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 to banking services is a cornerstone of financial inclusion, particularly in emerging economies where underserved populations often lack formal financial mechanisms. First City Monument Bank (FCMB) has undertaken numerous initiatives to expand its reach to rural and semi-urban areas through both physical branch expansion and digital platforms (Umeh, 2023). These initiatives aim to overcome barriers such as geographic isolation, low digital literacy, and infrastructural challenges. FCMB’s strategy includes the deployment of mobile banking units, agent networks, and internet-based services designed to extend financial services to previously marginalized communities. Recent technological advancements have further enabled the bank to offer cost-effective and accessible financial products that cater to the needs of diverse population segments.
Empirical evidence suggests that improved accessibility to banking services significantly enhances financial inclusion, leading to increased savings, credit availability, and overall economic empowerment (Adebola, 2024). However, despite these initiatives, substantial gaps remain. Many rural communities still experience difficulties in accessing banking services due to issues such as limited internet connectivity, insufficient financial literacy, and uneven distribution of service centers. FCMB’s ongoing challenge is to create a seamless and inclusive banking environment that bridges the urban–rural divide. This study will evaluate how the accessibility of FCMB’s services affects financial inclusion outcomes by analyzing user data, service uptake, and customer satisfaction levels. The research will assess the effectiveness of existing outreach programs and identify areas for strategic improvement, ultimately aiming to provide actionable insights for enhancing financial inclusion.
Statement of the Problem
Despite significant investments in expanding banking accessibility, First City Monument Bank faces persistent challenges that hinder full financial inclusion. Rural customers often encounter obstacles such as inadequate internet connectivity, limited access to mobile devices, and low levels of financial literacy, which impede their ability to use digital banking services (Olufemi, 2023). Furthermore, the uneven distribution of physical branches and agent networks creates disparities in service quality and accessibility. These gaps have resulted in suboptimal uptake of banking services in remote areas, thereby limiting the overall impact on financial inclusion. The bank’s outreach programs, though comprehensive, have not uniformly translated into increased financial participation, leaving a segment of the population unbanked. This study aims to investigate these challenges, evaluating the extent to which accessibility issues affect financial inclusion and exploring potential measures to bridge these gaps.
Objectives of the Study
– To assess the level of accessibility of FCMB’s banking services.
– To evaluate the impact of service accessibility on financial inclusion.
– To recommend strategies for improving access and enhancing financial participation.
Research Questions
– What is the current state of banking service accessibility at FCMB?
– How does accessibility influence financial inclusion outcomes?
– What improvements can be made to extend banking services to underserved populations?
Research Hypotheses
– H₁: Improved accessibility is positively correlated with higher levels of financial inclusion.
– H₂: Infrastructural deficits negatively affect the adoption of banking services.
– H₃: Community-based outreach programs enhance financial inclusion.
Scope and Limitations of the Study
This study focuses on selected rural and semi-urban regions served by FCMB. Data will be gathered from service usage records, customer surveys, and field observations. Limitations include regional variations in infrastructure and potential respondent biases.
Definitions of Terms
• Accessibility: The ease with which customers can obtain and use banking services.
• Financial Inclusion: The integration of unbanked or underbanked populations into the formal financial system.
• Digital Platforms: Online and mobile technologies used to deliver banking services.
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