THE IMPACTS OF BORROWERS ATTITUDE AND ACCESSIBILITY TO NON-INTEREST LOAN ON THEIR WELFARE DURING COVID-19 PANDEMIC: A CASE OF TRICYCLE RIDERS IN KWARA STATE, NIGERIA
Abstract
This study examines the impacts of borrowers' attitudes and accessibility to non-interest loans on the welfare of tricycle riders in Kwara State, Nigeria, during the COVID-19 pandemic. The objective is to gain insights into how these factors influence the well-being of tricycle riders and provide recommendations for enhancing their welfare in challenging times. The study utilizes a quantitative research approach and collects data through a field survey. The demographic data of the respondents indicate that the sample predominantly consists of male respondents and individuals following the Islamic faith. The majority of respondents have completed the Senior Secondary Certificate Examination, followed by non-formal education and NCE/HND qualifications. Most respondents are married and fall within the age group of 36-45 years. Regression analysis is employed to analyze the data. The findings reveal that both accessibility to non-interest loans and borrowers' attitudes towards borrowing significantly impact the welfare outcomes of tricycle riders. Access to non-interest loans is positively associated with welfare, while negative attitudes towards borrowing are linked to lower welfare outcomes. Recommendations include enhancing access to non-interest loans, providing financial literacy programs, addressing negative attitudes towards borrowing, strengthening social safety nets, and fostering collaborative partnerships among stakeholders. This study contributes to the understanding of the welfare dynamics of tricycle riders in Kwara State, Nigeria, during the COVID-19 pandemic. It provides valuable insights for policymakers, financial institutions, and other relevant stakeholders to develop targeted interventions that support the welfare and economic resilience of tricycle riders and similar informal sector workers.
JEL Classification Codes: L26, E32, E02.
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Copyright (c) 2023 Muhammad-Bashir Owolabi Yusuf, Tajudeen Olayiwola Busari
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