Business Innovation Training of Cooperative Members and Members Financial Inclusion in Osun State, Nigeria

Abstract

This study ascertained the correlation between business innovative training the cooperative members received and financial inclusion in terms of access; usage and quality of loan facilities in Cooperative Investment and Credit Society Limited (CICSL) in Osun state. A multistage sampling technique was used to obtain data from 864 members of CICSL in Osun state. Data obtained were analyzed with descriptive and analytical statistics models. Results from the data analyzed were discussed, and some findings were revealed. Based on the evidence presented above the researcher concluded that business innovative training has a significant influence on the financial inclusion indicators especially the access to loan facilities and quality of loan facilities.  There was sufficient evidence to reject the null hypothesis while the alternate hypothesis was accepted. There was sufficient evidence to conclude that the quantity (amount) of loan facilities obtained by the members has a strong and positive relationship with collective innovative training. As a matter of necessity, the following policy implications are considered necessary, the cooperative should try as much as possible to invest more in creativity and innovative business training of their members. This will not only enhance their skills and knowledge but it will facilitate their access; usage and quality of financial services and products. The more innovative training and skills members acquire, the more they will be financially included.