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THE IMPACT OF MICROFINANCE ON WELFARE AND POVERTY ALLEVIATION IN SOUTHWEST NIGERIA
ABSTRACT
The study presented empirical findings on the impact of Microfinance on welfare and poverty alleviation in Southwest Nigeria. It also examined Microfinance as key to poverty alleviation and economic development. It assessed the extent to which Microfinance Institutions had successfully helped the poor to improve their standard of living and social status. The study employed multiple regression analysis of the Ordinary Least Square (OLS) technique of estimation in order to make tentative predictions concerning outcome variable. The Linear Probability Model was also adopted in the study. This study establishes that Microfinance Programme have impacted the businesses and lives of the beneficiaries (Microfinance Clients) in several positive ways particularly in their economic circumstances. It also gave them access to essential life-enhancing facilities and services. It suggested that Microfinance Institutions in Nigeria should seek long-term capital from the Pensions and Insurance companies so that they can grant larger volumes of loans to greater number of their clients. They should also strive to put in place procedures, policies and products that would ensure gender responsiveness and equity. In order to enhance healthy competition among the Microfinance Institutions, there should be a mandatory policy for the Microfinance Institutions to publish their interest rates and other charges at frequent intervals. This would improve the levels of efficiency of the Microfinance Institutions.
List of Abbreviations and Acronyms
ACGS ” Agricultural Credit and Grant Scheme
ADB ” African Development Bank
ASHO ” Anambra Self Help Organization
BOI ” Bank of Industry
BIDS ” Bangladesh Institute of Development Studies
CAMELS
(C) Capital Adequacy
(A) Asset Quality
(M) Management
(E) Earnings
(L) Liquidity
(S) Sensitivity to Market Risk
CB ” Community Banks
CBN ” Central Bank of Nigeria
CGAP ” Consultative Group to Assist the Poorest
CMFB ” Covenant Micro Finance Bank
COWAD ” Community Women and Development
DEC ” Development Exchange Centre
EEC ” European Economic Commission
EMPL ” Employment
FADU ” Farmers Development Union
FCF ” Full Cycle Fund
GDP ” Gross Domestic Product
GFF ” Good Faith Fund
GPP ” Global Poverty Publicat ion
HND ” Higher Nat ional Diploma
IFAD ” International Fund for Agricultural Development
JD ” Jordanian Dollar
LAPO ” Lifting Above Poverty Organization
LOP ” Levels of Profit
MAIN ” Microfinance African Institutions Network
MDGs ” Millennium Development Goals
MFBs ” Microfinance Banks
MFIs ” Microfinance Institutions
MSMEs ” Micro Small and Medium Scale Entreprises
NACB ” Nigerian Agricultural and Cooperative Bank
NACRDB ” National Agricultural Cooperative and Rural Development
Bank
NDE ” National Directorate of Employment
NDIC ” Nigerian Deposit Insurance Corporation
NEEDS ” National Economic Empowerment and Development
Strategy
NGO ” Non Governmental Organization
OSI ” Open Society Institute
PAR ” Portfolio At Risk
PB ” Peoples Bank
PRSP ” Poverty Reduction Strategy Paper
RBP ” Rural Banking Programme
ROA ” Return On Asset
SEAP ” Self Reliance Economic Advancement Programme
SHG ” Self Help Group
SMEs ” Small and Medium Scale Entreprises
TEACH ” Training, Education And Credit Health
VEF ” Village Entreprise Fund
WDI ” Women Development Init iat ive
WSEP ” Women Self Employment Project
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