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Financial Inclusion and Growth of Small and Medium Sized Enterprises: Evidence from Nigeria

Author

Listed:
  • Olusola Enitan OLOWOFELA

    (Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria)

  • Olawale Erioluwa KUFORIJI

    (Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria)

  • Olalekan Daniel ODEKEYE

    (Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria)

  • Kehinde Isaac OLAIYA

    (Department of Banking & Finance, Olabisi Onabanjo University, Ogun State, Nigeria)

Abstract

Financial inclusion involves decreasing the number of unbanked population through series of activities that will enhance the participation in the financial system. The objective of this study is examining financial inclusion and its implications on growth of small and medium sized enterprises (SMEs) in Nigeria from 1992 to 2020 using data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin. The study used the classical linear regression model using Ordinary least square (OLS) and Dynamic Ordinary Least Square (DOLS) to analyse the data. The outcome of the analysis revealed that the growth of small and medium sized enterprises (SMEs) in Nigeria is positively and significantly influenced by financial inclusion. The findings further revealed that government needs to steer up efforts in ensuring the dissemination of all banking services to reach everyone at affordability fees regardless of income group and location.

Suggested Citation

  • Olusola Enitan OLOWOFELA & Olawale Erioluwa KUFORIJI & Olalekan Daniel ODEKEYE & Kehinde Isaac OLAIYA, 2022. "Financial Inclusion and Growth of Small and Medium Sized Enterprises: Evidence from Nigeria," Business & Management Compass, University of Economics Varna, issue 3-4, pages 198-212.
    • Handle: RePEc:vrn:journl:y:2022:i:3-4:p:198-212
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    Citations

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    Cited by:

    1. Eugine Nkwinika & Segun Akinola, 2023. "The importance of financial management in small and medium-sized enterprises (SMEs): an analysis of challenges and best practices," Technology audit and production reserves, PC TECHNOLOGY CENTER, vol. 5(4(73)), pages 12-20, September.

    More about this item

    Keywords

    Financial inclusion; SMEs; growth and development; Nigeria;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems

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