Driving Economic Prosperity: Digital Finance in Economically Disadvantaged Agricultural Regions

Nurudeen Babatunde Bamiro (), Azeez Oluwatosin Oshoba and Basirat Olaide Raimi
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Nurudeen Babatunde Bamiro: Lagos State University
Azeez Oluwatosin Oshoba: Olabisi Onabanjo University
Basirat Olaide Raimi: School of Social Entrepreneurship, Roxbourg Institute of Social Entrepreneurship

A chapter in Agripreneurship and the Dynamic Agribusiness Value Chain, 2024, pp 153-165 from Springer

Abstract: Abstract This study explores the role of digital finance in driving economic prosperity and promoting financial inclusion among farmers in economically disadvantaged agricultural regions. The research addresses key questions regarding the impact, barriers, factors influencing adoption, the extent of financial inclusion, and implications of digital finance in rural economies. A comprehensive review of the literature reveals that digital finance significantly improves economic prosperity by enhancing access to financial resources, credit facilities, and entrepreneurship opportunities for smallholder farmers. However, barriers such as low digital literacy, inadequate technological infrastructure, high costs, regulatory challenges, and trust-related issues hinder the full potential of digital finance in economically disadvantaged regions. Addressing these barriers requires concerted efforts in policy interventions, capacity building, technology access, trust-building measures, and financial inclusion strategies tailored to rural communities as indicated in the study’s conceptual framework. The study implications underscore the importance of policy support, capacity-building initiatives, technology access, trust and security measures, financial inclusion strategies, and sustainable development practices to harness the transformative potential of digital finance in driving economic prosperity and empowering smallholder farmers in economically disadvantaged agricultural regions. This research contributes to a deeper understanding of the opportunities and challenges associated with digital finance in rural economies, highlighting pathways for inclusive growth, poverty reduction, and sustainable development in economically disadvantaged agricultural regions.

Keywords: Agricultural community; Digital finance; Economic prosperity; Economically disadvantaged farmer; Digital economy (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-97-7429-6_9

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DOI: 10.1007/978-981-97-7429-6_9

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