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Research Article Open access CC BY 4.0

Impact of Financial Inclusion on Household Welfare in Nigeria

Ozoh, Joan Nwamaka, C. Nwogwugwu Uche, S. Nwokoye Ebele

Asian Journal of Economics, Business and Accounting · pp. 1–18 · Published 5 Jan 2022

10.9734/ajeba/2022/v22i130537

Abstract

Although improving household welfare is essential to the attainment of numerous United Nations Sustainable Development Goals (SDGs), developing countries such as Nigeria has continued to make negligible progress in enhancing household welfare and boosting prosperity with majority of her population still struggling to attain a minimum standard of living. Policy makers has suggested that financial inclusion could be a panacea for welfare improvement. This study examined the impact of financial inclusion on household welfare using Findex 2017 data. The study is a Quantitative research. It made use of quasi experimental research design. The target population are households from 15 years and above. The study performing a counterfactual analysis using propensity score matching technique found that financial inclusion has a positive significant impact on household welfare. The study recommended among others that to achieve increased financial inclusion for all, government, regulatory agencies, financial service providers need to concentrate on improving the existing framework for branchless banking so that individuals can get these financial services without having to go to a physical bank.

Financial inclusion household welfare Nigeria

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