An investigation of branch network accessibility on improving financial inclusion in banking: a case study of Union Bank of Nigeria
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Background of the Study
Branch network accessibility is a critical determinant of financial inclusion, especially in regions where digital banking penetration is low. Union Bank of Nigeria has undertaken strategic initiatives to expand and optimize its branch network in underserved areas, aiming to provide comprehensive financial services to previously unbanked populations (Afolabi, 2023). By increasing branch density and strategically locating outlets in rural and peri-urban regions, the bank seeks to bridge the gap between urban financial services and underserved communities. This expansion is complemented by the integration of digital solutions such as mobile banking kiosks and agent banking networks, which extend the reach of formal banking services (Okoro, 2024).
The bank’s efforts are supported by market research and demographic studies that identify high-potential areas for branch expansion. Through partnerships with local community organizations and targeted outreach programs, Union Bank aims to promote financial literacy and encourage the adoption of formal banking. Enhanced branch accessibility not only improves service delivery but also drives economic empowerment by providing access to credit, savings, and insurance products (Chinwe, 2025). Moreover, the streamlined integration of physical and digital channels contributes to a more inclusive financial ecosystem, thereby reinforcing the bank’s commitment to social and economic development.
However, challenges such as infrastructural deficits, high operational costs, and cultural barriers remain significant obstacles to achieving full financial inclusion. This study investigates how improvements in branch network accessibility influence financial inclusion at Union Bank of Nigeria, identifying both the benefits and the persistent challenges in reaching underserved populations.
Statement of the Problem
Despite targeted efforts to enhance branch accessibility, Union Bank of Nigeria faces several challenges in improving financial inclusion. Inadequate infrastructure in remote areas, including poor road networks and unreliable power supplies, limits the bank’s ability to maintain consistent service levels (Ibrahim, 2023). High capital and operational costs associated with establishing and sustaining branches in these regions further constrain the bank’s expansion efforts.
Additionally, socio-cultural barriers, such as low financial literacy and resistance to formal banking among certain communities, hinder the adoption of banking services even when branches are accessible (Nwankwo, 2024). The lack of effective integration between physical branches and digital banking channels also results in a fragmented service delivery model, reducing overall effectiveness. These challenges contribute to lower-than-expected uptake of banking services in target areas, thereby limiting financial inclusion. This study aims to analyze these issues and propose actionable strategies to enhance branch network accessibility and foster greater financial inclusion.
Objectives of the Study
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To assess the impact of branch network accessibility on financial inclusion at Union Bank of Nigeria.
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To identify infrastructural and socio-cultural challenges affecting branch performance.
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To recommend strategies for integrating physical and digital banking channels to improve inclusion.
Research Questions
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How does improved branch accessibility affect financial inclusion at Union Bank of Nigeria?
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What infrastructural and cultural barriers impede the effective delivery of banking services?
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What measures can enhance the integration of branch and digital channels?
Research Hypotheses
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H1: Enhanced branch network accessibility is positively associated with improved financial inclusion.
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H2: Infrastructural deficits and socio-cultural barriers negatively impact service adoption in underserved areas.
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H3: Integrated physical and digital outreach strategies are positively correlated with increased financial inclusion.
Scope and Limitations of the Study
This study focuses on the branch network initiatives of Union Bank of Nigeria and their impact on financial inclusion, using field surveys, branch performance data, and community feedback. Limitations include regional variability in infrastructure and socio-economic conditions.
Definitions of Terms
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Branch Network Accessibility: The ease with which customers can access physical bank branches.
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Financial Inclusion: The process of ensuring that all segments of the population have access to affordable financial services.
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Agent Banking: A model in which local agents provide basic banking services on behalf of a bank.
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Digital Banking Channels: Online platforms that complement physical branch services.
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