Financial Literacy And Micro Entrepreneurship In Abakaliki Metropolis

Ogbonna Uzoma Emmanuel (B.Sc, M.Sc Banking/Finance)
Banking And Finance Department
Ebonyi State University Abakaliki
Phone No: 07064845278
Email: Yuzymanuel@Gmail.Com
Irem Collins O. (B.Sc, M.Sc, Ph.D Banking/Finance)
Banking And Finance Department
Alex Ekwueme Federal University Ndufu Alike Ikwo
Phone No: 08036233908
Email: Iremcollinsokey@Yahoo.Com
Nwogo Justin (B.Sc, M.Sc, Ph.D Banking/Finance)
Banking And Finance Department
Ebonyi State University Abakaliki
Phone No: 08039369902
EMAIL: nwogojusty@yahoo.com

This study examined the effect of financial literacy on micro entrepreneurship development in
Abakaliki metropolis – Ebonyi State. The study has the objectives of finding the effect of knowledge
about book keeping on micro enterprises development in Abakaliki, to examine the effect of
knowledge about sources of funding on micro enterprises development in Abakaliki metropolis
and to determine the effect of knowledge about savings on micro enterprises development in
Abakaliki metropolis. The study adopted survey design where copies of questionnaire were
distributed to 105 selected micro business owners out of which 100 copies were returned.
Descriptive statistics was employed to analyze the data collected. The result of the study indicated
that micro entrepreneurs in Abakaliki metropolis have knowledge of record keeping of their
business transactions. The result equally showed that majority of the micro entrepreneurs relied
on personal finance and thrift societies as their major sources of fund. It was also discovered that
micro entrepreneurs have knowledge of saving but most of the savings were done outside banking
system. The study concluded that financial literacy is paramount to micro entrepreneurship
development and therefore recommended that micro entrepreneurs in Abakaliki should also be
given further training on adequate bookkeeping. They should also be encouraged to save with
bank as this will pave way for them to borrow from bank.
Key Words: Financial Literacy, Entrepreneurship, savings, book keeping and sources of
fund.

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