Moses Orshio Adasu University, Makurdi

Financial Literacy and Financial Inclusion as Tools in Enhancing Business Performance in Sokoto and Gusau Metropolis

Abdulaziz Maruf Adeniran PhD and Isah Ali

Abstract

Financial literacy and inclusion has been recognized as essential for people who operate in an increasingly complex business environment. This study investigates Financial literacy and financial inclusion among business owners in Sokoto and Gusau Metropolis. The descriptive survey research design was embraced for this investigation. Descriptive research design is used to describe characteristic of a population. The population of this study consisted of 268 business owners while the purposive examining method was utilized to choose 60 participants as a sample size for the examination. Simple linear regression models were used in determining the relationship of the performance of businesses (AVF, ACF, AFF, USF) with financial literacy and f inclusion. Data were gathered by means of a closed-ended survey designed for the study, while the reliability and validity of the instruments were determined through a testretest technique and specialists’ check individually. This study demonstrates that financial literacy and financial inclusion are crucial for enhancing business performance in Sokoto and Gusau metropolises, revealing a strong positive relationship between these factors and business success. Businesses with higher financial literacy are better equipped to access and utilize financial services, contributing significantly to their sustainability and growth. The findings support the rejection of the null hypotheses affirming that financial literacy and inclusion independently and jointly influence business performance. This underscores the importance of targeted financial education programs and inclusive financial policies, which provide businesses with essential skills and access to financial resources. Continuous efforts from policymakers, financial institutions, and educational bodies to promote financial literacy and inclusion are necessary to drive economic growth, reduce poverty, and create a resilient business environment in these regions.

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