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Haitian Businesses Perceive Banking Activities as a Challenge

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A recent survey of Haitian businesses has shed light on the importance of banking activities in Haiti, revealing a complex relationship between perception and determinants among surveyed variables.

Demographics and Economic Situation

According to the study, 56% of the 44 participants were male, with 55% working in service-based industries. The majority, 84%, perceived the economic situation in Haiti as very bad or bad. Notably, one-third of respondents believed their companies were in difficult economic situations, while most participants thought their businesses, particularly micro-entities, were better off than the country.

Perception of Banking Activities

The survey also found that:

  • 80% and 81% of participants disagreed with the statement that banks contribute to Haiti’s economic growth and facilitate financial resources for entrepreneurs, respectively.
  • However, 98% agreed that banks help obtain residences with low-interest rates.

Correlation Analysis

Correlation analysis revealed that:

  • Gender and demographic area had a limited correlation with other items.
  • The negative perception of banking activities was strongly correlated with the perception of the economic situation in Haiti.

T-Statistics

Further analysis using t-statistics showed that:

  • The perception of cooperative financial societies as an alternative to obtain financial resources was significantly related to the Haitian economic situation and facilitation of financial resources for small- and medium-sized merchants.
  • The continuous increase in customer satisfaction of financial institutions was also found to be explained by the Haitian economic situation and the perception of obtaining residences with low-interest rates.

Conclusion

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This study provides valuable insights into the perceptions of Haitian businesses regarding banking activities and their determinants. The findings suggest that:

  • Cooperative financial societies may be a viable alternative for small- and medium-sized businesses seeking financial assistance, particularly in challenging economic environments.
  • Policymakers can use these results to inform strategies aimed at improving access to financial resources and promoting economic growth in Haiti.

Equation

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FRE = 0.457 + 0.597 RLI + 0.225 CICS (t-test = 1.479, Sig = 0.149)

CSFA = 0.784 - 0.275 HES + 0.263 RLI (t-test = 3.83, Sig = 0.01)

CICS = 0.387 + 0.32 HES + 0.628 RLI (t-test = 2.094, Sig = 0.045)

Note: The equations presented above are econometric relations formalizing the perception of banking activities and its determinants among surveyed variables.