Financial Inclusion and Growth of Small and Medium Sized Enterprises: Evidence from Nigeria

Olusola Enitan Olowofela (), Olawale Erioluwa Kuforiji (), Olalekan Daniel Odekeye () and Kehinde Isaac Olaiya ()
Additional contact information
Olusola Enitan Olowofela: Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria
Olawale Erioluwa Kuforiji: Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria
Olalekan Daniel Odekeye: Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria
Kehinde Isaac Olaiya: Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria

Business & Management Compass, 2022, issue 3-4, 198-212

Abstract: Financial inclusion involves decreasing the number of unbanked population through series of activities that will enhance the participation in the financial system. The objective of this study is examining financial inclusion and its implications on growth of small and medium sized enterprises (SMEs) in Nigeria from 1992 to 2020 using data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin. The study used the classical linear regression model using Ordinary least square (OLS) and Dynamic Ordinary Least Square (DOLS) to analyse the data. The outcome of the analysis revealed that the growth of small and medium sized enterprises (SMEs) in Nigeria is positively and significantly influenced by financial inclusion. The findings further revealed that government needs to steer up efforts in ensuring the dissemination of all banking services to reach everyone at affordability fees regardless of income group and location.

Keywords: Financial inclusion; SMEs; growth and development; Nigeria (search for similar items in EconPapers)
JEL-codes: D14 G21 L26 P4 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://journal.ue-varna.bg/uploads/20230117025245_4054067163c6b63d9e6a7.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrn:journl:y:2022:i:3-4:p:198-212

Access Statistics for this article

Business & Management Compass is currently edited by Julian Vasilev

More articles in Business & Management Compass from University of Economics Varna Contact information at EDIRC.
Bibliographic data for series maintained by Yana Doneva ().