IMPACT OF CENTRAL BANK OF NIGERIA-EFINA FINANCIAL INCLUSION PROGRAMME ON THE WELLBEING OF WOMEN BENEFICIARIES IN SOUTHWESTERN NIGERIA

The study ascertained the impact of impact of central bank of Nigeria-EFInA financial inclusion programme on the wellbeing of women beneficiaries in Southwestern Nigeria. Specifically, we evaluated the socio-economic characteristics of women beneficiaries, the constraint associated with respondents in accessing different actors in the financial inclusion program and the impact of the CBN-EFInA Financial Inclusion Program on the respondents’ well-being. A descriptive survey design was used to achieve our objectives. Two hundred and forty (240) questionnaires were distributed to respondents, out of which two hundred (200) were fully completed and used for the analysis. From our findings, majority of the respondents were in their active age, and were involved in trading as a business venture. The respondents were low income earners, there were more respondents at the bottom of pyramids. Most of the respondents could afford to open a bank account and also had access to seamless savings in their bank accounts. The study concluded that the CBN EFInA Financial inclusion program had positive impacts on the respondents’ well-being. It was recommended that women should be encouraged to open accounts with financial institutions, also there should be presence of banks in the unbanked areas so as to increase women’ financial inclusio

Financial Inclusion: Nigeria's Microfinance Model Effect Assessment on Women Empowerment

This study ascertained the significant effectiveness of Nigeria’s microfinance model of financial inclusion on women empowerment. Following reforms in the financial system geared towards enhancing women financial inclusion and digitalization of financial products and services, its effect on women empowerment becomes imperative. Specifically, we evaluated the effect of available microfinance banks’ products in rural communities via rent savings, child education, new born and daily savings account on women empowerment. A descriptive survey design was utilized to realize our objective. Two hundred (200) questionnaires were distributed to respondents, out of which one hundred and ninety (190) were fully completed and used for the analysis. After checking for internal reliability of the responses through the Alpha Cronbach’s test, we proceeded to applying Pearson correlation and regression estimations. From the regression estimation, we identified a positive and significant relationship between women empowerment and microfinance banks’ products: rent savings, child education, new born and daily savings account. Thus, microfinance model is a policy in the right direction that will result in more financial inclusion of the women population especially, in rural communities. Subsequently, we recommend the creation of more women tailored products by microfinance banks. This will avail them the opportunity to choose from variety of products and services that specifically suit their needs. Furthermore, collateral for women to access finance from these microfinance banks should be community/socially based rather than individually based

FINANCIAL INCLUSION: NIGERIA’S MICROFINANCE MODEL EFFECT ASSESSMENT ON WOMEN EMPOWERMENT

This study ascertains the significant effectiveness of Nigeria’s microfinance model of financial inclusion on women empowerment. Following reforms in the financial system geared towards enhancing women financial inclusion and digitalization of financial products and services, its effect on women empowerment becomes imperative. Specifically, we evaluate the effect of available microfinance banks’ products in rural communities via rent savings, child education, new born and daily savings account on women empowerment. A descriptive survey design was utilized to realize our objective. Two hundred (200) questionnaires were distributed to respondents, out of which one hundred and ninety (190) were fully completed and used for the analysis. After checking for internal reliability of the responses through the Alpha Cronbach’s test, we proceeded to applying Pearson correlation and regression estimations. From the regression estimation, we identify a positive and significant relationship between women empowerment and microfinance banks’ products: rent savings, child education, new born and daily savings account. Thus, microfinance model is a policy in the right direction that will result in more financial inclusion of the women population especially, in rural communities. Subsequently, we recommend the creation of more women tailored products by microfinance banks. This will avail them the opportunity to choose from variety of products and services that specifically suit their needs. Furthermore, collateral for women to access finance from these microfinance banks should be community/socially based rather than individually based.  Article visualizations

Accelerating Financial Inclusion for Sustainable Development in Nigeria

Financial exclusion constitutes a major sustainable development challenge in many developing countries such as Nigeria. This paper examines the financial inclusion efforts in Nigeria, the implications of strong financial inclusion for sustainable development, and the challenges militating against financial inclusion in Nigeria. The paper also discusses the roles of rural banking scheme, Nigeria Deposit Insurance Corporation, and various types of banks as well as the non-interest banking policy and alternative banking channels in financial inclusion. The paper suggests that a strong financial inclusion of the hitherto inadvertently financially excluded and the poor segments of the society would increase economic activities, employment, consumption, government expenditure as well as economic growth and sustainable development. It also identifies the challenges militating financial inclusion in Nigeria to include; low financial literacy, cumbersome banking documentation and minimum operating balance requirements, inadequate and uneven distribution of bank branches and alternative banking channels, low uptime and malfunctioning of e-channels, growing poverty incidence, and high unemployment rate, among others. The paper recommends the re-introduction of rural banking scheme, public enlightenment, minimization of banking documentation and minimum operating balance, increased deployment of alternative banking channels, and stiffer penalty against corruption, among others. A strict implementation of the suggested recommendations would accelerate financial inclusion and ensure sustainable development in Nigeria. Keywords: Financial inclusion, Financial exclusion, Sustainable Development, Nigeria DOI: 10.7176/RJFA/12-16-05 Publication date:August 31st 202

Impact of Commercial Banks’ Mortgage Financing on Meeting Customers’ Housing Needs in Owerri Municipal, Imo State, Nigeria

Housing has been observed to be a fundamental basic need of man just as food. Good housing is very crucial to the survival, health and well-being of every man hence, one of the best indicators of a  person's standard of living . That is why the issue of housing have received a prominent position in most political and social debates all over the world. This study aims at examining the impact of participation in mortgage financing by commercial banks on their customers’ housing needs in Owerri municipal, Imo State, Nigeria. This is with a view to evolving  more pragmatic strategies of financing mortgages through banks. To achieve this, The hypothesis that commercial banks mortgage loans have no significant  impact on meeting  customers’ housing needs in Owerri municipal, Imo State, Nigeria was formulated. The  study adopted the survey research approach. The population of the study was 1260 made up of 15 management staff of the three commercial banks used for the study namely: Union Bank of Nigeria, United Bank of Africa and First Bank of Nigeria for the lenders, and 1245 customers of the banks for the borrowers. All the banks are of Owerri municipality, Imo state branches. The sample size of population of the study for the two groups was 315. For the lenders, it consisted of all the 15 management staff of the three banks while for the borrowers, a sample size of 300 was taken which was arrived at using the Taro Yameni formular. The convenience Non-probability sampling technique was used to collect  information from  the 300 borrowers of the banks,  100 customers from each of the banks while the entire 15 management staff were sampled. A researcher’s designed questionnaire titled “Commercial Banks Participation in Mortgage Finance Questionnaire (CBPiMFIQ) was used for data collection. The reliability coefficient of CBPiMFIQ was ascertained using test-retest method and the Cronbach coefficient Alpha method formula. The formula gave a reliability index of 0.72. Data collected from the respondents were analysed using descriptive statistics of weighted mean to answer the research questions and multiple linear regression model was used to test the impact of participation in mortgage financing by commercial banks on their customers’ housing needs. The analysis was done using SPSS IBM version. The results from the data analysis showed the following findings among others. It rejected with a mean score of 1.47 that the commercial banks in Owerri Municipal, Imo State, Nigeria, have mortgage loan package for low-income earners; and that the commercial banks requirements for accessing mortgage loans or housing finance in Owerri municipal, Imo State, Nigeria are registered land title, adequate source of monthly repayment, approved building plans and tax clearance (with a mean score of 2.0 respectively) and again, it was rejected with an average mean of 1.68 that all categories of customers are meeting the requirements for accessing mortgage loans from the banks. The result of the test of hypothesis  finally showed that the Commercial Banks’ Mortgage Finance has no significant impact on meeting customers’ housing needs in Owerri Municipal, Imo State, Nigeria. Based on the findings and conclusions drawn, the following recommendations were among others put forward. That commercial banks in Owerri Municipal, Imo State, Nigeria, should intensify their sensitisation  of the public on the need and advantage of long term mortgage savings; and that commercial banks should design mortgage savings and loans product to take care of low income earners’ housing needs especially civil servants who have regular source of income. Keywords: Housing, Commercial banks, Housing needs, mortgage finance

Housing Nigerian Urban Poor through Self-Build Housing Concept Using Compressed Stabilized Laterine Bricks

Self-build housing methods have been widely used in traditional western Nigeria in housing development. Recently however, there has been a shift to other westernize concepts of housing development which are observed to be more capital intensive than the traditional methods. While these westernized concepts are beneficial to the few high income earners, the urban poor who are in the majority are left at a disadvantage. Therefore, the paper qualitatively examined methods of housing provision employed by the urban poor in Nigeria urban centres and its consequences on the urban landscape. The paper further appraised the self-build housing concept employed in the past by the urban poor in providing affordable housing. The study identified that the urban poor employed rudimentary self-build housing methods as an ingenious way of housing provision in a depressed economy. In addition, it was identified that the increase in slums and squatter settlements in Nigeria urban centres was as a result of the weaknesses inherent in the rudimentary traditional self-build housing methods. The paper concluded that decent and affordable housing for the urban poor can be achieved by harnessing self-build housing methods through acquisition of trado-modern construction technology and providing adequate construction monitoring framework policies. The paper recommends the use of compressed stabilized laterite bricks for self-build housing construction by the urban poo

Formal Land Titling vs. Small and Medium Enterprises’ (SMEs’) Access to Credit: The South-Western Nigerian Experience

SMEs play vital roles in national economic development. However, lack of formal landtitle often times deprived them the right to use assets as collateral. The wealthentrenched in assets is thus not properly being deployed. Hence, this study expoundedthe impact of formal titling on access to credit from the viewpoints of entrepreneurs inthe South-Western Nigeria. To achieve this, questionnaires were distributed to 200randomly selected SMEs across the study area. Data gathered were analyzed usingdescriptive and inferential statistical analysis. Findings showed that the ratio ofcommercial banks' loans to SMEs compared to private sector is at lower ebb. Therewere significant differences in some of the factors influencing SMEs in case studyareas. In addition, the study revealed collateral, firm staff strength, firm’s age andannual financial statement as having significant effect and positive relationship onSMEs access to credit. The outcome of the study will assist stakeholders in SMEs,relevant government institutions and government to understand the significance of landtitling in the provision of loan to SMEs. It would also contribute to relevant policyaimed at encouraging land titling among SMEs in order to further bridge SMEfinancing gap due to collateral.Key Words: Credit Access, Land, Formal Title, SMEs, South-Western Nigeria

Determinants of access to credit among rice farmers in Biase Local Government Area of Cross River State, Nigeria

Access to credit facilities by poor rural farmers has the potential of making the difference between grinding poverty and economically secured life as well as enhancing agricultural productivity. However, limited availability of credit service has undermined rural income activities due to lack of capital for investment and has prevented farmers from adopting improved farming practices. This study was designed to analyze the determinants of credit access by Rice farmers in Baise local Government Area of Cross River State. Specifically the study examined factors influencing credit accessibility and identified constraints faced by farmers in credit acquisition. Purposive and multi stage sampling techniques were adopted in the selection of 96 Rice farmers from four communities. Primary data were collected through the use of structure questionnaire. The data were analyzed using descriptive and inferential statistics such as frequency count, mean, percentages and logistics regression analysis. The result of the analysis revealed that 69.7% of the respondents were male with an average age of 54 years. One third of the respondents had completed Ordinary National Diploma (OND) .The annual mean income of the respondents was ₦ 401.200. The findings also revealed that majority of the respondents accessed their loans from money lenders with a mean loan amount of ₦ 106,269. The factors that influenced credit accessibility were Age and annual income. The major constraints faced by rice farmers in accessing credit were high interest rate, lack of guarantor and collateral. In line with the findings of this study, it was recommended that high rate of interest charge by credit supplier should be reduce. Annual income was an important factor influencing credit access therefore rice farmers should be encourage on ways of increasing their farm income through diversification.Keywords: Access, Rice Farmers, Credi

Challenges of microfinance access in Nigeria: implications for entrepreneurship development

Small and Medium Enterprises (SMEs) are increasingly being accepted as valuable platforms to create jobs and improve livelihoods. The Nigerian government has enacted favorable laws and regulations on contracts, leasing, and corporate tax to encourage the development of SMEs. Nonetheless, many entrepreneurs in Nigeria cannot access loans given the high levels of poverty. The paper argues that microenterprise finance cannot be financially viable because small loans are too costly to administer and the profits from such lending too meager to permit profitability. Based on content analysis of available literature, it is found that microfinance institutions have collapsed in Nigeria due to poor loan quality, default in loan repayment, high transaction costs, widespread delinquency, and management deficiencies. Given these challenges, the paper recommends savings by microfinance institutions and measures from successful initiatives from countries such as Indonesia and Bangladesh. These will enable microfinance institutions to be self-sustaining and to increase outreach.International Bibliography of Social Science