Current State of Financial Inclusion in the Informal Sector of Ghana
Abstract:
Financial inclusion has emerged as a
concept that is of global concern in the domains of financial expansion, policy
and all-encompassing prosperity. As a result, many countries have embraced the
concept as a key driver of development agenda. However, knowledge of the state
of financial inclusion in the informal sector is limited especially in
developing countries. The purpose of this study was to assess the state of financial
inclusion in the informal sector of Ghana. The study was descriptive and
cross-sectional which employed multistage sampling to select 365 participants
in the informal sector from eight regions. Data was collected using a 5-point
Likert scale which reliability was achieved by ensuring all items scored Cronbach
Alpha value of above 0.7. Descriptive analysis of the data was conducted using
Statistical Package for Social Science (SPSS) version 23 software. The results
of the study showed that there is lack of accessibility, quality and usage of financial
services and products in the informal sector of Ghana. In conclusion, the study
findings highlight the need to improve the state of financial inclusion in the
informal sector to enhance the participation of people in the sector in the national
development agenda.
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