Determinants of Savings among Bank of Agriculture (BOA) Loan Beneficiary Farmers in South East, Nigeria
Uhuegbulem, I.J, Mejeha., R.O, Njoku, M.E, Osuji, M.N, Anyiam, K.H
Asian Journal of Economics, Business and Accounting · pp. 40–48 · Published 22 Oct 2025
10.9734/ajeba/2025/v25i112034Abstract
Aims: The present study examines the socioeconomic characteristics, savings behavior, determinants, and constraints to savings among Bank of Agriculture loan beneficiaries in South East Nigeria. Study Design: Descriptive and econometric analysis using cross-sectional survey data. Place and Duration of Study: South East Nigeria, survey conducted within May 2021 to October, 2021. Methodology: Primary data were collected for 270 respondents from loan beneficiaries through structured questionnaires. Descriptive statistics and multiple regression analysis were employed to identify determinants of savings. Results: The study found that savings were significantly influenced by age(P<0.01), educational attainment (P<0.05), household size (P<0.05), farm income (P<0.01), interest on deposits (P<0.05), and distance to the bank (P<0.05). Education, farm income, and interest on deposits positively influenced savings, while age and household size negatively influenced it. Constraints included high interest rates, limited bank access, and high household expenditures. Conclusion: Strengthening farmers’ savings culture requires policy measures aimed at expanding rural banking networks, improving financial literacy, and creating attractive savings products to mobilize funds effectively.
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