An assessment of the impact of financial inclusion strategies on rural agriculture: a case study of Guaranty Trust Bank
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Background of the Study
Financial inclusion strategies are crucial for integrating rural farmers into the formal financial system and enhancing agricultural productivity. Guaranty Trust Bank (GTBank) has implemented targeted initiatives such as simplified account opening, mobile banking services, and financial literacy programs aimed specifically at rural agricultural communities. These strategies are designed to overcome the barriers of geographical isolation, low literacy levels, and inadequate infrastructure that typically limit access to credit for farmers (Adekunle, 2023).
By improving financial inclusion, GTBank aims to provide rural farmers with the capital needed to invest in modern agricultural inputs and technologies. The bank’s initiatives focus on reducing the cost of credit, offering flexible repayment options, and facilitating digital transactions that streamline financial processes. Collaborative efforts with local cooperatives and government agencies further enhance these initiatives by ensuring that financial services are tailored to the local context and delivered through community-based channels (Olatunji, 2024).
Despite these efforts, many rural farmers still face challenges in accessing and effectively utilizing financial services due to infrastructural deficits, low digital literacy, and socio-cultural barriers. This study assesses the impact of GTBank’s financial inclusion strategies on rural agriculture, with the goal of identifying best practices and recommending improvements to expand credit access and boost agricultural productivity (Ibrahim, 2025).
Statement of the Problem
Despite the implementation of various financial inclusion strategies by GTBank, significant gaps remain in providing rural farmers with reliable access to credit. Inadequate infrastructure, including limited internet connectivity and insufficient physical banking facilities, hampers the delivery of digital financial services to remote areas (Adekunle, 2023). Additionally, low digital literacy among rural populations prevents many farmers from fully benefiting from these initiatives, leading to underutilization of available credit facilities. Cultural and socio-economic barriers further limit the effectiveness of financial inclusion programs, resulting in inconsistent loan uptake and repayment performance. These challenges hinder the overall objective of improving agricultural productivity through enhanced financial access, creating a persistent credit gap in rural areas (Olatunji, 2024; Ibrahim, 2025).
Objectives of the Study
• To evaluate the effectiveness of GTBank’s financial inclusion strategies in rural agriculture.
• To identify the barriers limiting access to formal credit among rural farmers.
• To recommend strategies to improve financial inclusion and agricultural productivity.
Research Questions
• How do current financial inclusion initiatives affect rural agricultural productivity?
• What barriers prevent rural farmers from accessing formal financial services?
• What measures can enhance the effectiveness of financial inclusion programs?
Research Hypotheses
• H1: Financial inclusion strategies significantly improve credit access in rural agriculture.
• H2: Inadequate digital infrastructure and literacy negatively impact loan uptake.
• H3: Enhanced community outreach and training programs improve financial inclusion outcomes.
Scope and Limitations of the Study
This study focuses on GTBank’s financial inclusion initiatives in selected rural regions. Data are collected from bank performance records, inclusion program evaluations, and farmer surveys. Limitations include regional disparities in infrastructure and potential self-reporting biases.
Definitions of Terms
• Financial Inclusion Strategies: Initiatives designed to increase access to affordable financial services.
• Rural Agriculture: Farming practices and production in rural areas.
• Agricultural Productivity: The efficiency and output of agricultural activities.
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