ARTICLE AN INTEGRATED ADR INSTITUTION AS A BETTER TOOL TO SECURE SOCIO-ECONOMIC JUSTICE IN FINANCIAL INCLUSION CLAIMS IN NIGERIA?

Abstract

Financial inclusion (FI) and transparent democratic practice in the financial services sector are critical elements that make growth inclusive and sustained. This is so because FI is an independent variable that plays a significant role in enhancing socio-justice. 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) are deprived of partaking in the FI process. Hence, a detectable financial exclusion can be bothersome particularly, 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 analyse 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 FI claims/disputes. It, therefore, emphasises the importance of implementing ADR principles and procedures in FI claims to enhance socio-justice. It is expected that FI claims should 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.