Nigeria, May 20 -- In developing economies, many people are excluded in various ways from financial services. Including them is necessary for three main reasons. It allows financially vulnerable people to improve their lives through economic activity. Growth in the banking market can benefit financial service providers. And when citizens are financially enabled, a country's economy can advance.

This is why financial inclusion continues to gain momentum in Africa's policy and economic development. And to achieve it, banks need to reach out and engage with prospective customers who have been excluded from the financial system.

In our research, we looked at the ways three commercial banks and two microfinance banks in Nigeria engaged with ...