Inclusive Finance Key To Nigeria’s Growth – Prof. Ugwuanyi

A professor of Banking and Finance, Wilfred Ugwuanyi, has said Nigeria cannot achieve sustainable economic growth without a functional, inclusive and culturally responsive financial system.

Ugwuanyi stated this while delivering the 39th Inaugural Lecture of the National Open University of Nigeria (NOUN) in Abuja.

The scholar emphasised that informal financial structures remain the “backbone of financial survival” for millions of Nigerians, particularly in rural communities.

In the paper, titled “Technological Innovations and Informal Financial Institutions: Implications for Economic Development Amidst Cultural Diversity in Nigeria,” he traced the evolution of payment systems from barter to modern digital platforms.

He explained that the inefficiencies of barter, especially the problem of double coincidence of wants led to the adoption of money, a transition influenced by colonial economic systems that introduced formal banking.

Ugwuanyi identified mobile money platforms, electronic funds transfer systems, Automated Teller Machines (ATMs) and digital banking applications as transformative tools that have improved transaction speed, transparency and accessibility.

According to him, these innovations have significantly expanded financial inclusion, particularly among previously underserved populations.

However, he cautioned that the benefits of these advancements are unevenly distributed.

On financial technology (fintech), Ugwuanyi acknowledged its disruptive potential, citing improved convenience, efficiency and access.

However, he warned that without proper integration, fintech solutions risk alienating the very communities they are intended to serve.

In his remarks on the lecture, the Vice-Chancellor of NOUN, Professor Uduma Oji Uduma, described inaugural lectures as a platform for intellectual engagement.

He noted that NOUN’s student population reflects the socio-economic realities highlighted in the lecture, observing that many students rely on informal financial systems in their daily lives.

Uduma, who was represented by the Deputy Vice-Chancellor (Administration), Professor Shehu Adamu, noted: “Just as fintech is transforming financial inclusion, NOUN has leveraged technology to democratise education across geographical and cultural boundaries.”

The vice chancellor added that universities must generate knowledge that informs policy, empowers communities and bridges the gap between theory and practice.