THE IMPACT OF MICRO FINANCE BANK IN ERADICATING POVERTY IN RURAL AREA
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TITLE PAGE
THE IMPACT OF MICRO FINANCE BANK IN ERADICATING POVERTY IN RURAL AREA
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the impact of micro finance bank in eradicating poverty in rural area" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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The introduction of microfinance banks in Nigeria is the inability of Nigerian Deposit Money Banks to provide sufficient financial service to the rural poor. Microfinance banks have taken up the challenges of the gap created by the Nigerian Deposit Money Banks. Microfinance banks can be seen as an economic growth method intended to advantage the low income part of a given country like Nigeria, both rural poor and urban poor. The objective of this study is to determine the impact of microfinance on rural transformation in Nigeria. The methodology used by the researcher was descriptive research. The findings of the study shows that micro-finance has impacted positively on the rural poor by providing loans and advances for agriculture, investment opportunities, savings mobilization and credit delivery; asset financing and community development financing. Despite the achievements of microfinance in transforming the rural areas they have been met with stiff difficulties like repayment problem, illiteracy among the poor and inadequate or non-monitoring of micro and small enterprises by the micro financial institutions. The following recommendations were made to address the issues: To match products to customer needs, examination of cash flows and repayment cycles, broaden the range of products and services to the poor and regulatory authorities should look closer to the activities of the microfinance banks.
TABLE OF CONTENT
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Table of content v
CHAPTER ONE
- Introduction
- Statement of the problem
- Research Questions
- Objective of the Study
- Research Hypothesis
- Significance of the study
- Scope of the study
- Definition of Terms
- Plan of the Study
CHAPTER TWO
2.1 LITERATURE REVIEW
CHAPTER THREE
METHODOLOGY
3.1 Sources of Data
3.2 Population of the study
3.3 Sample of Size
3.4 Method of Data Collection (Instrument)
3.5 Method of Data Analysis
3.6 Limitation to Methodology (Options)
CHAPTER FOUR
4.1 DATA PRESENTATION, ANALYSIS AND INTERPRETATION
CHAPTER FIVE
5.1 Summary of Finding
5.2 Conclusion
5.3 Recommendation
References
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND INFORMATION ABOUT THE STUDY
According to Banda M. (2002) Micro Finance is about Providing Financial Services to the poor who are traditionally not served by the conventional financial institution. In Nigeria. The formal financial system provides services about 35% of economically active population while the remaining 65% are executed from the access to financial services. The small and medium scale enterprises falls among the 65% who are not catered for finally. The finance need of most of these small and medium scale enterprises are catered for the informal financial sector via non – governmental organization (N.G.O) friend money, other relatives as well as credit union.
In order to enhance financial flow to the poor Nigerians who want to start – up a small and medium scale business, the government has in the past initiative a series of public finance micro – credit programme and policies targeted at the poor. Some of such programme well Agricultural Credit Guarantee Scheme (ACGS). People Bank of Nigeria (PBN), Community Bank (CB), Non – Micro finance bank etc. All these are aimed at empowering Nigeria and local productions.
Micro finance is the main source of funding micro enterprises in Nigeria, Africa and even in other developing regions. The study is aimed at undertaking a primary surveying of micro finance institution in Nigeria, it will also examine the frame work of micro finance institution and also observed how the operation of micro finance are carried – out.
Institution have helped in conditioning poverty in rural area with regard to this research work. It will work make a critical education of micro finance institution and wind examination of rural area (concentration on level at poverty) and how the operation of the institution have helped in finding poverty.
1.2 STATEMEN OF THE PROBELM
The following are the problems that necessitated my choice of this topic.
- Conceptual framework of micro – finance and micro finance institute in Nigeria.
- Reason for the establishment of Micro Finance Bank
- Regulation bodies and regulatory guideline that guide the operation of Micro Finance Institution in Nigeria.
- Meaning and features of a rural area setting
- Rate of poverty in the rural area
- Reason for increasing rate of poverty in rural area
- Impact of Micro Finance Banks in eradication of poverty in the rural area.
- Different and draw back encounted by microfinance banks while performing their function of poverty eradication.
- Solution to the problems of Micro – Finance Institution.
1.3 OBJECTIVE OF THE STUDY
The purpose of this research work is to examine the impact of Micro Finance Bank in eradicating poverty in the rural area. On other hand, the aims and objectives of the study are as follow.
- Examine the conceptual framework of micro finance institution in Nigeria.
- Enumerate the feature and the meaning of rural setting
- Discussing the rate of poverty in rural area
- Highlighting the reason for the increasing rate of poverty in the rural area.
- Expantiating the roles impact of Micro Finance Bank in eradicating poverty in rural area.
- Examining the problems encountered by Micro Finance Institution and the likely solution.
1.4 SIGNIFICANCE OF THE STUDY
The research work is descriptive in nature and to describes the impact in law of Micro Finance Bank in eradicating. Poverty in rural area. The research work is also beneficial to the micro finance bank because it will examine the reasons of Micro Finance Banks critically and prefer solution the problems.
Thus, this research block will therefore help in the overall economic development, it will also encourage rural dwellers on the effective utilization of the Micro Finance Banks nearer to them. Because this project will educate the general public on the use of Micro Finance efficiently and effectively.
Finally at the completion of this work, the following group will benefit one way as listed below.
Micro Finance Institution
1. This research work will increase their scope of service and profitability.
2. The research will also assist the Micro Finance Banks in identifying their problems and profer likely dwellers; rural dweller.
- This research work will educate the rural dweller on the impact of their finance
- The project will also assist and educate the rural dweller on how to increase their saving and productivity.
- This research work will also eradicate poverty in rural area by educating the dweller in the effective use of banks. Traditional authority will as well benefit from this project because it will increase their internal revenue generation as a result of increase in their level of productivity.
Finally, Local and State Government will benefit from this research work through the overall increase in standard of living in the rural area and state at large.
1.5 SCOPE AND LIMITATION OF THE STUDY
This research work focus on impact of Micro Finance Bank in eradicating poverty in rural area. But because of the existence of some limiting factors the research work delimitate the study with special emphasis on Gaa – Akani Micro Finance Bank as the case study and the examination of Gaa – Akanbi community as the rural area under study as my sample population.
A result of this research work is an historical case study and investigate based research.
Furthermore, in carrying out the research work, some of the limitation of the problems encountered were.
- Financial constraints, because the research work is personally financed by the researcher.
- Inadequate material to guide in carrying out the research work.
- Unenthusiastic attitude of some of the respondent in divulging useful information about the research topic.
- Serious rubbing of minds and brainstorming by the researcher before unanimously putting down points on the research.
- Problems of generalization of the final finding of the research to all rural areas in Nigeria.
However, despite all the limitation encountered during the research, effort where made to ensure that the limitations did not serve as an obstacle or hindrance toward the successful completion of this research work.
1.6 RESEARCH METHODOLOGY
The research methodology on the topic intend to use both secondary and primary sources of gathering information, the primary source include the materials from internet, material from related past project and research works and also academic textbooks.
The method of analyzing, interpreting and presenting the information covered and descriptive and also internal statistical analysis.
1.7 DEFINITION OF TERMS
The major terms used in this research are define below
- Micro – Finance they provide financial services to the poor who are traditionally not serve by conventional banks.
- Micro – credit – The firm of soft loan provision by micro – finance bank.
- Micro – credit plus – An additional services rendered by more finance bank together with provision of micro credit, which include skill acquisition programme, business advice, etc.
- Community bank – These are unit banks owned and manage by the owner communities they were establish to cater for the rural dweller who do not have access to conventional banks.
- Small and Medium scale Enterprises (SME) an enterprises with a minimum asset base of N200 millions excluding land and working capital and have the minimum number of staff not than 10 and more than 300 persons.
- Collateral – A Asset collected by Bank as security
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "the impact of micro finance bank in eradicating poverty in rural area" is also available. Order full work to download. Chapter two of "the impact of micro finance bank in eradicating poverty in rural area" consists of the literature review. In this chapter all the related work on "the impact of micro finance bank in eradicating poverty in rural area" was reviewed.
CHAPTER THREE: The complete chapter three of "the impact of micro finance bank in eradicating poverty in rural area" is available. Order full work to download. Chapter three of "the impact of micro finance bank in eradicating poverty in rural area" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "the impact of micro finance bank in eradicating poverty in rural area" is available. Order full work to download. Chapter four of "the impact of micro finance bank in eradicating poverty in rural area" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "the impact of micro finance bank in eradicating poverty in rural area" is available. Order full work to download. Chapter five of "the impact of micro finance bank in eradicating poverty in rural area" consist of conclusion, recommendation and references.
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