Demographic factors and Financial Inclusion Dimension Among Traders in Akoko South West Local Government Area of Ondo State
This research seeks to ascertain the perspectives of financial inclusion and establish the significance of age and gender on the financial inclusion dimensions of access, usage and quality of financial products and services among traders in Akoko south west local government area of Ondo state, Nigeria. 372 questionnaires were distributed among traders in six selected markets to obtain data. Simple percentages and chi square probability values were used for analyses. Access to financial institutions and services by traders in the study area are mainly by having account with commercial banks and the use of ATM card, furthermore, the usage of financial institutions’ products is mainly through saving money in a bank and for wellbeing, respondents obtain emergency funds in 7 days mainly through family and friends, personal saving and informal service providers. Age has significant influence on access to financial institutions and services measures, saving (7.48642E-06) and borrowing (0.033249956) from banks and getting emergency funds within 7 days from personal savings (0.03727235) and from informal daily contribution collector (0.000177553). Additionally, gender is significant to access to financial institutions measures, saving money in a bank (1.6104E-11), using bank transfers to pay for utilities (0.013507573) and receiving digital payment (0.001408485). Programmes and financial products to improve financial inclusion among traders in the study area should be age specific in the following cases; access to financial institution measures, saving money and borrowing money from banks, In addition programmes and financial products to improve financial inclusion should be gender specific in the following cases;…
Keywords: Demographic factors, age, gender, financial inclusion dimensions, financial products
Citation: , & Otapo, T.W. (2024). Demographic factors and Financial Inclusion Dimension Among Traders in Akoko South West Local Government Area of Ondo State. International Journal of Innovative Research in Accounting and Sustainability, 9(4-Special Issue), 50-60.