Babajide F. FADAKA1 Yusuf Olatunji OYEDEKO2
1&2Department of Finance, Faculty of Management Sciences, Federal university Oye-Ekiti
Corresponding author: yusuf.oyedeko@fuoye.edu.ng
https://orcid.org/0000-0002-1513-7064
+2348061386774
Abstract
The study evaluated how socio-economic factors affect financial inclusion accessibility among the rural dwellers Southwestern States, Nigeria. Cross-sectional survey research was employed. The target population of the study included both women and men living in the rural part of the following states; Osun, Oyo and Ekiti. Rural dwellers who are above the age of 18 years and those who are willing to participate in the research exercise. Cochran was used to select 2,310 sample size for the three states for the study through the use of multistage sampling technique. Questionnaires were given to target respondents to collect primary data. The data were analysed through the method multiple regression. It was found that social factor and economic factor have positive and significant effect on financial inclusion accessibility. Based on the findings, it can be concluded that social factor and economic factor are significant factor that influence the access to financial inclusion among the rural dwellers in Southwestern States, Nigeria. It was recommended that Government and Non-governmental organization should invest in skills training, agriculture value chains, and microenterprise in order support the rural incomes and make financial services more relevant. The study recommends that financial institutions should develop services that align with local values, such as interest-free microloans in predominantly Muslim communities. More so, financial institutions should expand the micro loan and rural finance scheme for economically active rural dwellers, especially smallholder farmers and traders.
Keywords: Social factor, economical factor, rural dwellers, financial inclusion accessibility.