| dc.description.abstract | The fishing commuruties has been viewed as among the most risky groups to provide
financial services to, yet the exact nature and extent of the prevailing challenges hindering
the adoption of financial services or attributed to this riskiness is not known This study was
conducted to examine the factors determining adoption of banking financial services among
the fishing communities in Mbita District, Kenya. Specifically the study Determines the
extent to which financial education affects adoption of banking financial services among the
fishing communities in Mbita District; establish the influence of socio-cultural networks on
adoption of banking financial services among the fishing Communities in Mbita District;
determine the extent to which the nature of fishers financial needs affect adoption of banking
financial services by the fishing communities in Mbita District and determine the effect of
growth in financial on adoption of banking financial services by the fishing communities in
Mbita. The study was conducted through explanatory survey; data was collected using
structured questionnaires based on 5 point likert scale and interview responses from 384
fisher folks and 10 officers from financial institutions randomly selected from the accessible
population within the 5 landing beaches in the district Secondary data from financial
institutions around these beaches was also soughted. With the aid of Statistical Package for
Social Sciences (SPSS), the data was analyzed using correlation, regression and descriptive
analysis Bar graphs and tables were used to present the data. The findings of the study were:
Financial education (B=-.193, t=-2.953, p<O.OOI), Financial Education with sig of .001 had a
strong significance to adoption of financial services and was thus statistically significant
This implies that Financial Education determines the adoption of financial services, Sociocultural networks (B=359, t=5.129, p<O.OOI),with sig of .001 had also a strong significance
to the adoption of financial services. This implies that Socio-cultural factors affect the
adoption of financial services and lastly on the development of financial markets, (B=324,
t=4.383, p<O.OOO).Financial markets with sig of .000 had a strong significance to adoption of
financial services and was thus statistically significant. The study therefore recommends:
Financial Institutions in Mbita District should proactively initiate financial education and
extensive advertising of their products and services to the fishing communities to help them
fully adopt banking and other financial services that will help them save, invest and expand
their fishing businesses. There is also need to sensitize the fishing communities on the
negative socio-cultural networks that hinder them from adopting the financial services
towards a positive culture that encourages savings, entrepreneurial skills and investments.
Financial institutions should develop their financial market that fits on the needs and the
nature of the fishing communities They should also review their working policies to conform
their products and services to suit the unique needs of the fishing communities and make
those products and services cheaper for the fishing communities. The study contributed
significantly to the existing literature in the area of adoption of financial services among the
fishing communities and further research. | en_US |
