CHAPTER ONE
1.0 INTRODUCTION
1.1 GENERAL OVERVIEW OF THE STUDY
It has been estimated that there are 500 million economically active poor people in the world operating small scale and medium businesses. Most of them do not have access to adequate financial services.
Microfinance services are financial services that poor people can qualify for. More broadly, it refers to a movement in which as many poor and near-poor household as possible have permanent access to.
Theoretically, microfinance encompasses any financial service used by poor people including those they access in the informal economy, such as loans, from a village money lender. In practice, however, the term is usually only used to refer to institutive and enterprises whose goods include both finance and empowerment of the poor.
The concept of the credit union was developed by Friedrich W. Raiffeisen and his supporters. Their altruistic action was motivated by concern to assist the rural population to break out of their dependence on money lenders and to improve their welfare.
Although much progress has been made, the problem has not been solved yet, and the overwhelming majority of people who earn less especially in rural areas, they lack access to formal financial leverage.
The concept of modern microfinance was developed in 2004 by consultative group to assist the poor (CGAP) and endorsed by the group of eight leaders at the G8 Summit on June 10th 2004.
(Christian, Robert Peck, Jayadeva, Vena and Rosenbery. Financial institutions with a double bottom line, consultative group to assist the poor from encyclopedia Washington 2004). The practical of microfinance in Nigeria is culturally rooted and dates back to several centuries.
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