Potential for indigenous communication systems to improve financial literacy: evidence from Nigeria

Abstract

The low level of education and lack of electricity hinder dissemination of financial literacy information in rural communities. To address this problem, this study investigated the roles of the indigenous communication system in closing the gaps in dissemination of financial literacy information among Nigerian rural farmers. It was found that the use of indigenous language in formal financial service literacy campaigns has a significant association with dissemination of formal financial service literacy information to rural farmers. Second, contrary to our earlier expectations, no significant association was found between community leaders and the dissemination of formal financial service literacy information to rural farmers. Third, town-criers’ participation in formal financial service literacy campaigns has a positive significant impact on the dissemination of formal financial service literacy information to rural farmers. The researchers conclude that financial authorities should encourage indigenous language and town-criers in the dissemination of financial literacy information to rural famers.