Assessment of the Financial Inclusion of Farmers' Cooperative Societies in South East, Nigeria

Ume, Chukwuma Otum; Onah, Ogochukwu Gabriella; Enete, Anselm A.; Okoye, Chukwuemeka U.; Onyia, Chukwuemeka Chiebonam

doi:10.2139/ssrn.4119907

Cited by 1 publication

(1 citation statement)

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“…This requires offering access to a wide range of financial products and services, such as bank accounts, savings options, immediate credit, mortgages, transfers and payment services, advice on finances, entrepreneurial credit for low-income households and micro-insurance bundled with bank accounts (Divya, 2014;Lal, 2018). Previous research on financial participation through cooperative societies found that cooperative efforts have a greater impact on ensuring equitable access to credit, savings, transfers, investments and other financial services for all communities in society, particularly those in rural areas (Gaichuru, 2023;Lakshmi, 2021;Nteere, 2022;Ogochukwu Gabriella et al, 2022;Sahoo et al, 2020). Cooperative banks must prioritise financial inclusion to achieve Cooperatives and empowerment inclusive growth and reduce poverty at the grassroots level.…”

Section: Financial Participation Through Cooperative Effortsmentioning

confidence: 99%

Revitalising socio-economic empowerment through cooperative banks: insights from India

Panakaje,

Rahiman,

Riha Parvin

et al. 2023

AGJSR

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PurposeThis research aims to explore the significance of cooperative efforts in promoting financial participation to enhance the socio-economic empowerment of the rural Muslims.Design/methodology/approachThe primary study with a structured questionnaire has been conducted taking a sample of 398 rural Muslim respondents from various rural regions of south India through proportionate stratified sampling techniques. Regression analysis, paired sample t-test and structural equation modelling (SEM) through statistical package for social sciences (SPSS) 26 & SPSS analysis of moment structures (AMOS) 23 software have been implemented to test the relationship.FindingsThe research outcome demonstrated a remarkable difference in the rural Muslim’s socio-economic conditions before and after availing the loans from cooperatives. Consequently, an extension of cooperative efforts widens the scope of financial participation which again has positively enhanced rural Muslim’s socio-economic empowerment.Practical implicationsThis study will help various policymakers, academicians and communities to take necessary action for the upliftment of a particular community. The research further adds on to the existing research on the need and importance of cooperative efforts as an alternative finance for marginalised community in developing and emerging countries.Originality/valueThe result of this study is only confined to south India, posing a limitation for the study. Apart from the geographical restriction, the study solemnly covers the rural Muslim community extracting other sections of the society. Hence, for more generalisable pictures of the current results, further research is recommended from other stakeholders’ perspectives.

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