Digital Financial Inclusion and Poverty Status of Women Entrepreneurs in Akure, Ondo State

Abstract

Women entrepreneurs' role in nation-building is inevitable. Globally, the majority of women were financially excluded; this is the major problem and cause of poverty. However, the Nigerian government, through the Central Bank of Nigeria (CBN), initiated financial inclusion to alleviate poverty and financially include the excluded populations in Nigeria. Despite the government's intervention, the poverty rate persists. This study therefore assessed the effect of digital financial inclusion on the poverty status of women entrepreneurs in Akure, Ondo State. The data collection instrument for this study was a structured questionnaire from an aggregate of 226 respondents. Data were analysed using descriptive statistics methods: mean standard deviation, percentages, frequencies, and relative importance index, as well as multiple regression analysis. The result showed that the majority of the respondents (66.4%) were still in the active labour force. In addition, the results revealed that all of the respondents have bank accounts, making them financially included. The overall level of digital financial inclusion for women entrepreneurs was 71%; however, 75% of them indicated that they have access to digital financial services, while only 67% indicated their frequency of usage. Furthermore, the study found that access to mobile phones, retail agents, internet facilities, and Unstructured Supplementary Service Data (USSD) payment transfers has a significant impact on women entrepreneurs' poverty status. This study concluded that digital financial inclusion reduced poverty among women entrepreneurs in the study area. This study therefore recommended that the government should improve financial policies and provide a facilitating environment in order to enhance digital financial inclusion among women entrepreneurs.