Access and usage of formal financial services among small-scale cassava farmers for productivity in Enugu state, Nigeria.

Authors : Angela Ugwu, Angela Igweh, Joseph Odoh, Ginikanwa Ezeaku

Pages : 183-196

Doi:10.24181/tarekoder.1559359

View : 17 | Download : 24

Publication Date : 2024-12-27

Article Type : Research Paper

Abstract :Purpose: Access to financial resources has been identified as one of the ways of boosting farm output, and this can be achieved through improving access to and usage of formal financial services. The study thus evaluated the effects of financial inclusion on cassava production among small-scale farmers in Enugu state, Nigeria. Methodology: A multi-stage sampling technique was employed in the selection of 162 cassava farmers in Enugu State. The data collected were analyzed using descriptive statistics, multiple regression analysis, and Likert scale rating Technique. Finding: Empirical results showed that the average of all respondents who participated in the survey was 43 years and 62.35% of the total respondents were males. Additionally, the result showed mean household size (4.75), mean years of cassava farming experience (5.86 years), and mean farm size (0.45 hectares). The majority (88.30%) of the farmers had access to a formal financial institution and the average amount saved in the last 12 months was ₦162,154.32. The multiple regression analysis showed that socioeconomic characteristics influencing cassava output are household, farming experience, farm size, farm income, and input cost. Additionally, financial inclusion positively influenced cassava output through access to formal financial institutions and level of savings. Originality: The findings revealed the positive effect access and usage of formal financial services have on the economy. Therefore, the study recommends that farmers be encouraged to improve their usage of formal financial services such as improving their savings levels at banks and banks to reduce charges on formal financial services.
Keywords : finansal katılım, küçük ölçekli çiftçiler, manyok üretimi, resmi finansmana erişim, resmi finansmanın önündeki engeller