Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria

Solomon Abba Boman; Bashir Musa Tijani; Marcus Garvey Orji

doi:doi:10.11648/j.ebm.20180405.11

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Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria

Solomon Abba Boman, Bashir Musa Tijani, Marcus Garvey Orji

Published in European Business & Management (Volume 4, Issue 5)

Received: 13 October 2018 Accepted: 7 November 2018 Published: 3 December 2018

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Abstract

A carefully planned and monitored micro-credit financing can serve as a veritable tool for economic development of any State or nation. The objective of this study is to assess the effect of Micro finance banks on economic development of Kaduna state, Nigeria. The study is a survey research and both primary and secondary data were used, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study indicated that Micro-finance banks has significantly assisted in eradicating poverty in Kaduna State, Nigeria, also Micro-finance banks have significantly increase the income generation and productivity level of small and medium scales entrepreneurs in Kaduna State, Nigeria, thereby increasing economic development. The study among other things recommended that the management of the microfinance Banks in Kaduna State Nigeria should pay more attention to small and medium scales industries by encouraging them on their production as well as giving them adequate support so that their product can be recognized both locally and internationally, thereby eradicating poverty in the State. Also, appropriate promotional tools should be adopted by the management of the Microfinance banks in order to create more awareness to the grassroots dwellers and educate them on the benefit that they will derive from collecting loan from the Microfinance banks to enhance their income generation.

Published in	European Business & Management (Volume 4, Issue 5)
DOI	10.11648/j.ebm.20180405.11
Page(s)	112-118
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2018. Published by Science Publishing Group

Keywords

Micro Finance Banks, Economic Development, Kaduna State, Nigeria

References

[1]	Yunus, M. (1994) “Grameen Bank-experience and reflection, Dhaka.
[2]	Boman, S. A (2009) Evaluation of The Impact of Micro-Finance Banks on Economic Development of Nigeria, MBA Project, Department of Business Administration, Ahmadu Bello University, Zaria.
[3]	C. B. N. (2016). Central Bank of Nigeria annual report and financial statement.
[4]	Anyawu, C. M. (1996) “Efficient administration of credit for small scale industrial development, Bullion, Central Bank of Nigeria, Abuja, Nigeria.
[5]	Webster, L. and Filder, P. (2000). “The informal sector and microfinance in West Africa. World bank regional and sectoral studies. The World Bank, Washington DC.
[6]	Central bank of Nigeria/World Bank (2005): Nigeria development prospects: Poverty assessment and alleviation study, Nigeria, Abuja.
[7]	Thom-Otuya, V. C and Chukuigwe, N (2014) Emerging Issues in Micro Finance Banks in Nigeria’ European Journal of Business and Management, Vol. 6, No. 18, PP 227-231.
[8]	Drašarová, M. I and Srnec, K (2016) ‘Microfinance as a Tool for Poverty Reduction: A Study in Mexico’ Mediterranean Journal of Social Sciences, Vol. 7 No 5, PP 17-24.
[9]	Muogbo, U. S, and Tomola, O (2018) The Impact of Microfinance Bank on Entrepreneurship Development in Nigeria’ Journal of Business and Economic Development; 3 (2): PP 51-61.
[10]	Apere, T. O (2016) The Impact of Microfinance Banks on Economic Growth in Nigeria’ International Journal of Academic Research in Economics and Management Sciences Vol. 5, No. 4 PP 53-61.
[11]	Murad, A, B, and Idewele, I. E (2017) The Impact Of Microfinance Institution In Economic Growth Of A Country: Nigeria In Focus’ International Journal of Development and Management Review (INJODEMAR) Vol. 12 No. 1 PP.
[12]	Ayodele, A. E. and Kayode, A (2014) The Impact of Microfinance on Economic Growth in Nigeria’ Journal of Emerging Trends in Economics and Management Sciences (JETEM S) 5 (5) PP 397- 405.
[13]	Akpan, E. S and Nneji, I. D (2015) Contribution of Microfinance Banks to the Development of Small and Medium Scale Enterprises in Nigeria’ Research Journal of Finance and Accounting www.iiste.org, Vol. 6, No. 8, PP 19-29.
[14]	Eigbiremolen, G. O and Anaduaka, U. S (2014) The Place of Microfinance in Today’s Economy: Further Evidence from Nigeria’ International Journal of Academic Research in Economics and Management Sciences Vol. 3, No. 1; PP 12-22.
[15]	Orji, M. G (2017) ‘ The Role of Bank of Agriculture in Financing Small scale Agricultural Enterprises in Nigeria’ Pakistan Research Journal of Management Science, Vol 1, PP1-10.

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APA Style

Solomon Abba Boman, Bashir Musa Tijani, Marcus Garvey Orji. (2018). Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria. European Business & Management, 4(5), 112-118. https://doi.org/10.11648/j.ebm.20180405.11

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Solomon Abba Boman; Bashir Musa Tijani; Marcus Garvey Orji. Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria. Eur. Bus. Manag. 2018, 4(5), 112-118. doi: 10.11648/j.ebm.20180405.11

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AMA Style

Solomon Abba Boman, Bashir Musa Tijani, Marcus Garvey Orji. Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria. Eur Bus Manag. 2018;4(5):112-118. doi: 10.11648/j.ebm.20180405.11

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@article{10.11648/j.ebm.20180405.11,
  author = {Solomon Abba Boman and Bashir Musa Tijani and Marcus Garvey Orji},
  title = {Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria},
  journal = {European Business & Management},
  volume = {4},
  number = {5},
  pages = {112-118},
  doi = {10.11648/j.ebm.20180405.11},
  url = {https://doi.org/10.11648/j.ebm.20180405.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20180405.11},
  abstract = {A carefully planned and monitored micro-credit financing can serve as a veritable tool for economic development of any State or nation. The objective of this study is to assess the effect of Micro finance banks on economic development of Kaduna state, Nigeria. The study is a survey research and both primary and secondary data were used, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study indicated that Micro-finance banks has significantly assisted in eradicating poverty in Kaduna State, Nigeria, also Micro-finance banks have significantly increase the income generation and productivity level of small and medium scales entrepreneurs in Kaduna State, Nigeria, thereby increasing economic development. The study among other things recommended that the management of the microfinance Banks in Kaduna State Nigeria should pay more attention to small and medium scales industries by encouraging them on their production as well as giving them adequate support so that their product can be recognized both locally and internationally, thereby eradicating poverty in the State. Also, appropriate promotional tools should be adopted by the management of the Microfinance banks in order to create more awareness to the grassroots dwellers and educate them on the benefit that they will derive from collecting loan from the Microfinance banks to enhance their income generation.},
 year = {2018}
}

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TY  - JOUR
T1  - Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria
AU  - Solomon Abba Boman
AU  - Bashir Musa Tijani
AU  - Marcus Garvey Orji
Y1  - 2018/12/03
PY  - 2018
N1  - https://doi.org/10.11648/j.ebm.20180405.11
DO  - 10.11648/j.ebm.20180405.11
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 112
EP  - 118
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20180405.11
AB  - A carefully planned and monitored micro-credit financing can serve as a veritable tool for economic development of any State or nation. The objective of this study is to assess the effect of Micro finance banks on economic development of Kaduna state, Nigeria. The study is a survey research and both primary and secondary data were used, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study indicated that Micro-finance banks has significantly assisted in eradicating poverty in Kaduna State, Nigeria, also Micro-finance banks have significantly increase the income generation and productivity level of small and medium scales entrepreneurs in Kaduna State, Nigeria, thereby increasing economic development. The study among other things recommended that the management of the microfinance Banks in Kaduna State Nigeria should pay more attention to small and medium scales industries by encouraging them on their production as well as giving them adequate support so that their product can be recognized both locally and internationally, thereby eradicating poverty in the State. Also, appropriate promotional tools should be adopted by the management of the Microfinance banks in order to create more awareness to the grassroots dwellers and educate them on the benefit that they will derive from collecting loan from the Microfinance banks to enhance their income generation.
VL  - 4
IS  - 5
ER  -

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Author Information

Solomon Abba Boman

ABU School of Business, Ahmadu Bello University, Zaria, Nigeria
Bashir Musa Tijani

ABU School of Business, Ahmadu Bello University, Zaria, Nigeria
Marcus Garvey Orji

Department of Business Administration, Veritas University (The Catholic University of Nigeria), Abuja, Nigeria

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APA Style

Solomon Abba Boman, Bashir Musa Tijani, Marcus Garvey Orji. (2018). Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria. European Business & Management, 4(5), 112-118. https://doi.org/10.11648/j.ebm.20180405.11

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ACS Style

Solomon Abba Boman; Bashir Musa Tijani; Marcus Garvey Orji. Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria. Eur. Bus. Manag. 2018, 4(5), 112-118. doi: 10.11648/j.ebm.20180405.11

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AMA Style

Solomon Abba Boman, Bashir Musa Tijani, Marcus Garvey Orji. Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria. Eur Bus Manag. 2018;4(5):112-118. doi: 10.11648/j.ebm.20180405.11

Copy | Download

@article{10.11648/j.ebm.20180405.11,
  author = {Solomon Abba Boman and Bashir Musa Tijani and Marcus Garvey Orji},
  title = {Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria},
  journal = {European Business & Management},
  volume = {4},
  number = {5},
  pages = {112-118},
  doi = {10.11648/j.ebm.20180405.11},
  url = {https://doi.org/10.11648/j.ebm.20180405.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20180405.11},
  abstract = {A carefully planned and monitored micro-credit financing can serve as a veritable tool for economic development of any State or nation. The objective of this study is to assess the effect of Micro finance banks on economic development of Kaduna state, Nigeria. The study is a survey research and both primary and secondary data were used, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study indicated that Micro-finance banks has significantly assisted in eradicating poverty in Kaduna State, Nigeria, also Micro-finance banks have significantly increase the income generation and productivity level of small and medium scales entrepreneurs in Kaduna State, Nigeria, thereby increasing economic development. The study among other things recommended that the management of the microfinance Banks in Kaduna State Nigeria should pay more attention to small and medium scales industries by encouraging them on their production as well as giving them adequate support so that their product can be recognized both locally and internationally, thereby eradicating poverty in the State. Also, appropriate promotional tools should be adopted by the management of the Microfinance banks in order to create more awareness to the grassroots dwellers and educate them on the benefit that they will derive from collecting loan from the Microfinance banks to enhance their income generation.},
 year = {2018}
}

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TY  - JOUR
T1  - Effect of Micro Finance Banks on Economic Development of Kaduna State, Nigeria
AU  - Solomon Abba Boman
AU  - Bashir Musa Tijani
AU  - Marcus Garvey Orji
Y1  - 2018/12/03
PY  - 2018
N1  - https://doi.org/10.11648/j.ebm.20180405.11
DO  - 10.11648/j.ebm.20180405.11
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 112
EP  - 118
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20180405.11
AB  - A carefully planned and monitored micro-credit financing can serve as a veritable tool for economic development of any State or nation. The objective of this study is to assess the effect of Micro finance banks on economic development of Kaduna state, Nigeria. The study is a survey research and both primary and secondary data were used, and formulated hypotheses tested using Kendal coefficient of concordance. The findings of the study indicated that Micro-finance banks has significantly assisted in eradicating poverty in Kaduna State, Nigeria, also Micro-finance banks have significantly increase the income generation and productivity level of small and medium scales entrepreneurs in Kaduna State, Nigeria, thereby increasing economic development. The study among other things recommended that the management of the microfinance Banks in Kaduna State Nigeria should pay more attention to small and medium scales industries by encouraging them on their production as well as giving them adequate support so that their product can be recognized both locally and internationally, thereby eradicating poverty in the State. Also, appropriate promotional tools should be adopted by the management of the Microfinance banks in order to create more awareness to the grassroots dwellers and educate them on the benefit that they will derive from collecting loan from the Microfinance banks to enhance their income generation.
VL  - 4
IS  - 5
ER  -

Copy | Download