The Contribution of Microfinance Institutions on Poverty Reduction among Market Women in Etim Ekpo Local Government
DOI:
https://doi.org/10.31150/ajebm.v4i7.529Keywords:
Microfinance, Market, WomenAbstract
The study examined the contribution of microfinance institutions on poverty reduction among market women in Etim Ekpo local government. In order to carry out this study, specified research objectives were drawn from which null hypotheses were formulated and used for the study. The research design for this study is a survey design. The population of the study consisted of all the staff of Lapo microfinance bank. Purposive random sampling technique was used to select 90 respondents out of the population. The instrument used for data collection was questionnaire. The instrument was validated by research experts. Crombach Alpha reliability technique was used for testing the reliability of the instrument and reliability index of .91 was realized, hence the instrument was regard as being reliable. Data from completed questionnaires was subjected to percentage analysis. The findings showed and concluded that absolutely MFIs operation in Nigerian has brought about positive changes in the standard of living of people who access their services. The study recommended that MFIs should consider the possibility of increasing the grace period and reduce the frequency of repayment so as to provide for clients with long term loans turn to high capital circulation. Since most of the client were solely depending on the income from their business, Lapo Microfinace Bank should consider providing services in a humble manner with the aim in one part of raising the client capacity to obtain large loan products which may in turn promote the clients income from their business hence improve their standard of living.
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