Abstract
The study assessed the socioeconomic determinants of access and utilization of formal financial services by rice farmers in Nasarawa State, Nigeria. A multistage
sampling procedure was used to select 374 rice farmers, and data were collected with structured questionnaires. Descriptive statistics and ordinal logistic regression
were employed for analysis. Results revealed that the majority of farmers were male (68.2%), with a mean age of 31 years, average household size of 4 persons, mean
farm size of 2.9 hectares, and mean farming experience of 13.8 years. Most respondents (78.7%) had at least secondary education, while 62.8% belonged to cooperatives,
and 66.6% had access to extension services. Annual rice income averaged ₦954,881. Findings further showed that banking transactions (96.3%), credit (80.0%), and
insurance (70.3%) were the most utilized services, whereas project planning (41.4%) and training on product marketing (39.8%) were less patronized. Regression results
indicated that education, income, and cooperative membership significantly influenced utilization of financial services. Major constraints identified were delays in loan
disbursement, high collateral requirements, and inadequate financial literacy. The study recommended that financial institutions should simplify and digitize service
delivery using mobile platforms to improve farmers’ access to credit and reduce bureaucratic delays. Cooperative-based lending and land-sharing arrangements should
be encouraged to overcome collateral challenges and promote economies of scale.
Keywords: Socio-economic, determinants, access, utilization, financial servicesjaerem NEW Garba, U.B two
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