EXAMINATION OF THE LEGAL FRAMEWORK FOR FINANCIAL INCLUSION IN NIGERIA

This work examined the current state of financial inclusion in Nigeria, highlighting the legal
frameworks that govern access to financial services. It noted that despite an impressive number of
bank accounts recorded—223.8 million in total as of December 2022—26% of Nigeria's
population remains unbanked, underscoring the need for enhanced financial inclusion strategies.
The research focuses on the National Financial Inclusion Strategy (NFIS) of 2018 and its 2020
revision, alongside the Microfinance Policy and other regulatory measures aimed at improving
access to financial services. Furthermore, the work critically assesses the role of law in facilitating
financial inclusion by evaluating the existing legal frameworks and identifying gaps that hinder
progress. This work uses the doctrinal research methodology which explored both primary and
secondary source of law with the major objective of comparing the extant laws with practical
realities in the Nigerian fintech industry. By comparing Nigeria's situation with Singapore, the
country recognized for the highest financial inclusion rates globally, this work seeks to provide
insights and recommendations for creating a more inclusive financial environment in Nigeria. One
of the major findings is that there is a necessity for a coherent legal framework that supports
technology-enabled financial services and addresses the challenges faced by the unbanked
population and to solve this challenge, there is need for a comparative approach to the legalization
of the Nigerian fintech industry with best practicing countries. To cap it up, this work aim to
contribute to the discourse on financial inclusion in Nigeria and propose strategies for legislative
improvements that promote equitable access to financial services for all citizens.