The impact of branch accessibility on financial inclusion in banking: a case study of First City Monument Bank
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Background of the Study
Branch accessibility refers to the ease with which customers can physically access banking services. First City Monument Bank (FCMB) has made significant strides in expanding its branch network, particularly targeting underserved regions, to enhance financial inclusion. With a focus on reducing geographic and infrastructural barriers, FCMB’s strategy includes opening new branches in rural and semi-urban areas and establishing mobile banking units to serve remote communities (Oluwaseun, 2023; Nnadi, 2024). Financial inclusion is critical for socio-economic development, as it provides access to credit, savings, and remittance services that can empower individuals and stimulate local economies.
FCMB’s initiatives are supported by government policies aimed at increasing access to financial services among marginalized populations. In addition, the bank’s integration of digital technologies with physical branches—such as self-service kiosks and interactive ATMs—further enhances accessibility. These measures not only facilitate traditional banking transactions but also serve as entry points for digital financial services, enabling a seamless transition from offline to online banking.
Despite these efforts, challenges remain. Infrastructure deficits, such as unreliable power supply and poor connectivity in remote areas, continue to hinder the effective operation of new branches. Furthermore, the bank faces difficulties in training local staff to operate advanced digital tools, which can affect service quality. The variability in branch performance across different regions may result in uneven financial inclusion outcomes, with some areas still experiencing limited access. This study aims to assess the impact of branch accessibility on financial inclusion at FCMB by analyzing branch performance metrics, customer usage data, and qualitative feedback from community members and bank officials. The goal is to identify barriers to accessibility and propose strategies to ensure that branch expansion efforts translate into meaningful financial inclusion.
Statement of the Problem :
While FCMB has expanded its branch network to improve financial inclusion, significant challenges persist in ensuring uniform accessibility. In many rural and underserved areas, infrastructure limitations—such as erratic power supply and poor internet connectivity—continue to impede the effective operation of branches, thus limiting their impact on financial inclusion (Okeke, 2024). Additionally, disparities in service quality between urban and rural branches raise concerns about equitable access to banking services. Customers in remote areas often report longer wait times and lower service standards, which may discourage them from fully utilizing the bank’s offerings.
Moreover, the integration of digital and physical banking channels is not seamless, with some customers experiencing difficulties in transitioning between offline and online services. This gap not only affects customer satisfaction but also undermines the overall objective of promoting financial inclusion. The lack of tailored financial products for rural customers further exacerbates the problem, as does insufficient local staff training on digital tools. Consequently, the bank’s efforts to expand its branch network are not yielding the anticipated improvements in financial inclusion. This study seeks to investigate the extent to which branch accessibility influences financial inclusion at FCMB, identifying key operational and infrastructural challenges and proposing strategies to overcome these barriers.
Objectives of the Study:
To assess the impact of branch accessibility on financial inclusion at FCMB.
To identify key infrastructural and operational barriers to effective branch performance.
To recommend strategies for enhancing branch accessibility and service quality.
Research Questions:
How does branch accessibility affect financial inclusion at FCMB?
What infrastructural challenges hinder branch performance in underserved areas?
What measures can improve the effectiveness of branch expansion strategies?
Research Hypotheses:
H1: Enhanced branch accessibility significantly increases financial inclusion.
H2: Infrastructural deficits negatively affect branch performance in rural areas.
H3: Integrated digital and physical banking services improve overall financial inclusion.
Scope and Limitations of the Study:
The study examines FCMB’s branch network and its impact on financial inclusion between 2023 and 2025. Limitations include regional variability in infrastructure and potential biases in self-reported data.
Definitions of Terms:
Branch Accessibility: The ease with which customers can physically access banking services.
Financial Inclusion: The provision of affordable and accessible financial services to all segments of society.
Mobile Banking Units: Portable banking services deployed in remote areas.
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