Financial Inclusion and Growth of Small and Medium Enterprises in Cross River State, Nigeria | Asian

Because of its recognised relevance as a driver of economic growth, financial inclusion has recently gained traction. Giving access to financial services to hundreds of millions of individuals, particularly those in the small and medium-sized business sector, would allow for the formation of a vast depository of savings, investible money, and income, and therefore poverty reduction. The impact of financial inclusion on the growth of small and medium firms in Cross River State is investigated in this study. Purposive sampling was used to conduct a cross-sectional survey of small and medium-sized companies in Calabar Metropolis. The survey included 1294 SMEs from around the state, with a sample size of 306 people. The data was analysed using the Pearson Correlation technique, and the findings revealed that financial inclusion, as measured by bank loans and advances, ATM access, and internet banking, has a statistically significant relationship with the growth of small and medium-sized businesses in Cross River State. As a result, the study's policy recommendation is that banks lower their lending rates in order to encourage more SMEs to obtain bank loans for their firms. Furthermore, commercial banks and microfinance institutions should ensure that new bank branches are constructed in order to increase bank penetration, allowing many SMEs to transact their operations using ATM machines.

Please see the link :- https://globalpresshub.com/index.php/AJEFM/article/view/1513