Determinants analysis of loan use and repayment behaviour among farmers in Benin: A semi-nonparametric bivariate probit approach

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Determinants analysis of loan use and repayment behaviour among farmers in Benin: A semi-nonparametric bivariate probit approach

ABSTRACT

This paper analysed the determinants of the use and repayment behaviour of loans among farmers in Benin. Data were collected from 400 farmers randomly selected from twenty villages‟ representative of the country’s seven Agricultural Development Hubs (ADH). The data were analysed using a semi-non parametric bivariate probit approach. The results indicated that there was a relationship between the decision to use the loans and the decision to repay them. In total, nine explanatory variables in the model were significant. Three of these variables (education level, membership of a farmer organization and income) determined with different levels of significance the use of q and default on loan repayment. Five of these variables (age, sex, household size, farm size and contact with extension services) influenced loan use, but had no significant effect on loan repayment. A single variable (asset value) had no effect on loan use, but had significantly affected the repayment of the loan. Based on these results from Benin, MFIs in developing countries should take into account significant variables when concluding contracts with borrowing farmers.

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