Financial Inclusion, Tool for Poverty Alleviation and Income Redistribution in Developing Countries: Evidences from Nigeria

Financial exclusion is a major socio-economic problems countries, including Nigeria, are facing. Nigeria has achieved a phenomenal economic growth, but this growth has not been inclusive. Mobile phones, E-mail, E-commerce, internet facilities and 24-hour banking through ATMs have great improved in the country. The Central Bank of Nigeria (CBN) and other stakeholders are presently implementing National Financial Inclusion Strategy (NFIS) in Nigeria. The study examines financial inclusion as a tool for alleviating poverty and redistributing income in developing countries, with special reference to Nigeria. It explores the financial inclusion efforts made at the global level, and highlights the financial inclusion strategy developed in Nigeria to decrease the number of Nigerians that are excluded from financial services. The findings indicate that financial inclusion constitutes important tool for alleviating poverty and redistributing income in developing countries, particularly in Nigeria. The implication for practice is that continuous efforts on the part of stakeholders in financial sector is necessary to decrease the number of people that are excluded from financial services, thereby alleviating poverty and facilitate income redistribution in developing countries.