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Microfinance Institutions in Nigeria

Remy O. Mejeha and Ifeanyi Nwachukwu

MPRA Paper from University Library of Munich, Germany

Abstract: The advocation of micro – financing was triggered by the poor performance of the conventional finance sector. The essence was to reach the overwhelming population of the poor to assist in the drive to alleviate poverty. Barely a million had been provided with some credit in Nigeria while a yawning 40 million poor people are yet to be attended to. In terms of supply, commercial and development finance institutions are in the fore front of the outfits that provide credits to the microfinance institutions. Despite their efforts, rates of interest, inequitable distribution of wealth and income and outreaching the poor constitute challenges to the operations. The establishment of microfinance institutions in Nigeria was based on weak institutional capacity, weak capital base, existence of a huge unserved market, utilization of SMEEIS fund among other things

Keywords: microfinance; financial institutions; agricultural credit and finance (search for similar items in EconPapers)
JEL-codes: E58 E60 G21 (search for similar items in EconPapers)
Date: 2008-08-14
New Economics Papers: this item is included in nep-afr and nep-mfd
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