Financial Inclusion and Entrepreneurship in Nigeria: A Case for the Vulnerable Groups

Abstract

Financial inclusion is one of the major ways by which entrepreneurship can be advanced.  Access to finance is a major problem bedeviling the Micro, Small and Medium Enterprise (MSMEs) sub-sector in Nigeria. The paper examines the predicaments of some sets of people identified as vulnerable groups being usually financially excluded in the society. It also highlights various policies and programmes introduced by Government, banks and other financial institutions in attempts to boost the access of people and entrepreneurs to finance. It makes use of both primary and secondary doctrinal legal research methodology with the use of textbooks, case laws, statutes, journals and online articles. This paper concludes that the available programmes and schemes for financial inclusion have either failed or are unpopular due to inadequate focus on the vulnerable groups, inadequate regulatory agencies, financial illiteracy among others. Hence, this paper recommends financial education for the masses on financial management, development of entrepreneurial skills even from secondary school, grassroots penetration for financial inclusion and development of financial inclusive strategies which will accommodate all the vulnerable groups.