Financial Inclusion and its Determinants among Agro-Entrepreneurs in South-South States, Nigeria

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Financial Inclusion and its Determinants among Agro-Entrepreneurs in South-South States, Nigeria

JAFE Vol.  10(3): 1-10, 2023
Financial Inclusion and its Determinants among Agro-Entrepreneurs in South-South States, Nigeria
Odum, F.N., Okoh, R.N. and Achoja, F.O.
Financial Inclusion is an important driver of economic growth.  Financial inclusion in the context of this paper involves access to and use of banking services such as ownership of bank accounts, savings, borrowing/credit and use of banking agents at affordable costs by agribusiness entrepreneurs. The major objective of this study was to analyze financial inclusion and its determinants among agro entrepreneurs in South-South States of Nigeria. The study employed a multi-stage random sampling procedure. Data were collected with a well-structured questionnaire. Collected data were analyzed using descriptive statistics (means, percentages and standard deviations) and inferential statistical tools (multiple logistic regression analysis). Some socioeconomic determinants of financial inclusion of agribusiness entrepreneurs in South-South geopolitical zone were found to be statistically significant, namely: gender, education, financial literacy, age, marital status, location and household size. The most significant barriers to involuntary financial inclusion were distance between banks and the home/business premises of agribusiness entrepreneurs, cost of maintaining a bank account and too much paper work, whereas the barriers to voluntary financial inclusion were insufficient income, preference for handling or dealing with cash, and illiteracy. It was recommended among other things that financial literacy workshops that pertain to financial education should be organized for agribusiness entrepreneurs in the South – South geopolitical zone of Nigeria, to enable them gain understanding of financial products, concepts and risks.
Keywords:Financial Inclusion, Determinants, Entrepreneurs
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