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ROLE
OF MICRO FINANCE BANKS IN THE ECONOMY DEVELOPMENT OF NIGERIA
TABLE OF CONTENT
Title Page
Declaration - - - - - - - - - -
Approval page - - - - - - - - -
Dedication - - - - - - - - - - -
Acknowledgement - - - - - - - - -
Table of Content - - - - - - - - -
CHAPTER ONE
1.0
Introduction - - - - - - - - -
1.1
Background
of the study - - - - - - -
1.2
Statement
of the Problem - - - - - - -
1.3
Objective
of the study - - - - - - -
1.4
Significance
of the study - - - - - - -
1.5
Scope and
limitation of the study - - - - -
1.6
Definition
of term - - - - - - -
CHAPTER TWO
2.0
Review of
Literature - - - - - - -
2.1
Definition
of Micro finance - - - - - -
2.2
Role of
micro finance bank in Nigeria economy - - -
2.3
Beneficiaries
from micro finance bank - - - -
2.4
Problem
encountered by micro finance bank in Nigeria economy
2.5
Procedure
for established micro finance bank - - -
CHAPTER
THREE
3.0
Summary,
Conclusion and Recommendation - -
3.1
Summary - - - - - - - -
3.2
Conclusion
- - - - - - - -
3.3
Recommendation
- - - - - - -
Bibliography - - - - - - -
3.4
CHAPTER ONE
1.0
INTRODUCTION
OF THE STUDY
1.1 BACKGROUND
Micro
finance Bank (describe here as small scale financial services to claim that
they are economically active various urban and rural areas) has been proven to
be effective in fighting poverty by providing entrepreneurs with the necessary
capital to start and expand their entrepreneurial activities.
Last year,
successive government has put in place various policies in order to make things
easier for the ordinary man on the street. Unfortunately, the struggle for
survival has became more difficult and excruciating for the toiling masses.
Indeed, the government’s concern for the intolerable poverty level, which is
more than 54 percent – over 70 million out of 140 million Nigerian population,
is encapsulated also in the recent statement by Prof. Chukwuma Soludo, while
lamenting that the poverty level in Nigeria is not only getting to a crisis
point but also becoming dynastic.
1.2
STATEMENT
OF THE PROBLEM
The
research is means to widen the researcher knowledge about the topic in question
and to serve a benefit to the people who wish to know about Micro finance bank
in Nigeria. And also to serve as a basic of knowledge to other students who
wish to carryout research on the same topic.
In Nigeria
Micro finance Bank instructively, the researchers by statistics, (from the
National Bureau of Statistics (NBS) in 2004) say that the 65 percent of
Nigerians are served by the informal financial sector made by money leaders,
friends, relatives and credit unions. There seriousness of the state government
to the cause of poor in their meds would be gauged by their willingness to
remit one percent of their annual budget to the micro – credit development
fund, which return, qualities then to withdraw from the pool to empower their
people. It is importance here to look at those factors responsible for the
higher poverty incidence in the country, especially in northern Nigeria that in
2004 single member household had 12.6 percent poverty incidence, 2 – 4 members
household 39.9 percent poverty incidence, 5 – 9 household 57.9 percent, 10 – 20
member households 73 percent and above 20 member household often have 90.7
percent poverty incidence.
In the
areas of education, the NBS disclosed that households headed by those without
education, agriculture and forestry had 67 percent poverty incidence while
those who live in rural areas contributed 65 percent to poverty in 2004.
1.3
THE
OBJECTIVE OF THE STUDY
The aims
and objectives of the study is to investigate into the roles played by Micro
finance banks, which actually can not be overemphasized in the development of
Nigerian economy especially in the areas of poverty alleviation, which is an
identified of moving our economy forward.
Micro
finance bank carries out various functions, one, that is granting or provide
financial services such as credit, savings, micro insurance, micro leasing and
the basic aims of study are to examine the experience of payment services to
the poor and low income clients. Economic activities in which the poor and low income
clients engage in include farming micro and small enterprise where goods are
produced, catering, trading, commerce and housing improvement services.
1.4
SIGNIFICANCE
OF THE STUDY
The study
is based on identifying, analyzing and reporting advises to Micro finance bank
on how to apply their economic plant in terms of agriculture development and
mobilization of savings at the local level has been an importance element for
the community development around the world for a longtime. This depends on the
role of the Micro finance bank which helps to exploit natural resources and
poverty alleviation quantities, qualities of capital. It is a well known fact
that the basic function of Micro finance bank is to eradicate poverty among the
poor it also benefits on food security and child rent’s education. This
research work is to intensively look in to the role of Micro finance bank
developing the economy, or not? If they do, do they plan their role in
developing the economy? While it is a known fact that no researches work that
is exhaustive, it is hoped that at the end of this work, it would be proved
that Micro finance bank plays a vital role in the development of our economy
(Nigeria).
1.5
SCOPE AND
LIMITATION OF THE STUDY
Due to this
topic, our area of concentration will be mainly based on the role of Micro
finance bank in the development of Nigeria economy.
In a
research work of this nature, there are bond to be factors that act on the
contrary. There militating against one’s effort.
Time, which
no matter how abundant it is limited, this is one of the factors. The time
allowed for research work of this nature is quite short, even though it gives
room for supervisor’s day to day consultation.
However,
the research work was carried out within Kaduna and some part of Nigeria;
therefore, it was administered to a sample of population. This study should be
interpreted with caution in the light of fact that a sample can hardly be same
as population. The hesitant nature was also a limiting factors in carrying out
this research work. The conclusion therefore are based on the readily
information provided, but the limitation however does not render research work
useless but allows it to used as a basis for decision making and as a basis for
further research work.
1.6.
DEFINITION
OF TERMS
v INTEREST RATE: - This is a percentage that expresses the relations between the interest
for a particular period and the principal of a given loan.
v BENEFICIARY: - The last in the series of
individual or group who gain from a particular activities.
v DISBURSEMENT: - This is the act of giving or
paying out of funds.
v POVERTY: - This is a situation or experience
of being poor.
v LOAN: - Leveling a sum of money by a lender
to a borrower to be repaid with certain amount of interest.
v SCHEME: - To device a plan specifically
having certain motives in mind.
v SECURITY: - This is what is put down as a
guarantee by a borrower for the payment of loan.
v TAX CLEARANCE: - This is a written testimony
of having paid a compulsory contribution levied on persons, individual, and
business Inland Revenue Development.
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