Financial inclusion and small and medium enterprises performance In Oyo state.
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Date
2022
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Department of Management and Accounting. Faculty of Administration, Obafemi Awolowo University.
Abstract
The study determined the trend of financial inclusion in Oyo State, Nigeria, and ascertained the level of Small and Medium Enterprises (SMEs) compliance with the financial inclusion strategy. It also assessed the effect of financial inclusion on the performance of Small and Medium Enterprises in Oyo State. These were with the view to examining the relationship between financial inclusion and performance of Small and Medium Enterprises in Oyo State, Nigeria. The study adopted a descriptive survey research design. Primary and secondary data were used for this study. Primary data were collected using structured questionnaire and secondary data were retrieved from survey of financial inclusion in Nigeria from 2008 to 2020 conducted by Enhancing Financial Innovation and Access (EFInA). The study population comprised 3,657 SMEs based on the data obtained from Oyo State Ministry of Trade and Commerce. Using Taro Yamane formula for sample size, a total sample of 367 SMEs industry was adopted. The questionnaire was administered on the respondents using purposive sampling technique. Data collected were analysed using mean, kendall rank correlation and ordinary least squares regression analysis. The results showed an increase in trend of financial inclusion in 2012 (57.7%) was sustained till 2020 (63%). The result also showed that the Small and Medium Enterprises (SMEs) in Oyo State complied to an average extent (5%) with financial inclusion strategy. Finally, the result also showed that financial inclusion had positive and significant effect (t = 6.53, p < 0.05) on the performance of SMEs in Oyo State. The study concluded that financial inclusion improved performance of SMEs in Oyo State, Nigeria.
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xi, 94p
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Citation
Fasola, A.O. (2022). Financial inclusion and small and medium enterprises performance In Oyo state. Department of Management and Accounting. Faculty of Administration, Obafemi Awolowo University.