Evaluation of women’s access to building credits from banks in Nigeria

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Women are responsible for the fastest economic growth in the world through their commercial activities. Despite this notable act, women in developing countries are most times sidelined in accessing financial incentives from banks. The purpose of this study was to evaluate the criteria used by banks and the problems encountered by women in accessing building credits in Nigeria. The study used a cross-sectional survey research design that utilized an electronic questionnaire instrument. The data obtained were analyzed using frequencies, percentages, 100% stacked bars, mean score, ANOVA, and categorical regression (CAT-REG) tests. The result revealed that the primary criteria to access building credits across different banks in Nigeria were the source of income/level of income, credit status/review, and the value of the collateral. When women can access building credits from banks, it can lead to improved living conditions for women, improved work-life, and benefits for their children. However, the lack of collateral, lack of financial literacy, lack of formal employment, and lack of right to ownership of property are limiting factors in women lending from banks. Furthermore, gender discrimination, lack of financial literacy, and low educational background could influence women’s access to building credits from banks. To facilitate the provision of loans to women from banks, it is necessary to improve government policy, economic reforms and banking legislation for women’s access to loans.

Acknowledgment
The article processing charge (APC) for this paper was supported by Covenant University Centre for Research, Innovation and Discovery, Nigeria.

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    • Figure 1. Average monthly income of men and women
    • Figure 2. Some financial indices on the financial inclusion among women in Nigeria
    • Figure 3. Criteria to access building credits across different banks
    • Figure 4. Benefits accrued when women can access building credits from banks
    • Table 1. Summary of background information
    • Table 2. ANOVA test on the criteria for access to building credits across different banks
    • Table 3. Factors militating against women trying to access building credits from banks
    • Table 4. CAT-REG test on the factors militating against women trying to access building credits from banks
    • Table 5. Measures that will enhance women’s access to building credits
    • Conceptualization
      Adedeji O. Afolabi
    • Data curation
      Adedeji O. Afolabi
    • Formal Analysis
      Adedeji O. Afolabi, Ifeoluwa R. Akinlolu
    • Methodology
      Adedeji O. Afolabi
    • Validation
      Adedeji O. Afolabi, Ifeoluwa R. Akinlolu
    • Visualization
      Adedeji O. Afolabi
    • Writing – original draft
      Adedeji O. Afolabi, Ifeoluwa R. Akinlolu
    • Writing – review & editing
      Adedeji O. Afolabi
    • Investigation
      Ifeoluwa R. Akinlolu