Financial Inclusion in Ondo State, Nigeria: Determinants and Its Impact on Poverty

Abstract

The study examined the determinants of financial inclusion in Ondo State, Nigeria, and investigated its impact on poverty in the state. The study used a survey method to obtain primary data by administering questionnaires on 450 adult individuals aged 18 years and above in the 18 local government areas of Ondo State. A multi-stage sampling procedure was used to identify the units of analysis individual. The results from logistic regression showed that the main determinants of financial inclusion in the state were age, genders, financial discipline, religion, income, location, trust, alternatives, ICT inclination, documentation, household size, tertiary education, married, civil servant, self-employed, distance2 and distance3. Asides, financial inclusion was found to have a significant effect on poverty in the state. The article recommends increased financial inclusion in Ondo state to enhance the welfare of the people.

Financial Technology and Its Impact on Poverty in India

“…Furthermore, the Usage Dimension has little impact on poverty alleviation. Rather than offering clients easy and low-cost financial services, financial services do not assist the poor in escaping poverty [18], [69].…”

“…Microfinance and FI have to expand branches in rural and urban areas, this expansion of branches is cost effective and promote FI and its help on poverty alevation. [2], [18], [40]. FI and FT played a vital role in economic development and helped reduce poverty [55].…”