Analysis of financial inclusion among cocoa farmers in ondo state, Nigeria: a multivariate logit regression approach | ||
| SVU-International Journal of Agricultural Sciences | ||
| Articles in Press, Accepted Manuscript, Available Online from 11 October 2025 | ||
| Document Type: Original Article | ||
| DOI: 10.21608/svuijas.2025.405168.1488 | ||
| Authors | ||
| Jamiu Munir Wahab* 1; Latifat Kehinde Olatinwo2; Ifeoluwa Deborah Osungbure3 | ||
| 1Yobe State University, Damaturu, Yobe State, Nigeria | ||
| 2Agricultural Economics and Extension Services, Faculty of Agriculture, Kwara State University, Malete | ||
| 3Jones College of Business Department of Economics & Finance. Middle Tennessee State University | ||
| Abstract | ||
| The main aim of the study was to analyse the financial inclusion among cocoa farmers in Ondo State, Nigeria, while specific objectives were to; describe the socio-economic characteristics of cocoa farmers, identify types of financial services used by cocoa farmers, ascertain the determinants of financial inclusion among cocoa farmers, and examine the constraints to using financial services among cocoa farmers in the study area. A multistage sampling procedure was used to select 200 cocoa farmers for this study. Primary data were collected using a well-structured questionnaire to elicit information from cocoa farmers. Data collected were analysed using descriptive and multivariate logit regression model. The results revealed that 65% of cocoa farmers own bank accounts, with automated teller machine usage (82.5%) and debit card ownership (75%) being the most common financial tools. However, only 7.5% had insurance coverage. Savings mainly were made through cooperatives (42.5%), and most farmers (60%) sourced loans from informal institutions due to high interest rates and collateral requirements in the formal sector. The MVL regression reveals that age, sex, marital status, educational level, cooperative membership, and farm size significantly influenced financial inclusion. The study concludes that cocoa farmers had access to financial services, but there is need to provide an enabling environment due infrastructural and social factors for them to enhance better financial inclusion in the study area. The study recommends the need for financial policies by Government that address affordability, information access, and institutional proximity to improve inclusion levels among cocoa farmers. | ||
| Keywords | ||
| Financial; inclusion; Cocoa; farmers | ||
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