FINANCIAL INCLUSION AND CRIME REDUCTION IN GWER WEST LOCAL GOVERNMENT AREA OF BENUE STATE - NIGERIA

Abstract

Financial inclusion (FI) entails access to and use of financial services by all members of society. It is an essential component for sustainable development and social stability.  FI strengthens household economies and reduces economic vulnerabilities, providing viable opportunities for empowerment and security. However, financial exclusion remains a nagging problem in developing economies like Nigeria where about 68% of adults lack access to financial services, opportunities and products. The situation is perceived to have worsened the multi-dimensional social, economic, and political challenges confronting the Nigerian state. The study therefore centered on financial inclusion and crime reduction in Gwer West Local Government Area of Benue State, Nigeria. It specifically evaluated the impacts of elements of FI such as bank account ownership and internet banking on crime reduction in the study area. Mixed-method research design was adopted for the study. The study had 386 participants selected through multiple-stage sampling techniques. Well-structured questionnaire and in-depth interview instruments were used to collect data which were analyzed using descriptive statistics and manual content analysis. Hypotheses were tested using the Pearson Moment Product of Correlation Coefficient (Pearson’s r). The study found that there is poor awareness of initiatives to open free bank accounts in the study area. Findings indicated that secure storage of money and reduction in forceful collection of cash by criminal gangs is associated with bank account ownership. The study recommends improved awareness of initiatives to open free bank accounts and increased use of internet banking services in the study area.