MICRO FINANCE INSTITUTIONS ORIGIN, PROBLEMS AND PROSPECTS

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MICRO FINANCE INSTITUTIONS ORIGIN, PROBLEMS AND PROSPECTS

CHAPTER ONE

I.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

In consonance with the Millennium Development Goals (MDGs) of the United Nations, which include reduction/elimination of poverty and disease, the Federal Government developed poverty eradication programmes. The strategies of previous governments to address poverty include establishment of Peoples Bank of Nigeria (PBN), Community Banks (CBs), Family Economic Advancement programme (FEAP), Better Life for Rural Women Programme etc. These strategies were unsuccessful because they were seen as programmes meant to distribute money to politicians.

Since the 1980‟s Non-Governmental Organizations (NGOs) have emerged in the country to champion the cause of the micro entrepreneur with a shift from the supply-led approach to the demand driven strategy. The number of NGOs involved in micro finance activities has increased significantly in the recent times due largely to the inability of the formal financial sector to provide the service needed by the low income groups, the poor and entrepreneurs.

The micro-finance firms fund their operations from the grants, interest on loans and contribution from members. They however, have limited outreach due largely to the unsustainable nature of their funds.

The Central Bank of Nigeria (CBN) in accordance with section 28 sub-section (1) of the CBN Act No 24 of 1991 (as amended) has the provision of Banks and Other Financial Institution Act (BOFIA) No 25 of 1991 (as amended).

A micro finance policy, which recognizes the existing information institutions and brings them within the supervisory purview of the CBN would not only enhance monetary stability, but also expand the financial infrastructure of the country to meet the financial requirements of the micro, small and medium enterprises (MSMEs) and also entrepreneurship. Such a policy would create vibrant micro finance sub-sector that would be adequately integrated into the mainstream of the national financial system and provide the stimulus for growth and development. It would also harmonize operating standards and provide a strategic platform for the evolution of micro finance institutions.

On the other hand, entrepreneurship has been seen as the engine of Nigeria economy. Right from 1960 when Nigeria got her independence, the federal Government of Nigeria has taken bold steps to empower entrepreneurship using monetary, fiscal and

industrial policies. All the policies failed to yield a positive result owing to lack of transparency, accountability and trustworthiness of their leaders and those entrusted with those responsibilities.

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