Financial Inclusion, Adaptive Capability, and Performance of Open Market Traders in Abeokuta
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Date
2024-12
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Lead City University, Ibadan
Abstract
Open market traders in Abeokuta metropolis play a crucial role in Ogun State’s economy, particularly in driving economic growth and reducing poverty. Despite their importance, they often face challenges in accessing financial services. This however posits the need to investigate how financial inclusion and adaptive capability influence the performance of open market traders in Abeokuta with religiosity as a moderating variable. The study adopted a cross-sectional survey research design. The population of the study comprised all open market traders in six major markets in Abeokuta metropolis which are infinite. Due to this fact, Cochran's sample size through purposive sampling technique was used to select 422 open market traders as the appropriate sample size. Data were analysed using descriptive and inferential statistics. Findings revealed that financial inclusion has a significant effect on performance (R2= 0.395, F(4,382)= 63.701, p= 0.000); adaptive capability have significant effect on performance (R2= 0.261, F(4,382)= 34.465, p= 0.000); Religiosity have significant effect on performance (R2= 0.122, F(1,400)= 55.503, p= 0.000); Both financial inclusion and adaptive capability have significant effect on performance (R2= 0.167, F(2,384)= 34.465, p= 0.000); Religiosity has a significant moderating effect on the relationship between financial inclusion and performance of open markets traders in Abeokuta (R2= 0.055, F(2,384)= 23.792, p= 0.000). Hence, this study concluded that financial inclusion and adaptive capability have a significant effect on performance of open market traders in Abeokuta Metropolis. The study hereby recommended that open market traders in Abeokuta should collaborate with financial service providers to enhance the accessibility and user experience of digital financial services, followed by the need for open market traders in Abeokuta to foster engagement with customers through feedback mechanisms, loyalty programs, and personalized communication channels and also enhanced financial inclusion through targeted programs.
Keywords: Financial Inclusion, Adaptive Capabilities, Religiosity, Performance, Open Market Traders
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Keywords
Financial Inclusion, Adaptive Capabilities, Religiosity, Performance, Open Market Traders in Abeokuta
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Kate Turabia