Socio-economic correlates of more than one personal account ownership in the Kumasi Metropolis of Ghana

  • Authors

    • Jonas Bawuah 1.Jiangsu University, China (Phd Student)2.Kumasi Technical University, Ghana (Lecturer)
    • Kong Yusheng 1 School of Finance and Economics, Jiangsu University
    • Isaac K. Jerry Asare 1 School of Finance and Economics, Jiangsu University
    • Stella Osei Owusu Zenith Bank (Ghana) Limited
    2019-05-05
    https://doi.org/10.14419/ijaes.v7i1.22963
  • Financial Inclusion, More Than One or Multiple Accounts Ownership, Ghana.

  • Abstract

    Financial inclusion is seen as one of the major tools that can be used to oust poverty. Given this, several studies have been done to find out the kind of individuals who are likely to have indicators of financial inclusion such as ownership of savings accounts among others. However, it has been observed that certain individuals tend to have multiple savings accounts in which very little is known in the literature about the features of such individuals and why. This study therefore purposively sampled 200 adult respondents in the Kumasi Metropolis of Ghana with at least one account in any formal institution, in order to investigate the determinants of more than one or multiple personal financial accounts holding. The study employed the binary logit model as the empirical estimation technique. The study therefore found that, most respondents chose enjoyment of several benefits as the most important reason they own more than one personal account. From the regression estimates, the study revealed males, those aged 31-40 years, the employed, married, respondents with junior high school (J.H.S), senior high school (S.H.S) and tertiary levels of education to be more likely to own more than one personal account. The findings therefore fill a major gap in the financial inclusion literature and hence further reinforce the essence of socio-economic factors such as gender, age, education, employment, religion and marital status in the financial inclusion drive.

     

     

     

  • References

    1. [1] Abbam, A., Dadson, I., & Say, J. (2015). An Empirical Analysis of Customer Choice of Banks in Ghana. European Journal of Business and Management, 7(12).

      [2] Abbam, A., Say, J., & Carsamer, E. (2015). An Analysis of Choice of Commercial Banks among University students in Ghana. International Journal of Economics, Commerce and Management,3(2).

      [3] Agyekum, F.K., Wellalage, N.H. and Locke, S. (n.d). Financial Inclusion in Ghana; does Institutional Context Matter?

      [4] Akudugu. M.A. (2013). The Determinants of Financial Inclusion in Western Africa: Insights from Ghana. Research Journal of Finance and Accounting 4(8).

      [5] Allen, F., Demirguc-Kunt, A., Klapper, L., & Peria, M.S.M. (2012). The Foundations of Financial Inclusion: Understanding Ownership and Use of Formal Accounts. The World Bank, Development Research Group, Finance and Private Sector Development Team, Policy Research Working Paper 6290 https://doi.org/10.1596/1813-9450-6290.

      [6] Aregbeyen, O. (2011). The Determinants of Bank Selection Choices by Customers: Recent and Extensive Evidence from Nigeria, International Journal of Business and Social Science,2(22).

      [7] Atuahene, S.S.O, Adarkwa, S, Donkor, F. & Darko, E.A. (2017). Determinants of Financial Inclusion in a Developing Economy: Evidence from the Asokore Mampong Municipality of Ghana. The International Journal of Business & Management,5(4).

      [8] Boakye, C. & Amankwah, N. O. A (n.d). Determinants of the demand for financial Products in Ghana.

      [9] Darko, E. A., Adarkwa, S. & Donkor, F. (2017). Individual Characteristics of Customers and the Choice of Financial Institution in Ghana: A Multinomial Probit Regression Approach. European Journal of Business Economics and Accountancy, 5(3). European.

      [10] Davidson, A-A (2011). The factors that influence the choice of banks by customers – A case study of Makola community. Master’s Thesis, Institute of Distance Learning, Kwame Nkrumah University of Science and Technology, Ghana.

      [11] Efobi, U., Beecroft, I., & Osabuohien, E. (2014). Access to and use of bank services in Nigeria: Micro-econometric evidence. Review of Development Finance, 4, 104–114. https://doi.org/10.1016/j.rdf.2014.05.002.

      [12] Ghana Statistical Service. (2014). The Ghana Living Standards Survey Round 6, Poverty Profile in Ghana (2005-2013).

      [13] Hinson, R.E.., Osarenkhoe, A., & Okoe, A.F. (2013). Determinants of Bank Selection: A Study of Undergraduate Students in the University of Ghana. Journal of Service Science and Management, 6, 197-205. https://doi.org/10.4236/jssm.2013.63021.

      [14] Mutandwa, E., & Kwiringirimana, T. (2015). Factors affecting choice of financial services among rural consumers: Emerging experiences from Gicumbi District, northern Province in Rwanda. Journal of Agriculture and Rural Development in the Tropics and Subtropics
      116       (2), 187–197.

      [15] Muturi, W., & Wairegi, H. (2015). Determinants of Choice of Financial Institutions for Transport Entrepreneurs in KISII County. The International Journal of Business & Management, 3(7).

      [16] Segbefia, L. (2015). 70% Of Ghana’s Population Is Unbanked. Accessed from: https://www.newsghana.com.gh/70-of-ghanas-population-is-unbanked/ on 14/07/2017.

      [17] United Nations (n.d). Sustainable Development Goals: 17 Goals to transform our world. Accessed: from: http://www.un.org/sustainabledevelopment/poverty/ on 14/07/2017.

      [18] Zins, A, & Weill, L. (2016). The determinants of financial inclusion in Africa. Review of Development Finance, 6, 46-57. https://doi.org/10.1016/j.rdf.2016.05.001.

  • Downloads

  • How to Cite

    Bawuah, J., Yusheng, K., K. Jerry Asare, I., & Osei Owusu, S. (2019). Socio-economic correlates of more than one personal account ownership in the Kumasi Metropolis of Ghana. International Journal of Accounting and Economics Studies, 7(1), 1-5. https://doi.org/10.14419/ijaes.v7i1.22963

    Received date: 2018-12-02

    Accepted date: 2019-04-18

    Published date: 2019-05-05