Conference Paper

FINANCIAL INCLUSION AND FINANCIAL DEEPENING ON ECONOMIC GROWTH IN NIGERIA

This study examined the effect of financial inclusion and financial deepening on the economic growth in Nigeria from 1990 to 2023. The Central Bank of Nigeria (CBN) Statistical Bulletin 2023 was used to collect data on numbers of ATM per 100,000 adults, number of branches of deposit money banks, broad money supply and Gross Domestic Product (GDP). Ordinary Least Square method was used to analyze the data with the aid of E-view. The study found that the number of automated teller machine per 100, 000 adult population and economic growth in Nigeria are significantly related. Economic growth in Nigeria is not significantly affected by number of deposit money bank branches. Also, this study realized that there is significant influence of money supply to Gross Domestic Product on economic growth in Nigeria under the period of study. Lastly, it was found that private sector credit to Gross Domestic Product has no significant impact on economic growth in Nigeria in Nigeria. The study found that financial inclusion and financial deepening definitely has a great influence on economic growth in Nigeria. Based on the findings of the study, the recommendations are that the government of Nigeria and financial institutions should promote the digital banking, mobile payments, and blockchain technologies to increase financial inclusion and improve efficiency. Keywords: Financial Inclusion, Financial Deepening, ATM, Bank, Broad Money Supply, GDP.