Culture (Language) as a predictor of financial inclusion in Ghana

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This thesis aims to explore and survey the impact language has on financial inclusion using Ghana as the country of study. Despite the key roles financial inclusion plays in inclusive development, Africa has not been able to fully realize it (Triki & Faye 2013). Akudugu (2013) in his research on financial inclusion in Ghana, found that 60 percent of the Ghanaian population was excluded from the financial market. Considering the enormous importance of financial inclusion to the growth of the country, it is of key relevance to examine the roles language plays in the inclusiveness of Ghanaians in the financial market. In the study, a survey was used in collecting relevant data from the targeted respondents. 141 participants were sampled randomly and an online questionnaire with both closed ended and open ended questions were administered to them. The study concluded that, language influences accessibility and usage of financial products using the Sapir-Whorf hypothesis to establish that language influences financial decisions and the appreciation of financial services. Using the foreign or non-native language theory asserted by Hadjichristidis et al (2019), it was established that, the use of English language by financial service providers influences the accessibility and usage of their services. In affirmation of Rogers (1983) findings on language homophily, the study found that not attending to customers in a common language which is similar to theirs tends to reduce language homophily resulting in a low appreciation and usage of the service being rendered to them. Keywords: Culture, investment, financial inclusion, psychology, homophily
Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administration, May 2021
financial services, language, gender