ARCHIVES
VOL. 9, ISSUE 5 (2024)
Impact of microfinance on poverty alleviation: A case of rural banks in Nigeria
Authors
Olatunbosun Ayodele Aiyedun
Abstract
The study investigates
the impact of
microfinance on poverty alleviation in Nigeria, using rural banks as a case
study. The study adopted the
mixed-methods design approach. The target population comprises customers of 5
rural banks in Nigeria. Both the convenience and purposive sampling technique
was used. A sample size of 384 was determined using the Singh & Masuku
(2014) formula. Findings of the study revealed that microfinance services
(loans), while offering immediate financial improvement (relief) and investment
opportunities also carried the burden of loan repayment obligations. Also, in
the realm of children's school enrolment, microfinance services demonstrated
their pivotal role in breaking down financial barriers to education. Both loans
and savings services contributed significantly to higher school enrolment
rates, providing families with the financial resources needed to afford school
fees and related expenses. Conclusions and recommendations as well as
suggestions for future studies are presented.
Download
Pages:32-38
How to cite this article:
Olatunbosun Ayodele Aiyedun "Impact of microfinance on poverty alleviation: A case of rural banks in Nigeria". International Journal of Academic Research and Development, Vol 9, Issue 5, 2024, Pages 32-38
Download Author Certificate
Please enter the email address corresponding to this article submission to download your certificate.