Microfinance banks and the economic empowerment of small and medium scale entrepreneurs in Kwara State of Nigeria
No Thumbnail Available
Date
2011
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Business Administration, Ibrahim Badamasi Babangida University, Lapai
Abstract
Microfinance banking which started formally in Bangladesh was introduced in Nigeria to take the place of community banking. This is with the hope that this policy will enable financial services (especially credit facilities) to extend to the grassroots and empower the small and medium scale entrepreneurs economically. It is based on this that the study was carried out to examine to what extent these entrepreneurs have been empowered by the microfinance banks. In doing this, three hypotheses were put forward and tested using T-test, ANOVA and Duncan range test. The results of the hypothesis basically revealed that microfinance banks have actually empowered these entrepreneurs effectively through credit facilities given to them. Also, the results show that the service providers benefit more than those in the trading and manufacturing segment. It is based on this finding that the study recommends amongst others that the microfinance banks should not only provide these credit facilities but should also create awareness for their customers on how they can continue to employ the funds collected gainfully to better their lives.
Description
Keywords
Microfinance, Economic Empowerment, Small and Medium Scale Entrepreneurs