EXAMINING THE SOCIO-ECONOMIC EFFECT OF ABSENCE OF BANK ON STUDENTS’ ACADEMIC PERFORMANCE IN FEDERAL COLLEGE OF EDUCATION, ODUGBO, BENUE STATE

The main purpose of this study is to examine the socio-economic effects of the absence of a banking institution on students’ academic performance in Federal College of Education, Odugbo, Benue State. As a guide to the study, five specific objectives, five research questions and four hypotheses were formulated. The population was 3200 and a sample of 320 students drawn, representing 10% of the population. The instrument for data collection was a structured questionnaire. The questionnaire was subjected to face and content validation by three experts: one from the Department of Economics, one from Educational Measurement and Evaluation, and one from Guidance and Counselling, all in Benue State University. A pilot test was carried out using 30 students from College of Education Katsina-Ala (who are not be part of the main study). The reliability coefficient of the instrument was determined using Cronbach Alpha method. A reliability coefficient of 0.78 confirm. The researcher, with the assistance of two trained research assistants, administered the questionnaires in person to the selected respondents, data collected were analyzed using descriptive and inferential statistics: Mean and Standard Deviation were used to answer the research questions, while independent t-test and ANOVA will be used to test the hypotheses at 0.05 level of significance. The finding of the study reveals that the absence of a bank significantly hinders their access to financial resources. Students reported delays in receiving allowances from parents, high POS charges, difficulty in saving, and lack of access to emergency funds and also A positive and significant correlation was found (r = 0.421, p < 0.05) between absence of banking facilities and students’ academic performance, based on the findings, it was recommended that The Federal Government, in collaboration with financial institutions, should prioritize the establishment of at least one functional bank or microfinance outlet within the Federal College of Education, Odugbo. This will ease students’ access to funds, reduce delays in financial transactions, and promote academic stability.