An Integrated ADR Institution as a Better Tool to Secure Socio-Economic Justice in Financial Inclusion Claims in Nigeria
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Date
2024-07-30
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UNIVERSITY OF TURBAT
Abstract
Financial inclusion (F.I.) and transparent democratic practice in the financial
services sector are critical elements that make growth inclusive and sustained. This is so
because F.I. is an independent variable that plays a significant role in enhancing sociojustice. Ordinarily, every adult population in any nation/ country should be financially
included to access a range of formal financial services at affordable costs. However, a
larger population around the globe (including Nigeria) is deprived of participation in the
F.I. process. Hence, a detectable financial exclusion can be bothersome, especially for
nations whose economies' structural arrangement and social and economic disposition have
created an economic variation. The role of integrated Alternative Dispute Resolution
(ADR) institutions in enhancing socio-justice in the financial service sector rarely gets
noticed. The paper shall examine and analyze the impacts of strengthening integrated ADR
institutions to improve socio-economic justice in Nigeria. This is necessary to enhance
amicable resolution strategies for Nigeria's F.I. claims/disputes. It, therefore, emphasizes
the importance of implementing ADR principles and procedures in F.I. claims to enhance
socio-justice. F.I. claims are expected to be resolved faster, cheaper, and fairer. Hence, this
paper shall advocate for integrated ADR institutions that are capable of strengthening the
financial services sector, which is increasingly complex from a legal perspective.
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Citation
UNIVERSITY OF TURBAT Journal of Law and Social Sciences Vol 2(1), 15-32