Globally, access to finance is a critical success factor in the growth and development of micro, small and medium enterprises (MSMEs). Financial inclusion on the other hand is the availability and equality of opportunities to access financial services. It helps individuals and businesses to access useful and affordable financial products and services that meet their needs.
Available statistics show that in developed countries of the world, MSMEs are the major drivers of growth in their economies. The existence of an environment that is conducive to doing business is very important in this regard and partly responsible for this development in developed countries. To achieve a position among the world’s top 20 economies by 2020, Nigeria must align with Vision 2020, its economic blueprint, and cannot be an exception. In Africa’s most populous nation, Nigeria, the MSME sector contributes 50 percent of the GDP and has provided over 48 percent of all employment opportunities in the country, according to the United Nations Industrial Development Organisation.However, many of the 3
Finance Financial Inclusion Msmes Growth Development Economy
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