THE IMPACT OF MICROFINACE BANKS ON THE ECONOMIC DEVELOPMENT OF THE RURAL POPULACE. (A CASE STUDY OF KOGI MICROFINANCE BANK LOKOJA)

THE IMPACT OF MICROFINANCE BANKS ON THE ECONOMIC DEVELOPMENT OF THE RURAL POPULACE.

(A CASE STUDY OF KOGI MICROFINANCE BANK LOKOJA)


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                                                                           INTRODUCTION

The Nigeria conventional financial institution has not been providing adequate financial services to meet the financial requirements of the micro, small and medium enterprises in the economic system of the country. this imbalance in the economic system is affecting economic growth leading to increase in poverty due to lack of access to credit facilities to fully engage in economic activities by making people more self reliant and to reduce the rate of poverty and unemployment situation in the country.

In Nigeria. the formal financial system only provides service to about 35% of the economically active people while the remain 65% are excluded from access to financial services these 65% are often served by the informal organization micro finance institution (NGO – MFIS) source CGN reports on microfinance activities.

Looking back into history one would see that Nigerians have always engaged in economic activities but such activities continued for a long time. In subsistence basis. Agriculture for instance was in most cases carried out simply to seed the immediate family. Other activities such as pottery, weaving, e.t.c were for personal needs and market within the locality.

The practice of microfinance is not new in Nigeria. Nigerians have always tried to provide themselves with needed finances through informal microfinance approaches like self – help group (SHGS), rotating savings and credit associations, (ROSCAS), accumulating credit and savings associations (ASCAS) and direct borrowing from friends and relations these approaches may have sufficed in the traditional society but the growth in the sophistication of the economy and the increasing incidence of poverty among citizens has revealed the shortcomings of this approach. the central bank of Nigeria (CBN) ahead to this when it pointed out that the informal financial institutions that attempt to provide microfinance services severally have limited outreach due primarily to paucity of loan able funds. It was in a bid to resolve this identified deficiency of the informal microfinance sector that the CBN  in 2005 introduced a microfinance policy a prelude to the incensing of microfinance banks in Nigeria. according to this policy document its aim is to provide a microfinance frame work that would enhance the provision of diversified microfinance services on a long – term sustainable basis for the poor and how income groups, create a platform for the establishment of microfinance banks and improve CBN’s regulatory / supervisory performance in ensuring monetary stability and liquidity management.

In order to enhance the flow of the financial service to the Nigerian rural government initiated a series of publicity financed micro credit programmes and policies targeted at the poor.

 

TABLE OF CONTENT
Title Page
Certification
Dedication
Acknowledgement
Abstract
Table of contents.
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
1.2 Statement of the problem
1.3 Objectives of the study
1.4 Statement of hypothesis
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
CHAPTER TWO
2.1 Conceptual clarifications
2.1.1 Organization chart of the case study
2.2 Theoretical frame work
2.2.1 Overview of microfinance activities in Nigeria
2.2.2 The goals of microfinance banks
2.2.3 The role of microfinance policies on economic transformation.
2.2.4 The role of microfinance banks in socio – economic development of rural communities
2.2.5 Basic features of microfinance banks
2.3 Empirical analysis
2.3.1 Microfinance bank and economic development
2.3.2 Microfinance banks and rural development
2.3.3 Rural development
2.3.4 Issues and challenge
2.4 Summary of empirical analysis
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research design
3.2 Areas of the study
3.3 Sample and sampling procedure
3.4 Instruments for data collection
3.5 Validation of the instruments
3.6 Reliability of the instruments
3.7 Methods of data collection
3.8 Method of data analysis
CHAPTER FOUR
DATA ANALYSIS AND RESULTS
4.1 Data Analysis
4.2 Results
4.3 Discussion
CHAPTER FIVE
SUMMARY CONCLUSIONS AND RECOMMENDATIONS
5.1 summary
5.2 Conclusions
5.3 Recommendations
Bibliography

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