Financial Technology Services, Government Regulations and Financial Inclusion of Small-Scale Fish Farmers in Homa Bay County, Kenya
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Date
2024
Journal Title
Journal ISSN
Volume Title
Publisher
Stratford Peer Reviewed Journals and Book Publishing
Abstract
This study explored the impact of FinTech and Government Policies on Financial Inclusion for
small-scale fish farmers in Homa Bay County, Kenya. The study focused on how access to finance
has been widened through agency banking, mobile money and online banking services among
these people who had low incomes or were marginalized. The research also examined whether
government regulations affect the relationship between fintech channels and financial inclusion.
The study was underpinned by Innovation Diffusion Theory, Financial Intermediation Theory,
Technology Acceptance Theory and Public Interest Regulation Theory. This study employed
causal research design with a sample size of 495 small scale fish farmers using stratified random
sampling technique that yielded 144 respondents. Data analysis involved multiple regression,
correlation analysis and diagnostic tests that utilized SPSS 26.0 for data analysis. The results
showed that agency banking; mobile money services and online banking together explained 58.1%
of variation in financial inclusion among the farmers indicated by R squared of 0.581.The findings
revealed that Agency Banking had significant effect on financial inclusion (β = .231, p = .001 <
.05), as well as Mobile Money Services (β = .196, p = .019 < .05) and Online Banking Services (β
= .410, p = .000 < .05). Therefore, the study concludes that Agency Banking; Mobile Money and
Online Banking play important role in enhancing financial autonomy among small scale fish
farming communities through increased access to bank accounts, secured transactions processes
and agent incomes respectively. In view of the findings, the study recommends that financial
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Research Article
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Citation
Opiyo, F. O., Musau, S. M & Irungu, A. M. (2024). Financial Technology Services, Government Regulations and Financial Inclusion of Small-Scale Fish Farmers in Homa Bay County, Kenya, Journal of Finance and Accounting, 8(6) pp.54-76.