The Role of Financial Inclusion in Women Entrepreneurs in Small and Medium Enterprises: Evidence from South Western Nigeria

Main Article Content

Oyebamiji, Funmilola Florence


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.

Women entrepreneurs, SMEs, financial inclusion, loan, collateral security, rate of interest

Article Details

How to Cite
Florence, O. F. (2020). The Role of Financial Inclusion in Women Entrepreneurs in Small and Medium Enterprises: Evidence from South Western Nigeria. Asian Journal of Education and Social Studies, 8(4), 16-23.
Original Research Article


OECD (Entrepreneurship at a Glance 2017, OECD Publishing, Paris, forthcoming; 2017.

International Finance Corporation (IFC) annual report. Where innovation meets impact. IFC financials, projects, and portfolio 2010 (English). 2010;2.

Ikotun AO, Sajuyigbe AS, Oloyede O. Role of microfinance on the performance of women entrepreneurs in South Western Nigeria. International Journal of Innovative Research and Knowledge. 2017;2(5):13-28.

Financial Access. The State of Financial Inclusion through the Crisis Sep 01, 2010 | CGAP, The World Bank; 2010.

Eluhaiwe PN. Poverty reduction through Micro-Financing: Abuja, CBN Bullion, 30, No. 3; 2005.

Sanusi LS. Increasing women’s Access to Finance: Challenges and Opportunities. Being a paper presented at the Second African Women’s Economic Summit held in Lagos, Nigeria; 2012. Welsh DH, Kaciak E, Minialai C. The influence of perceived management skills and perceived gender discrimination in launch decisions by women entrepreneurs. International Entrepreneur-ship and Management Journal. 2015;1-33.

Demirgüc-Kunt A, Klapper L. Financial inclusion and legal discrimination against women. The research paper also draws on indicators from the World Bank’s Women, Business, and the Law database; 2013.

Aduda J, Kalunda E. Financial inclusion and financial sector stability with reference To Kenya: A Review of Literature. Journal of Applied Finance and Banking. 2012; 2(6):95-120.

AfDB. South Sudan, in African Economic Outlook 2012: Promoting Youth Employment, OECD Publishing; 2013.

Banco Central Do Brasil. Report on Financial Inclusion. A report of the financial inclusion project in Brazil; 2010.

Ibeachu EH. Comparative Analysis of Financial Inclusion: A Study of Nigeria and the United Kingdom. Unpublished MBA Thesis, Leeds Metropolitan University; 2010.

EFInA. Access to Financial Services in Nigeria 2010, Survey; 2010.

Central Bank of Nigeria. National Financial Inclusion Strategy Summary Report. Centre for Financial Inclusion. ACCION International, Financial Inclusion: What's the Vision? 2012.

Kimanzi KY. Influence of microfinance services on growth of women-owned Enterprises in Kitui Central Sub County (Master thesis submitted at South Eastern Kenya University, Kenya); 2016.

Mitchelmore S, Rowley J. Entrepreneurial competencies of women entrepreneurs pursuing business growth. Journal of Small Business and Enterprise Development. 2013;20(1):125-142.

Global Entrepreneurship Monitor (GEM). 2010 women’s report Babson College, Babson Park, MA; 2012.

Marlow S, Swail J. Gender, risk and finance: Why can't a woman be more like a man?. Entrepreneurship & Regional Development. 2014;26(1-2):80-96.

Nwoye M. (2007). Gender responsive entrepreneurial economy of Nigeria: Enabling women in a disabling environment. Journal of International Women's Studies. 2007;9(1):167-177.

United Nations. Micro-, Small and Medium-sized Enterprises; 2019.

Jayawarna D, Rouse J, Kitching J. Entrepreneur motivations and life course. International Small Business Journal. 2012;2:1-23.

Bisignano J. Towards an understanding of the changing structure of financial intermediation: an evolutionary theory of institutional survival, SUERF, Vienna, SUERF Studies No. 4; 1998.

Moghalu KC. The challenge of financial inclusion: The Nigerian perspective. Being text of remarks at the 2011 global policy forum of the Alliance for Financial Inclusion (AFI) at Riviera Maya, Mexico on September 28; 2011.

Odetayo TA. Significance of microfinance banks in financing small scale enterprises in selected Local Government Areas of Osun State Nigeria. Journal of Accounting and Finance Management. 2016;2(3):12-22.

Nwanyanwu OJ. Micro finance in Nigeria: Problems and Prospects. An International Multi-Disciplinary Journal, Ethiopia. 2011; 5(2):87-103.