Effect of Financial Inclusion and Access to Savings on Wealth Creation by Small and Medium Scale Enterprises in Oyo State, Nigeria

This research explores how financial inclusion and access to savings influence wealth creation among small and medium-sized enterprises (SMEs) in Oyo State, Nigeria. Grounded in the finance-growth theory, the study adopted a survey research design and relied on primary data collected from 305 SMEs operating within the state. Both simple and multiple regression analyses were employed to assess the relationships among the variables. The results revealed that access to savings significantly and positively impacts wealth creation (β = 0.482, t = 8.780, F(1, 305) = 77.090, p < 0.05). The study concludes that inadequate access to savings facilities can hinder SMEs’ growth and limit their ability to achieve financial sustainability. The findings highlight the pivotal role of financial inclusion particularly access to savings in promoting wealth creation and supporting the growth of SMEs in emerging economies such as Nigeria.