Year: 2026
Type: article
Study design: Observational Study
Abstract: Systematic and infrastructural limitations in banking system in the rural area is denoted by lack of access to banking services. Financial reforms like cashless policy, Naira redesign, linkage of National Identity Number (NIN)to accounts and Bank Verification Number (BVN) were implemented by Central Bank of Nigeria to bring more people into the financial system. This study investigated the impact of financial reforms on banking services affecting rural dwellers using a survey research design. 376 valid responses were collected from rural dwellers across the six states in South-West Nigeria. questionnaire was used an instrument of data collected structured in a 5points Likert scale. The data were tested for validity and reliability using AVE, Fornell-Larcker, HTMT. Both descriptive and inferential statistics were used as methods of data analysis. The A questionnaire was distributed on financial access using sampling techniques, analyzed using Partial Least Squares. Structural Equation Modeling (PLS-SEM) was applied to analyze the relationship between financial reform variables and inclusion in banking services. The findings reveal that Naira Redesign policy had a significant positive effect on access to banking services (β = 0.305; t = 4.8; p = 0.01). On the other hand, Cashless Policy (p = 0.056), BVN (p = 0.871), and NIN (p = 0.595) did not demonstrate significant effect on banking services. While financial inclusion in significant in the rural area, its application drives reform and create access to effective and efficient banking services.
Source: RUN Journal of Management
Institution: Redeemer's University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7220200470