Abstract
The improvement in the standard of living of citizenry is beyond lack of money but the poverty to access financial instruments and means to financial platforms. Such that lack of access to financial instruments and services is a major veritable channel for poverty amplification in the society. This paper examines the relationship between Mobile Money Operations (MMOs) and Financial Inclusion in the Niger Delta region of Nigeria. The paper also analysis the trends of the instruments of financial inclusion and MMOs in Nigeria from 2012 to 2019. The primary and secondary were data sourced and analyzed with the Net Balance Methods, Instruments of inferential and descriptive statistics. The survey results show a visual cycle of higher number of respondents with secondary school qualifications and less which have led to low income and an ineffective participation to mobile money and financial inclusions in the rural areas. We equally observed that poor internet and mobile networks, epileptic power supply, unclear economic policies among others are major setback for the insignificant relationship between MMOs and financial inclusion in the Niger Delta region. This implies that the growth of mobile banking and financial inclusions to facilitate financial system soundness and enhances economic growth and development required more motivations from institutions other than the financial institutions; as a ways of encouraging increased Nigerians participation. Base on the result the paper can assumes that the financial system has provided the needed instrument for citizen participation but the social and economic conditions of the country is the bottleneck for financial inclusions.
Highlights
Poverty does not necessarily mean a lack of money
In light of the foregoing, the focus of this paper is to examine the relationship, among Mobile Money Operators (MMOs), financial inclusion and socioeconomic factors of Rural Dwellings in Niger Delta Region, the paper examined the trend of the instruments of financial inclusion and mobile money operation in Nigeria from 2012 to 2019
Literature have shown that lack of access to financial instruments and services are major channel for poverty amplification in the society
Summary
Poverty does not necessarily mean a lack of money. It involves lack of access to the instrument and means through which the poor could improve their standard of livings. International Journal of Research in Business & Social Science 10(5) (2021), 224-234 financial services could improve the wellbeing of households, communities and the economy at large, especially those in developing countries. In another development, the Enhancing Financial Innovation and Access (EFIA) (2012) and the Access to Financial Services in Nigeria (AFinS) (2010), revealed that there was only a marginal increase in the number of those served by formal financial markets within 2005 and 2010, the percentage was 35% to 36.3o% five years after the launching of the micro finance policy. Since mobile phones have become widely acceptable and used in Nigeria, the ubiquity of cell phone services offers the possibility of services in remote areas of the country where it would be otherwise economically unsustainable to provide banking services These services could enhance financial inclusion especially when appropriate models are adopted. The rest of the paper proceeds as follows, following the introduction above, section 2 is Literature review, section 3 deals with the issues of Methodology, section 4 is empirical results and discussions, and section 5 is the Conclusion
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