Geospatial Analysis of Distribution and Accessibility of Microfinance and Commercial Banks in Akure South LGA, Ondo State Nigeria

This study employs Geographic Information Systems (GIS) technique to analyze the spatial distribution of commercial and microfinance banks in Akure South Local Government Area (LGA). A total of 25 financial institutions, comprising 14 commercial banks and 11 microfinance banks, were identified within the study area, with 48 bank branches in total, including 33 commercial bank branches and 15 microfinance bank branches. The study also observes a spatial normal distribution pattern, with higher bank branch density near the city center and decreasing density towards the periphery, following major road networks. This spatial analysis provides valuable insights into the geographic distribution of bank branches in Akure South LGA, aiding in strategic decision-making for future bank branch placements and financial accessibility across the region. The findings suggest a need for targeted banking expansion to optimize coverage and accessibility, especially in underrepresented areas, while leveraging existing corridors of bank concentration for enhanced service provision. To enhance financial inclusion in the Akure South Local Government Area, the study suggests implementing specific initiatives like the provision of mobile banking units, increasing the number of agent banking networks, and launching community-oriented digital literacy programs in underserved areas. Additionally, these efforts should be bolstered by spatial strategies such as upgrades to road networks, improved service area planning utilizing GIS, and collaborations between the public and private sectors to strengthen infrastructure and service provision.