Home»Banking and Finance» The role of microfinance institutions in the economic development of Nigeria - case study of Obioma microfinance bank

The role of microfinance institutions in the economic development of Nigeria - case study of Obioma microfinance bank

 Department: Banking and Finance  
 By: usericon Arinze1  

 Project ID: 5582
   Rating:  (3.2) votes: 11
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This study examines the outreach performance of Microfinance institutions (MFIS) in the rural economic development of Nigeria, based on a survey of two major MFIS. The findings indicate that the operations of MFIS have grown phenomenally in the last six years, driven largely by expanding informal sector activities and the relevance of banks to find the emerging micro prises. The financial service provided by the MFIS have neither been given any publicity nor captured explicitly in the official financial statistics. The study also reveals the challenges which have been addressed in this paper and the roles which is the main reason for writing this paper in rural area, the objective of establishing MFIS in Nigeria, innovation in credit delivery, and poverty alleviation in order to help others in rural areas. They include the urgent need to approve and implement a policy framework that regulates and standardize MFIS operation in rural area. The methodology used in this project was primary and secondary data collection to obtain relevant information in writing this project. Tabular presentation was used in the presentation of data, analysis of data was done using result interpreted, chi-square testing of hypothesis and the result interpreted based on the decision rules stated.  The conclusion is that CBN recognized micro-finance as an important tool for poverty alleviation through empowering the micro and small enterprises and this was based on the findings of data collected and analyzed....
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