Addressing Financial Inclusion Challenges in Rural Areas from the Financial Services Marketing Employee Emotional Labor Dimension: Evidence from Nigeria

2021 ◽  
Author(s):  
Benedict Ogbemudia Imhanrenialena ◽  
Ozioma Happiness Obi-Anike ◽  
Chikodili Nkiruka Okafor ◽  
Ruby Nneka Ike ◽  
Chinedu Obiora-Okafo
Keyword(s):  
Emotional Labor ◽  
Rural Areas ◽  
Financial Services ◽  
Services Marketing ◽  
Financial Inclusion ◽  
Financial Services Marketing

scholarly journals A Study on the Impact of Schemes and Programmes of Government of India on Agriculture to Increase Productivity, Profitability, Financial Inclusion, and Welfare of Farmers to Transform them into Modern Society

2021 ◽  
pp. 231-243
Author(s):  
Mahesh K. M. ◽  
P. S. Aithal ◽  
Sharma K. R. S.
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Modern Society ◽  
Modern Technology ◽  
Mobile App ◽  
Financial Inclusion ◽  
Agricultural Products ◽  
Theoretical Concepts ◽  
The Government ◽  
The Impact

Purpose: The foremost intent of this research article is to create awareness about various schemes for the productive sector of agriculture. Through this study, the level of performance of these agricultural schemes and programmes were analysed that will be helpful for the attainment of financial inclusion. Hence it is necessary to know about various schemes and their making to connect the beneficiaries. Agriculture is the basic source of food supply, production, processing, promotion and distribution. Agricultural products contribute to Gross Domestic Product (G.D.P.) and generate employment in rural areas. They transform the lives of the farmers in modern society. The government of India has introduced Minimum Support Price (MPS), MIF, PMKSY, PMFBY, e-NAM, PM-KISAN, PMJDY, PM-KUSUM, PKVY, NAMS, and MGNREGS. The mobile app KisanSuvidha and innovative programmes like Kisan Rail, KrishiUdaan double the farmers’ Income (DFI). These help in transforming village economy, coverage of irrigation, crop insurance, and stabilizing the income. They also ensure financial support, flow of credit and Direct Benefit transfer of subsidies and funds to beneficiaries. Adopting modern technology, farm-based activity, poultry, dairy, forestry, beekeeping and with the support of SHGs which will directly impact productivity, profitability, financial inclusion, and the welfare of farmers in the 21st century and development of the country’s economy. Design/ methodology/approaches: This study is all about the theoretical concepts based on analysis of various schemes and interconnect. Findings and results: This study reveals that the effectiveness of various agricultural programs and also identifies the benefits and beneficiaries of these schemes. Under this research, various financial services, subsidies, funds released, online platform for agricultural products, funds for micro-irrigation, and so on benefits provided by the government of India were studied. Originality/value: Analysed the various schemes and compelled its beneficiaries and develop a modern to achieve financial inclusion and economic growth through the study. Type of Paper: Research Analysis.

scholarly journals ROLE OF TECHNOLOGY IN FINANCIAL INCLUSION IN INDIA

2021 ◽  
pp. 1-5
Author(s):  
Arun.K.V
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Business Models ◽  
Formal System ◽  
Financial Inclusion ◽  
Handheld Devices ◽  
Mobile Banking ◽  
Major Step ◽  
Banking Business

Technology and financial inclusion are the popular coinage in banking parleys in the country. While technological upgradation and mobile banking are catching up so fast, financial inclusion is tardy. Financial inclusion is a major agenda for the Reserve Bank of India (RBI). Without financial inclusion, banks cannot reach the un-banked. It is also a major step towards increasing savings and achieving balanced growth. The reach the country is having with technological progress mobile banking has the potential to emerge as a game changer in terms of costs, convenience, and speed of reach. Business models of banks, telecom operators and other stakeholders need to converge. However, the banking industry’s penetration to un-banked areas is still found sluggish. The role of the Indian banker is challenging. At one end of this spectrum lies the demand to achieve financial inclusion as nearly 50 per cent of the population is yet to be covered under the formal system of banking and at the other end lies the task to fulfil the needs of the existing customers. The first priority for banks is to adopt core banking solution (CBS), including all regional rural banks (RRBs). Next, a multi-channel approach using handheld devices, mobiles, cards, micro-ATMs, branches and kiosks can be used. However, it should be ensured that the transactions put through such front-end devices should be seamlessly integrated with the banks’ CBS. In rural areas, where accessibility is a problem, banks are using the microfinance network and business correspondents and facilitators to bring more people under the ambit of banking services. Capitalising on the huge untapped potential in smaller towns and cities and rendering financial services to this segment of people poses a big challenge. Few banks have explored technology solutions to increase the scale of their microfinance portfolios, with the use of smart cards and core banking solutions. KEYWORDS- Technology, Financial Inclusion, Core Banking, Business Correspondents

scholarly journals The Nexus between Mobile Money Regulation, Innovative Technology and the Promotion of Financial Inclusion in Zimbabwe

2021 ◽  
Vol 24 ◽  
pp. 1-33
Author(s):  
Howard Chitimira ◽  
Elfas Torerai
Keyword(s):  
Low Income ◽  
Rural Areas ◽  
Financial Services ◽  
Banking Sector ◽  
Regulatory Framework ◽  
Financial Inclusion ◽  
Innovative Technology ◽  
Technological Innovations ◽  
Mobile Money ◽  
The Poor

The advent of mobile money innovations has given people in rural areas, informal settlements and other poor communities an opportunity to participate in Zimbabwe's mainstream financial economy. However, the technology-driven money services have presented some challenges to the traditional banking sector in general and the regulation of financial services in particular. Firstly, most mobile money services are products of telecommunication corporations, which are not banks. Telecommunication companies use their network reach to provide mobile money services via mobile devices at a cheaper cost than banks across the country in Zimbabwe. As such, banks face unprecedented competition from telecommunications companies that are venturing into financial services. It also appears that prudential regulation of banks cannot keep up with the fast pace at which technological innovations are developing and this has created a disjuncture between the regulation and the use of technological innovations to promote financial inclusion in Zimbabwe. The Banking Act [Chapter 24:20] 9 of 1999, the Reserve Bank of Zimbabwe Act [Chapter 22:15] 5 of 1999 and the National Payment Systems Act [Chapter 24:23] 21 of 2001 have a limited scope in terms of the regulation of mobile money services in Zimbabwe. The Ministry of Finance and Economic Development launched the National Financial Inclusion Strategy (NFIS) 2016-2020 to provide impetus to the financial inclusion of the poor, unbanked and low-income earners in Zimbabwe. However, the NFIS appears to push more for bank-led financial inclusion than it does for innovation-driven initiatives such as mobile money services. This article highlights the positive influence of mobile money services in improving financial inclusion for the poor, unbanked and low-income earners in Zimbabwe. The article also seeks to point out gaps and flaws in the financial services regulatory framework that may limit the potential of mobile money services to reach more people so that they actively participate in the Zimbabwean economy. It is submitted that the Zimbabwean mobile money services regulations and the financial regulatory framework should be carefully amended in line with the recent innovations in mobile money to adequately regulate the use of mobile money services and innovative technology to address the financial exclusion of the poor, unbanked and low-income earners in Zimbabwe.

RETAIL ISLAMIC FINANCIAL SERVICES IN NORTH AMERICA: THE (UPPER) MICHIGAN CONNECTION

2014 ◽  
Vol 19 (02) ◽  
pp. 1450010
Author(s):  
BRIAN ARTHUR ZINSER
Keyword(s):  
United States ◽  
North America ◽  
Market Segmentation ◽  
Financial Services ◽  
Services Marketing ◽  
Roman Catholic ◽  
The United States ◽  
Financial Services Marketing ◽  
Ann Arbor

The purpose of this paper is to explore how a small remote Midwestern bank reformulated itself into a major marketer of retail Islamic financial services in the United States and influenced Islamic financial services marketing in North America. The paper is based on a review of existing literature and a case study of how University Bank, now based in Ann Arbor, Michigan, has become the leading provider of Islamic financial services in the United States. University Bank whose principals are Roman Catholic identified the Muslim market in Southeast Michigan as measurable, differentiable, accessible and substantial. As part of the Bank's reformulation strategy it has successfully executed a strategic plan to capture this growing market in the United States and North America. The paper draws attention to the often ignored attractiveness of the Muslim market in North America as well as highlights how a small, nimble organization has been able to capitalize on using Muslims as a market segmentation variable.

scholarly journals Determinants of Financial Capability: A Situational Analysis for Namibia

2022 ◽  
Vol 7 (6) ◽  
pp. 7-13
Author(s):  
Asa Romeo Asa ◽  
Johanna Pangeiko Nautwima
Keyword(s):  
Rural Areas ◽  
Financial Services ◽  
Economic Inequality ◽  
Financial System ◽  
Financial Inclusion ◽  
Situational Analysis ◽  
The Poor ◽  
Development Agenda ◽  
Wide Range ◽  
Ease Of Access

It is imperative that if the poor in society benefit from the massive developments in the financial sector, then such a sector must be genuinely inclusive. It should meet the needs of all citizens with the potential to use such financial services productively. This paper scopes financial inclusivity as a process ensuring ease of access, availability, and usage of financial services by all members of society. To reduce socio-economic inequality, the poor in developing countries, like everyone else, need access to a wide range of financial services that are convenient, flexible, and reasonably priced. Therefore, financial inclusivity is sought to be significant towards the global development agenda as a tool for increasing the poor’s access to financial services, often cited as a mechanism that can help reduce poverty and lower income inequality. For many years, microfinance has been heralded as a mechanism for enhancing financial inclusion. It provides an avenue through which the marginalized and the poor can access and benefit from the formal financial system. Moreover, financial inclusivity is substantially evident in the rural areas among the poor, who have no collateral or credit history for participating in the legal financial system. As a result, financial inclusion is receiving increased attention as an essential tool for reducing aspects of socio-economic inequality characterized by the isolation of individuals and communities from formal financial services, like affordable and accessible credit.

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