Authors :
Adegboyega Oluwatosin Mary; Idowu James Fasakin; Omobowale Ayoola Oni
Volume/Issue :
Volume 8 - 2023, Issue 9 - September
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://tinyurl.com/yzbtmmce
DOI :
https://doi.org/10.5281/zenodo.10000699
Abstract :
Financial exclusion remains a significant
challenge in Nigeria, as much of the economy's wealth
remains outside the banking system. Addressing this
issue is crucial for the country's overall economic
development. However, quantifying progress in financial
inclusion has proven difficult due to the lack of a
universally accepted standard measure, and finding
ways to measure progress towards greater financial
inclusion for all Nigerians is necessary. In Akinyele
Local Government, Oyo State, Nigeria, this study
examined the factors influencing financial inclusion
among rural farming households. A multistage sampling
technique was used to gather primary data from rural
agricultural households. Descriptive statistics and the
Multivariate Probit model were used to examine the
gathered data. According to the descriptive statistics, the
average household size was 4, and the majority (64%) of
the population was male. With 56% of rural farming
households consisting of single people, 57.33% having
access to extension services, and 58.67% having access to
credit facilities, the average distance to the closest
financial institution is 5.4 km. The Multivariate probit
regression shows that the determinants of financial
inclusion among households using having a bank account
as the dependent variable are religion, access to credit
facilities, and cooperative association membership, while
sex, income, credit facilities, access to agricultural
training, and scale of production are the variables
influence using internet among the rural farming
households while using debit or credit cards was
influence by income and animal asset index. The study
proposed increasing credit provision among rural
farming households to enhance their income.
Keywords :
Rural Households, Financial Inclusion, Farming Households, Akinyele, Nigeria.
Financial exclusion remains a significant
challenge in Nigeria, as much of the economy's wealth
remains outside the banking system. Addressing this
issue is crucial for the country's overall economic
development. However, quantifying progress in financial
inclusion has proven difficult due to the lack of a
universally accepted standard measure, and finding
ways to measure progress towards greater financial
inclusion for all Nigerians is necessary. In Akinyele
Local Government, Oyo State, Nigeria, this study
examined the factors influencing financial inclusion
among rural farming households. A multistage sampling
technique was used to gather primary data from rural
agricultural households. Descriptive statistics and the
Multivariate Probit model were used to examine the
gathered data. According to the descriptive statistics, the
average household size was 4, and the majority (64%) of
the population was male. With 56% of rural farming
households consisting of single people, 57.33% having
access to extension services, and 58.67% having access to
credit facilities, the average distance to the closest
financial institution is 5.4 km. The Multivariate probit
regression shows that the determinants of financial
inclusion among households using having a bank account
as the dependent variable are religion, access to credit
facilities, and cooperative association membership, while
sex, income, credit facilities, access to agricultural
training, and scale of production are the variables
influence using internet among the rural farming
households while using debit or credit cards was
influence by income and animal asset index. The study
proposed increasing credit provision among rural
farming households to enhance their income.
Keywords :
Rural Households, Financial Inclusion, Farming Households, Akinyele, Nigeria.
