Financial Technology and Poverty Reduction in Ibadan, Nigeria

Adeyemo, Kabiru Aderemi () and Eso, Ayoola Abimbola
Additional contact information
Adeyemo, Kabiru Aderemi: Department of Management and Accounting, Postal: Lead City, University, Ibadan, Oyo State, Nigeria. , ,, https://www.afarng.org/mjms/
Eso, Ayoola Abimbola: Department of Management and Accounting, Postal: Lead City, University, Ibadan, Oyo State, Nigeria., https://www.afarng.org/mjms/

Multidisciplinary Journal of Management Sciences, 2022, vol. 4, issue 3, 48-67

Abstract: Banks must create a specific cell focused on achieving financial inclusion, and they must monitor progress using transaction history, significant customer analytics for business growth, and nonperforming assistance administration. This study investigates the effect of Financial Technology on Poverty Reduction in Selected Semi-urban areas of Ibadan Metropolis, Oyo state. The study аdоpted a cross sectional survey research design. A close ended self-administered questionnaire was used to collect data. A five-point Likert Scale was used to measure the variables. The Pearson moment correlation coefficient as well as descriptive statistics consisting of simple percentages was adopted to analyze the data. The findings show that financial inclusion does not contribute to the alleviation of poverty in Nigeria. In conclusion, the study's findings are especially important for developing measures to encourage financial inclusion in Nigeria. Since low household income is the main cause of involuntary financial exclusion in the region, the research emphasizes the significance of creating policies that are intended to raise household income levels. The study recommended that management of fintech should create adequate credit plans based on the borrower's aims (the top reason for borrowing was for business purposes, accounting for 41% of all borrowing), "other purposes," which included consumer loans, and other factors (45%) and since the urban poor have a limited ability to save, households should be allowed to open bank accounts without being compelled to keep a minimum amount.

Keywords: Financial Inclusion; Financial Technology; Ibadan Metropolis; Poverty Reduction (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.afarng.org/wp-content/uploads/2023/01/ ... 3-December-2022_.pdf Full text (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:ris:amjoms:0063

Access Statistics for this article

Multidisciplinary Journal of Management Sciences is currently edited by Muhammad Akaro Mainoma, Godwin Emmanuel Oyedokun and Suleiman A. S. Aruwa

More articles in Multidisciplinary Journal of Management Sciences from Association of Forensic Accounting Researchers (AFAR) Contact information at EDIRC.
Bibliographic data for series maintained by Daniel Akanbi ().