By: Ikemefula Ndubuisi Nwachukwu, Ikechukwu Sebastine Asogwa, Charles Nnamdi Anumudu, Charles Uche Ugwuanyi
Pages: 82–103, Volume: 3, Number: 1
Published by: AEFUNAI Journal of Economics, Finance and Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, 2/1/2026, 2026
ISSN (Electronic): 2536-6742
DOI:
Role of Productive Capacities in Expanding Financial Inclusion in Nigeria
Abstract:
This study examines the role of financial inclusion’s productive capacities in shaping the level of financial inclusion in Nigeria. Cross-sectional data from the 2017 Global Findex Survey are used to compute a Financial Inclusion Productive Capacity Index (FPCI) following the UNCTAD framework, while Principal Component Analysis reduces multiple indicators into seven core productive capacity dimensions. Logistic regression models estimate their effects on digital access to financial accounts and borrowing from formal financial institutions. The results show that components dominated by digital usage, card-based transactions, remittance flows, agricultural payments, and human capital significantly influence formal financial inclusion. The study highlights the need for policies that strengthen productive capacities to bridge the financial inclusion gap.
Keywords: Productive capacities, Financial inclusion, Economic diversification, Structural transformation
How to Cite
Nwachukwu, I. N., Asogwa, I. S., Anumudu, C. N., & Ugwuanyi, C. U. (2026). Role of Productive Capacities in Expanding Financial Inclusion in Nigeria. AEFUNAI Journal of Economics, Finance and Development Studies (AEFUNAI-JEFDS), Vol. 3(1), 82–103.
Creative Commons Attribution 4.0 International License (CC BY 4.0)
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