The Role of Financial Inclusion in Women Entrepreneurs in Small and Medium Enterprises: Evidence from South Western Nigeria
Oyebamiji, Funmilola Florence *
Department of Purchasing and Supply, The Polytechnic, Ibadan, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
The study examines the role of financial inclusion in women entrepreneurs in Small and Medium Enterprises (SMEs) with particular reference to southwestern Nigeria. Purposive sampling technique was employed to select 120 respondents from Lagos, Abeokuta, Ibadan, Osogbo, Akure and Ado-Ekiti. A structured questionnaire designed for the study was used to collect data. Data analysis was performed with helps of mean, frequency, and simple percentages. The result shows that contribution, cooperative society, family and friends, and non- governmental organizations are the main sources of finance of women entrepreneurs in SMEs, while only a few financial products being offered by financial institutions are known to women entrepreneurs in SMEs. Therefore, the study recommends that women entrepreneurs in SMEs should be sensitized about the availability of financial products/services being offered by financial institutions, relaxing the conditions attached to loans, reduction of interest rate, and bring internet banking closer to the people especially women entrepreneurs in rural areas.
Keywords: Women entrepreneurs, SMEs, financial inclusion, loan, collateral security, rate of interest