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Financial Inclusion and Poverty Alleviation in Akwa Ibom State, Nigeria: The Case Study of Small and Medium Enterprises

Author

Listed:
  • Bassey Enya Ndem

    (Department of Economics, University of Calabar, Calabar, Nigeria,)

  • Mboto Hellen Walter

    (Department of Banking and Finance, University of Calabar, Calabar, Nigeria,)

  • James Tumba Henry

    (Department of Economics, Adamawa State University, Mubi-Nigeria,)

  • Lebo Monica Peter

    (Department of Business Management, University of Calabar, Calabar, Nigeria.)

  • Asuquo Joseph Ita

    (Department of Banking and Finance, University of Calabar, Calabar, Nigeria,)

Abstract

The purpose of the study is to investigate the impact of financial inclusion on poverty alleviation among SMEs in Akwa Ibom State, Nigeria. Data collection techniques employed was self-administered questionnaire. The questionnaires were administered to a total of 295 respondents who are operators of SMEs in Akwa Ibom State, Nigeria by using purposive sampling technique. In analyzing the relationship among the variables, Spearman rank correlation was adopted. The findings of the study revealed that financial inclusions in terms of bank loans to SMEs operators do not have statistical significant correlation with poverty alleviation in Akwa Ibom State while financial inclusion in terms of access to ATM and internet banking do have statistical significance correlations with poverty alleviation among SMEs operators in Akwa Ibom State. Hence, the policy implication of the study is that banks should reduce their interest rate in order to induce SMEs operators to access bank loans for their businesses.

Suggested Citation

  • Bassey Enya Ndem & Mboto Hellen Walter & James Tumba Henry & Lebo Monica Peter & Asuquo Joseph Ita, 2022. "Financial Inclusion and Poverty Alleviation in Akwa Ibom State, Nigeria: The Case Study of Small and Medium Enterprises," International Journal of Economics and Financial Issues, Econjournals, vol. 12(5), pages 129-134, September.
    • Handle: RePEc:eco:journ1:2022-05-14
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    References listed on IDEAS

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    3. World Bank, 2014. "Global Financial Development Report 2014 : Financial Inclusion," World Bank Publications - Books, The World Bank Group, number 16238, December.
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    More about this item

    Keywords

    Financial Inclusion; SMEs; Spearman Rank Correlation;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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