-id=\"12fa7cb4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">On a final note, financial inclusion is massively beneficial in that it allows both individuals and corporate bodies to build sustainable financial models and culture. They can also establish an ecosystem where their microeconomy can work seamlessly for growth. More so, the growth of technology has been of immense importance to the financial inclusion of remote and underserved communities. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7315bb65 elementor-widget elementor-widget-spacer\" data-id=\"7315bb65\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7379d367 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7379d367\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3310d754\" data-id=\"3310d754\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-33874e6e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33874e6e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b837bb0\" data-id=\"b837bb0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>As of 2008, Nigeria had 53% of her adult population excluded from access to financial services. This rate reduced to 46.3% in 2010 as a result of various global growth and interventions. Following the CBN financial inclusion policy, the included adult population grew to 64% in 2020, which was still far below the target of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","footnotes":""},"categories":[4,1],"tags":[],"class_list":["post-8082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-news-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Top Reasons Why Financial Inclusion Matters - FaziPay Blog<\/title>\n<meta name=\"description\" content=\"The goal therefore is to extend financial inclusion to this demography. 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