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IMPACT OF SHADOW BANKING ON FINANCIAL INCLUSION IN NIGERIA

Table of contents

CHAPTER ONE: INTRODUCTION

1.1       Background to the Study                                                                                           1

1.2       Statement of the problem                                                                                           3

1.3       Aim and objectives of the study                                                                                 5

1.3.1    The broad objective                                                                                                    5

1.3.2    The specific objectives are:                                                                                         5

1.4       Research Questions                                                                                                     5

1.5       Research Hypothesis                                                                                                   5

1.6         Scope of the Study                                                                                                   5

1.7         Limitation of the study                                                                                             6

1.8       Significance of the Study                                                                                           6

1.9       Operational Definition of the study                                                                           6

CHAPTER TWO: LITERATURE REVIEW                                                                                    8

2.1       Conceptual Review                                                                                                     8

2.1.1    Concept of Financial Inclusion                                                                                   8

2.1.2    Need for Financial Inclusion                                                                                      9

2.1.3    Measuring Financial Inclusion                                                                                    9

2.2       Concept of Shadow Banking                                                                                     11

2.2.1    Benefits of shadow banking                                                                                       14

2.1.2    Regulating Nigeria's shadow banking industry                                                          15

2.3       Theoretical Review                                                                                                     38

2.3.1    Private money theory of financial inclusion                                                               38

2.3.2    Public money theory of financial inclusion                                                                 39

2.3.3    Intervention fund theory of financial inclusion                                                          40

2.3.4    Theory of Imperfect Information                                                                               41

2.3.4    Agency theory                                                                                                            43

CHAPTER THREE: RESEARCH METHODOLOGY                                           44

3.1       Introduction                                                                                                                44

3.2       Research Design                                                                                                       44

3.3       Model specification                                                                                                 44

3.4       The “A Priori” Expectation                                                                                                46

3.5       Measurement of variables                                                                                      46

3.6       Sources of Data                                                                                                        46

CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION                                 48

4.1            Descriptive Analysis of Variables                                                                          48

4.2            Test of Hypothesis                                                                                                 49

4.3       Discussion of Findings                                                                                               50

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS                       52

5.1       Summary                                                                                                                     52

5.2       Conclusion                                                                                                                  52

5.3       Recommendations                                                                                                      53

References                                                                                                                              54

Appendix                                                                                                                                53

Abstract

This study aimed to examine the impact of shadow banking on financial inclusion in Nigeria. It specifically examined the impact of access to fund on Money Market fund, examined the impact of access to fund on Interest Rate and examined the impact of access to fund on Credit Insurance.  The study employed ex-post facto research design, it covers the period of 2010-2019. The data were generated from the publications by the Central Bank of Nigeria (CBN), the CBN statistical bulletin of various years, national bureau of statistics, CBN annual report and statement of accounts and other main stream publications of CBN. Also, some of the data were gotten from journals and articles published on the internet. Correlation analysis was used to test the formulated hypothesis. The study found that there is significant impact of shadow banking on access to fund in Nigeria. The study concluded that  increasing financial accessibility of poor and more vulnerable economic agents, and thus driving them away from the informal sector and its adverse effects can pave the road for reaching a more stable financial system and a more sustainable welfare. Therefore, the study recommended that protecting the interest and investment of customers should be a major concern of government or regulatory authorities without necessarily jeopardizing the interest of shadow banking operators.

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