The Project File Details
TABLE OF CONTENT
Title page i
Table of content v
DATA PRESENTATION AND ANALYSIS, SUMMARY CONCLUSION AND RECOMMENDATION,
This study researches into the Assessment of the Impacts of Microfinance Industry on the Development of the Rural Area in Nigeria, A Case Study of Gaa-Akanbi Micro Finance bank Ilorin. It examines the significant of micro finance bank in Nigeria. It was concluded that knowing the population of rural area is very low, with special reference to Gaa-Akanbi Micro Finance Bank.
1.1 BACKGROUND TO THE STUDY
According to Banda M. (2002), micro finance industry is about providing finance service to the poor who are traditionally not serve by the conventional financial institution in Nigeria the formal financial system provides services to about 35% of economically active population which the remaining 65% are excluded from the access to financial services. The small and medium scale enterprises falls among the 6% who are not catered for financially. The financial need of most of these small and medium scale enterprises are catered for by the informal financial sector via non-government organization (NGO’s), friends, money under relatives as well as credit unions.
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 initiated a series of publicly financed micro-credit programe and policies targeted at the poor. Some of such programe were agricultural credit guarantee scheme (ACGS), people bank of Nigerians community banks (CB), now micro finance bank etc. all these are aimed at empowering Nigerians and local productions.
Microfinance industry the main source of funding micro enterprises in Nigerian Africa and even other developing regions.
This study is aimed at undertaking a primary survey of micro finance institution or industry has helped inconditioning poverty in the rural area. It will also examine the framework of microfinance institution and also observed how the operation of micro-finance. To this research work will make a critical education of micro finance institution and wide examination of rural area (concentration on the level of poverty) and how the operations of the institution have helped in reading poverty.
1.2 THE FOLLOWING ARE THE PROBLEMS THAT NECESSITATED OUR CHOICE OF THE TOPIC:
1.3 AIMS AND OBJECTIVES OF THE STUDY
The main purpose of this research work is to examine the assessment of the impacts of micro finance banks in eradicating poverty in the rural area. The aims and objective of the study are as follows:
1.4 SIGNIFICANCE OF THE STUDY
This research work is descriptive in nature and to describe the impact or roles of microfinance bank/industry in eradicating poverty in rural area. This research work is also beneficial to the micro finance banks because it will examine the problems of micro finance banks critically and potters a solution to the problems.
Thus, this research will therefore, help in the overall economic development as it will encourage rural dwellers on the effective utilization of the microfinance banks never to them because this research work is describe and 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
(i) This research work will increase their scope of service and profitability
(ii) The research work will also assist the micro finance banks in identifying their problems and proper likely dwellers.
(i) This research work will educate the rural dweller on the impact of micro finance.
(ii) The project will also educate the rural dweller on how to increase their saving and productivity.
(iii) This research work will also eradicate poverty in rural area by educating the dweller on the effective use of the bank.
Traditional authorities will as well benefit from this project because it will increase their internal revenue generated as a result on 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 the state at large.
1.5 SCOPE OF THE STUDY
This research work focus on assessment of the impact of microfinance banks in eradicating poverty in the rural area but because of the existence of some limiting factors the research work delaminate the study with special emphasis on Gaa-Akanbi community as the rural area under study as our sample population.
As a result of this, the research work is an historical case study and investigative based research. It emphasis on Gaa-Akanbi micro finance banks as a case study of the project.
1.6 LIMITATIONS AND CONSTRAINTS TO THE STUDY
In carrying out this research work, some of the limitation or problems encountered are: