An evaluation of the accessibility of banking services on financial inclusion: a case study of First City Monument Bank
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Background of the Study
Accessibility of banking services is a critical driver of financial inclusion, ensuring that individuals from diverse socioeconomic backgrounds can participate in the formal financial system. First City Monument Bank (FCMB) has been actively working to extend its services to underserved communities through initiatives such as branchless banking, mobile banking platforms, and agent networks (Oluwaseun, 2023; Nnadi, 2024). These measures are designed to reduce geographical and economic barriers, thereby increasing access to financial products and services for marginalized groups.
In recent years, FCMB has invested in digital technologies to streamline service delivery and enhance user experience. By leveraging mobile applications and agent-based models, the bank aims to bridge the gap between urban financial centers and rural communities. Improved accessibility not only promotes financial inclusion but also stimulates economic growth by enabling access to credit, savings, and remittance services (Adeniyi, 2023). However, challenges remain in ensuring uniform access across all regions. Infrastructure deficits, limited digital literacy, and socio-cultural barriers continue to hinder the effective implementation of these initiatives.
Despite the bank’s efforts, discrepancies in service availability persist, which may limit the overall impact on financial inclusion. Customers in remote areas often face challenges such as network connectivity issues and insufficient agent support, which can prevent them from fully benefiting from FCMB’s services. This study seeks to evaluate the role of banking service accessibility in promoting financial inclusion by examining the effectiveness of FCMB’s initiatives. Through quantitative analysis of service usage data and qualitative feedback from customers and community leaders, the research will assess how improved accessibility translates into higher levels of financial inclusion and economic empowerment (Chinwe, 2023).
Statement of the Problem :
First City Monument Bank has made significant strides in improving the accessibility of its banking services; however, challenges persist that limit the bank’s impact on financial inclusion. Inadequate infrastructure, particularly in rural and remote areas, continues to be a major obstacle. Many potential customers lack reliable internet connectivity or physical access to agent networks, which hinders their ability to utilize digital banking services effectively (Okeke, 2024). Additionally, low levels of digital literacy among some segments of the population further restrict the benefits of these initiatives, leaving a substantial portion of the population excluded from formal financial services.
Moreover, while FCMB has implemented innovative solutions to expand service accessibility, there is an uneven distribution of these services across different regions. This results in disparities in financial inclusion, with urban areas benefiting more than rural ones. The lack of tailored financial products that address the unique needs of rural customers further exacerbates the problem. As a result, the full potential of improved accessibility in driving financial inclusion remains unrealized.
This study aims to identify the key barriers to service accessibility at FCMB and assess their impact on financial inclusion. By analyzing customer usage data and gathering qualitative insights from community stakeholders, the research seeks to determine the effectiveness of current initiatives and propose targeted interventions. The ultimate goal is to develop actionable recommendations that will enable FCMB to enhance its outreach and ensure that increased accessibility leads to meaningful improvements in financial inclusion and economic empowerment (Ibrahim, 2025).
Objectives of the Study:
To evaluate the effectiveness of FCMB’s accessibility initiatives in promoting financial inclusion.
To identify the barriers that hinder service accessibility in underserved regions.
To recommend strategies to improve banking service accessibility and boost financial inclusion.
Research Questions:
How does the accessibility of banking services affect financial inclusion at FCMB?
What are the primary barriers to service accessibility in rural areas?
What measures can enhance accessibility and promote financial inclusion?
Research Hypotheses:
H1: Improved accessibility of banking services significantly increases financial inclusion.
H2: Infrastructure deficits and low digital literacy negatively impact service accessibility.
H3: Tailored financial products and targeted outreach improve financial inclusion outcomes.
Scope and Limitations of the Study:
This study focuses on FCMB’s initiatives to enhance service accessibility and their impact on financial inclusion between 2023 and 2025. Limitations include variability in infrastructure across regions and potential biases in self-reported data from customers.
Definitions of Terms:
Accessibility of Banking Services: The ease with which individuals can access and use banking products and services.
Financial Inclusion: The process of ensuring that all individuals have access to affordable financial services.
Branchless Banking: Delivery of banking services through digital channels and agent networks rather than physical branches.
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