MICRO FINANCE: THE WAY FORWARD TO EMPOWERING THE CITIZENRY. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
ABSTRACT
This study examines microfinance and the way to empower the citizenry. The study reveals that, there has been a remarkable increase and improvement in the services of microfinance bank throughout the federation as several community banks are now gaining approach to operate as a microfinance banks. It was also discovered that microfinance banking services has enhance living standards, economic development, empowering more citizens especially the mainstream which is a global problem.
The researcher therefore recommends among others that, the three tiers of government (federal, state and local government) should devote at least one percent of their annual budget to micro credit initiatives administered through (MFBs) and promote sound microfinance practice by advocating professionalism, transparency and good governance in microfinance institutions.
CHAPTER ONE
1.0 BACKGROUND TO STUDY
Microfinance is the provision of financial services to the very active poor or mainly members of the main stream sector of the economy. Apart from small loan it includes savings micro insurance and other financial innovation micro credit which is an integral part of micro finance provides access for the “active poor” to borrow, save, invest and insure family against risk. The economic status may not have ordinarily qualified them to access traditional credit provisions (CBN, 2005).
Micro credit is an innovation of the United Nations Organization a declared in 2005. While our erstwhile President Chief Olusegun Obasanjo on Thursday 15th December 2005 inaugurated the National Empowerment Development Strategy both at the federal, state and the local government levels (National Orientation Agency, 2005).
This and other facts on its successes in Asia (Bangladesh Prof Yunus) has successfully enable extremely impoverished people especially women to engage in self employment projects that allows them to generate an income and in many cases began to build wealth and exit poverty.
The topic is so chosen as a way of adding to word of knowledge the required recipe to kick starting the small and medium scale enterprise (mainstream sector) of our economy as such enhance economic development. Enhanced individual economic empowerment self sufficiency, lifting above poverty and of course community development.
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MICRO FINANCE: THE WAY FORWARD TO EMPOWERING THE CITIZENRY. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE