The impact of rural banking on financial inclusion in Odeda Local Government Area, Ogun State
- Project Research
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Background of the Study:
Rural banking has been recognized as a transformative tool in promoting financial inclusion among underserved populations. In Odeda, the proliferation of rural banking institutions has provided low-income earners and small-scale entrepreneurs with access to credit, savings, and financial advisory services (Fadare, 2023). Such financial inclusion initiatives are instrumental in stimulating local economic growth, reducing poverty, and fostering entrepreneurship (Oluwaseun, 2024). Despite these positive outcomes, challenges remain regarding the reach and sustainability of rural banking services due to infrastructural deficiencies, limited financial literacy, and regulatory hurdles (Ibrahim, 2025). Recent studies highlight the need for improved digital banking technologies and tailored financial products that meet rural consumers’ unique needs (Adegoke, 2023). This research investigates how rural banking contributes to economic empowerment, while also addressing the factors that limit its broader impact.
Statement of the Problem:
Although rural banking services in Odeda have improved financial inclusion, many rural inhabitants still face barriers such as inadequate access, low financial literacy, and regulatory constraints. These challenges inhibit the full potential of rural banking in stimulating local economic activities and require a comprehensive evaluation (Balogun, 2024).
Objectives of the Study:
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To assess the role of rural banking in promoting financial inclusion.
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To identify challenges facing rural banking services.
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To propose strategies to enhance financial accessibility in rural areas.
Research Questions: -
How does rural banking influence financial inclusion in Odeda?
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What are the main obstacles to effective rural banking services?
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How can these obstacles be overcome to improve financial access?
Research Hypotheses: -
Rural banking significantly enhances financial inclusion.
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Low financial literacy limits the impact of rural banking.
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Digital innovations can improve rural banking service delivery.
Significance of the Study:
This study offers valuable insights into the benefits and challenges of rural banking in fostering financial inclusion. It is poised to guide policymakers and financial institutions in tailoring interventions that expand banking access and stimulate rural economic growth (Olusegun, 2023).
Scope and Limitations of the Study:
Limited to the topic only.
Definitions of Terms:
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Rural Banking: Banking services tailored to rural populations.
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Financial Inclusion: The accessibility and availability of financial services to all segments of society.
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Digital Banking: The provision of banking services through digital platforms.
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