Abstract

This study investigated the relationship between financial inclusion strategies deployed by Deposit Money Banks (DMBs) and socio-economic development in Nigeria, with a focus on bridging structural challenges toward achieving global sustainability targets. Anchored in the Financial Intermediation Theory and the Capability Approach framework, the study adopted a cross-sectional survey design. Primary data were collected from 312 staff of selected DMBs across Nigeria using a structured questionnaire. The study examined four dimensions of financial inclusion: digital banking adoption, branch network expansion, mobile money integration, and agency banking services. Multiple regression analysis, Pearson correlation, and ANOVA were employed for data analysis. Findings revealed that all four financial inclusion strategies exert significant positive effects on socioeconomic development indicators, including poverty reduction, SME credit access, gender-inclusive banking, and financial literacy promotion. Digital banking adoption (Beta = .298, p < .001) and mobile money integration (Beta = .274, p < .001) emerged as the strongest predictors. The model explained 67.8% of the variance in socio-economic development outcomes (R² = .678; F = 161.24; p = .000). The study recommends that regulatory authorities, particularly the Central Bank of Nigeria, should intensify policies that promote cashless transactions, expand agent banking networks to underserved communities, and integrate financial literacy into national educational curricula to sustain inclusive economic growth aligned with the United Nations Sustainable Development Goals