MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA
The development of micro scale business in a developing economy cannot be overstated due to the economic contribution and nature of the business. One of the challenges of micro businesses identified by scholars in developing economy like Nigeria is accessibility of funds which microfinance instituti...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Bucharest University of Economic Studies
2022-12-01
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| Series: | Business Excellence and Management |
| Subjects: | |
| Online Access: | https://beman.ase.ro/no124/4.pdf |
| _version_ | 1798005675731714048 |
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| author | Olajide Idowu OKUNBANJO Joseph Olusola OJENIKE Segun Kamoru FAKUNMOJU |
| author_facet | Olajide Idowu OKUNBANJO Joseph Olusola OJENIKE Segun Kamoru FAKUNMOJU |
| author_sort | Olajide Idowu OKUNBANJO |
| collection | DOAJ |
| description | The development of micro scale business in a developing economy cannot be overstated due to the economic contribution and nature of the business. One of the challenges of micro businesses identified by scholars in developing economy like Nigeria is accessibility of funds which microfinance institutions have been saddled with that responsibility. Thus, there is need to see how the microfinance institutions are lifting to expectation. Therefore, the study investigated how the microfinance institutions activities has impacted on the micro business development in selected Southwest States in Nigeria. The study employed descriptive research design with stratified sampling technique. Primary data was collected via questionnaire and 384 copies of questionnaire were administered but 297 were returned and useful for the analysis. The findings using regression analysis revealed that financial service of microfinance institutions has positive but insignificant effect on microenterprises development. Non-financial service of microfinance institutions has a positive and significant effect on microenterprises development in Southwest Nigeria. It is concluded that non-financial service influenced microenterprises development in the study. It was recommended that microfinance institutions in Southwest Nigeria should continue to offer non-financial services in terms of organizing training programs, give support to expand business, offer technical advice and give competent advice to the operators of micro scale enterprises Microfinance banks should lessen the conditions associated with their financial services to the operators of micro enterprises so that these operators may be able to access micro credit. |
| first_indexed | 2024-04-11T12:43:08Z |
| format | Article |
| id | doaj.art-6debda338b384a3a8a1f708776911e64 |
| institution | Directory Open Access Journal |
| issn | 2248-1354 2668-9219 |
| language | English |
| last_indexed | 2024-04-11T12:43:08Z |
| publishDate | 2022-12-01 |
| publisher | Bucharest University of Economic Studies |
| record_format | Article |
| series | Business Excellence and Management |
| spelling | doaj.art-6debda338b384a3a8a1f708776911e642022-12-22T04:23:26ZengBucharest University of Economic StudiesBusiness Excellence and Management2248-13542668-92192022-12-01124506410.24818/beman/2022.12.4-04MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIAOlajide Idowu OKUNBANJO0Joseph Olusola OJENIKE1Segun Kamoru FAKUNMOJU2Department of Business Administration, Faculty of Management Sciences, Lagos State University, Ojo, NigeriaDepartment of Business Administration, Faculty of Management Sciences, Ajayi Crowther University, Oyo, NigeriaDepartment of Finance, Faculty of Management Sciences, Lagos State University, Ojo, NigeriaThe development of micro scale business in a developing economy cannot be overstated due to the economic contribution and nature of the business. One of the challenges of micro businesses identified by scholars in developing economy like Nigeria is accessibility of funds which microfinance institutions have been saddled with that responsibility. Thus, there is need to see how the microfinance institutions are lifting to expectation. Therefore, the study investigated how the microfinance institutions activities has impacted on the micro business development in selected Southwest States in Nigeria. The study employed descriptive research design with stratified sampling technique. Primary data was collected via questionnaire and 384 copies of questionnaire were administered but 297 were returned and useful for the analysis. The findings using regression analysis revealed that financial service of microfinance institutions has positive but insignificant effect on microenterprises development. Non-financial service of microfinance institutions has a positive and significant effect on microenterprises development in Southwest Nigeria. It is concluded that non-financial service influenced microenterprises development in the study. It was recommended that microfinance institutions in Southwest Nigeria should continue to offer non-financial services in terms of organizing training programs, give support to expand business, offer technical advice and give competent advice to the operators of micro scale enterprises Microfinance banks should lessen the conditions associated with their financial services to the operators of micro enterprises so that these operators may be able to access micro credit.https://beman.ase.ro/no124/4.pdffinancial servicemicrofinance institutionsmicroenterprises developmentnon-financial service |
| spellingShingle | Olajide Idowu OKUNBANJO Joseph Olusola OJENIKE Segun Kamoru FAKUNMOJU MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA Business Excellence and Management financial service microfinance institutions microenterprises development non-financial service |
| title | MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA |
| title_full | MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA |
| title_fullStr | MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA |
| title_full_unstemmed | MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA |
| title_short | MICROFINANCE INSTITUTIONS ACTIVITIES AND MICROENTERPRISES DEVELOPMENT IN SOUTHWEST, NIGERIA |
| title_sort | microfinance institutions activities and microenterprises development in southwest nigeria |
| topic | financial service microfinance institutions microenterprises development non-financial service |
| url | https://beman.ase.ro/no124/4.pdf |
| work_keys_str_mv | AT olajideidowuokunbanjo microfinanceinstitutionsactivitiesandmicroenterprisesdevelopmentinsouthwestnigeria AT josepholusolaojenike microfinanceinstitutionsactivitiesandmicroenterprisesdevelopmentinsouthwestnigeria AT segunkamorufakunmoju microfinanceinstitutionsactivitiesandmicroenterprisesdevelopmentinsouthwestnigeria |