Received:
2026-01-10 | Accepted:
2026-03-23 | Published:
2026-06-30
Title
Financial inclusion and the savings culture of low-income earners
Abstract
The study examined the role of financial inclusion in building a savings culture among daily low-income earners in Enugu State, Nigeria. The survey period is from April 20 to May 25, 2025. The study population consisted of 510 registered tri-cycle operators. 241 tricycle operators were randomly selected from three suburban settlements in Enugu State, Nigeria: Emene, Ninth Mile, and Orba. The questionnaire was the primary instrument for data collection. Data were analysed by means of descriptive statistics– mean percentages, frequency counts and charts. Postulated hypotheses were tested using the chi-square test statistic at the 0.05% level of significance. Variables of interest were: bank account ownership, awareness created by financial institutions, proximity of banks, availability of credits, as they relate to the building of a savings culture among daily income earners. Results show that having a bank account was not sufficient to build a savings culture (P≤0.05). Secondly, the awareness created by banks aimed at financial inclusion did not positively influence the savings culture (P≤0.05). It was also found that the proximity of banks' branches did not enhance savings habits of daily income earners (P≤0.05). Most low-income earners, instead of using banks, used ubiquitous Point of Sale (POS) operators and other non-bank locations. Finally, credit advancements were not common among the daily income earners. Against this background, it is concluded that efforts toward financial inclusion by Nigeria's Apex bank and the commercial banks are not deep or all-encompassing, as the available banking opportunities do not enthuse low-income earners. It is thus recommended that the financial inclusion net be directed towards promoting a savings culture in general, including daily income earners in particular.
Keywords
banks, daily income earners, financial inclusion, savings, tricycle operators
JEL classifications
G21
, D14
, O16
URI
http://jssidoi.org/jesi/article/6643
DOI
Pages
105-118
Funding
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
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