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THE IMPACT OF MICROFINANCE ON WELFARE AND POVERTY ALLEVIATION IN SOUTHWEST NIGERIA
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The study presented empirical findings on the impact of Microfinance on welfare and poverty alleviation in Southwest Nigeria. It also examined Microfinance as key to poverty alleviation and economic development. It assessed the extent to which Microfinance Institutions had successfully helped the poor to improve their standard of living and social status. The study employed multiple regression analysis of the Ordinary Least Square (OLS) technique of estimation in order to make tentative predictions concerning outcome variable. The Linear Probability Model was also adopted in the study. This study establishes that Microfinance
Programme have impacted the businesses and lives of the beneficiaries (Microfinance Clients) in several positive ways particularly in their economic circumstances. It also gave them access to essential life-enhancing facilities and services. It suggested that Microfinance Institutions in Nigeria should seek long-term capital from the Pensions and Insurance companies so that they can grant larger volumes of loans to greater number of their clients. They should also strive to put in place procedures, policies and products that would ensure gender responsiveness and equity. In order to enhance healthy competition among the Microfinance Institutions, there should be a mandatory policy for the Microfinance Institutions to publish their interest rates and other charges at frequent intervals. This would improve the levels of efficiency of the Microfinance Institutions.
The study presented empirical findings on the impact of Microfinance on welfare and poverty alleviation in Southwest Nigeria. It also examined Microfinance as key to poverty alleviation and economic development. It assessed the extent to which Microfinance Institutions had successfully helped the poor to improve their standard of living and social status. The study employed multiple regression analysis of the Ordinary Least Square (OLS) technique of estimation in order to make tentative predictions concerning outcome variable. The Linear Probability Model was also adopted in the study. This study establishes that Microfinance
Programme have impacted the businesses and lives of the beneficiaries (Microfinance Clients) in several positive ways particularly in their economic circumstances. It also gave them access to essential life-enhancing facilities and services. It suggested that Microfinance Institutions in Nigeria should seek long-term capital from the Pensions and Insurance companies so that they can grant larger volumes of loans to greater number of their clients. They should also strive to put in place procedures, policies and products that would ensure gender responsiveness and equity. In order to enhance healthy competition among the Microfinance Institutions, there should be a mandatory policy for the Microfinance Institutions to publish their interest rates and other charges at frequent intervals. This would improve the levels of efficiency of the Microfinance Institutions.
TABLE OF CONTENT
CHAPTER ONE: INTRODUCTION Pages
1.1 Background of the Study........................................... 1
1.2 Statement of the Research Problem..................................... 4
1.3 Research Question ................................................. 5
1.4 Objectives of the Study ........................................... 6
1.5 Statement of Research Hypotheses ...................................... 6
1.6 Significance of the Study .......................................... 7
1.7 Scope of the Study ................................................. 7
1.8 Outline of the Thesis ............................................ 8
1.9 Method of Data Collection & Analysis................................8
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction.................................................... 10
2.2 Microfinance: A Review of Background, Operations and Structure/Models ...... 10
2.2.1 Brief Historical Background ....................................... 10
2.3 Review of Microfinance Models ..................................... . 13
2.4 Review of Empirical Studies ........................................ 16
2.4.1 Microfinance Experience in United States of America...................... 16
2.4.2 Microfinance Experience in Europe.................................. 17
2.4.3 Asian/Latin America.............................................. 18
2.4.4 Africa........................................................ 26
2.4.5 Nigeria...................................................... 34
2.4.6 Lending Activities of Microfinance Banks in Lagos State in 2011 to Empower
The Poor .................................................... 38
2.5 Roles of Microfinance in MSMES................................... 39
2.5.1. Some Innovative Ideas ........................................... 39
2.5.2. Interventions of Non-Governmental Organizations (NGOs) ................. 42
2.5.3. Funding Services for Microfinance Banks ............................. 44
2.5.4. Key Success Factors in Nigeria .................................... 47
2.5.5. Sustainability of Microfinance Institutions ............................. 49
2.5.6 Challenges Confronting Microfinance Institutions ........................ 50
2.6 A Global Perspective on Microfinance............................... 53
2.6.1 Global Status of Microfinance Worldwide ............................ 53
2.6.2 Steady Growth of Microfinance Institutions Globally ..................... 55
2.6.3 Lending Portfolio of the Larger Microfinance Institutions in Africa as at 2005 ... 56
2.6.4 Activities of Borrowers Financed by Microfinance Institutions in Bangladesh .... 58
2.6.5 Microfinance Performance in Nigeria ................................. 60
2.7 Some Individual Experiences.................................... 67
CHAPTER THREE: RESEARCH METHODOLOGY. ............................ 72
3.1 Introduction.................................................... 72
3.2 Theoretical/Conceptual Framework .................................. 72
3.2.1 Theoretical Framework ........................................... 72
3.2.2. Conceptual Framework ........................................... 77
3.3. Research Methodology ........................................... 81
3.3.1 Research Design ................................................ 81
3.4 Population and Sample Design ...................................... 81
3.5 Sampling Technique .............................................. 82
3.6 Data Collection and Sources of Data ................................. 83
3.7 Reliability of Instrument ......................................... 83
3.8 Questionnaire ................................................ 83
3.9 Model Specification .............................................. 84
3.10 Analytical Technique............................................. 88
4.0 CHAPTER FOUR: DATA ANALYSIS AND DISCUSSION OF REPORTS. 89
4.1 Some Characteristics of the Respondents ............................... 89
4.1.1Microfinance Institutions (MFIs) and their Characteristics in the Study Area 90
4.1.2 Socio-economic characteristics of customers of MFIs ............... 92
4.2. MFIs and Microcredit Dispersion among Respondents .................... 99
4.2.1 Level of Patronage of MFIs by Respondents ........................... 100
4.2.2. Types of Accounts Maintained with MFIs .............................. 103
4.2.3. Analysis of Loans Facilities Received ................................. 104
4.3 Loan Demand in Microfinance Institutions ........................... 110
4.3.1 Volume of Loan Demanded by Respondents among the MFIs ......... 110
4.3.2 Determinants of Loan Demand ................................ 114
4.3.3 Loan Demand Probability Function ............................ 118
4.4 Microfinance Banks and Personal Welfare among Respondents .............. 124
4.4.1 Utilization of Loan Facilities Received from the MFIs ................ 124
4.4.2 Savings, Earnings and Personal Welfare of Respondents .............. 132
4.4.2.1 Savings ........................................... 132
4.4.2.2 Earnings........................................... 135
4.4.3 Determinants of Income Distribution Among Respondents ............. 141
4.5 Microfinancing and Micro-Enterprise Growth ............................ 148
4.5.1 Microfinancing and the Growth of Sales Revenue ................... 148
4.5.2 Microfinancing and Growth of Employment ....................... 150
4.6 Main Summary of the Analysis .................................... 153
CHAPTER FIVE: Summary, Findings, Conclusions and Recommendations ....... 154
5.1 Summary ..................................................... 154
5.2 Findings .....................................................155
5.3 Conclusion of Study ............................................ 160
5.4 Policy Implications and Recommendations ........................... 162
5.4.1 For Microfinance Bank .......................................162.
4.2 For Government ..............................................163
5.5 Contribution to Knowledge ........................................ 163
5.6 Suggestions for Future Research .................................... 164
References ......................................................... 165
List of Tables.
Table 2.1: Total Cost of Administering Loan. .................................. 50
Table 2.2: Number of MFIs and Total Clients Reporting to Microfinance Submit ........ 55
Table 2.3: Lending Profile of Some African MFIs. .............................. 57
Table 2.4: Sub-Sectoral allocation of disbursement of funds by microfinance institutions in
Bangladesh. ................................................. 59
Table 2.5: Distribution of Microfinance Banks by Geo-Political Zones as at Dec. , 2008.. 62
Table 3.1: List of Variables and Descriptions ................................. 86
Table 4.1: Some Characteristics of Sampled Microfinance Banks .................. 91
Table 4.2: Average Number of Employees at Inception and Now.................. 92
Table 4.3: Distribution of Respondents by Age Group .................................. 93
Table 4.4: Distribution of Respondents by Highest Educational Qualification ................ 94
Table 4.5: Occupation Distribution of Respondents by occupation ......................... 95
Table 4.6: Distribution of Respondents by Gender and Marital Status ................ 96
Table 4.7: Distribution of Respondents by Status in the Household ........................98
Table 4.8: Distribution of Respondents by Nationality and State of Origin .............. 98
Table 4.9: Distribution of Respondents by Religious Affiliation ................... 99
Table 4.10: Names of the Microfinance Banks Patronized by Respondents .................. 100
Table 4.11: Distribution of MFI Customers by the Type of Banks Patronized ................ 100
Table 4.12: Distribution of MFIs by Some Selected Characteristics of Respondents .... 102
Table 4.13: Year Savings (Personal) Account was Opened ...................... 104
Table 4.14: Distribution of Respondents by Whether or not Loan has Ever Been Received 106
Table 4.15: Distribution of Respondents by Loan Received after Savings Account was
Opened ...................................................106
Table 4.16: Quality of Service on the Savings Account ......................... 107
Table 4.17: Distribution of MFIs by the Quality of Service Offered on Savings Account .. 108
Table 4.18: Distribution of MFIs by the Average and Total Loan Advanced to Customers . 119
Table 4.19: Distribution of Respondents by Loan Status ........................ 119
Table 4.20: Distribution of Respondents by Volume of Loan Obtained .................. 112
Table 4.21: Loan Demand Function ....................................... 116
Table 4.22: Distribution of Respondents by Whether or not they have ever Received any Loan
Facilities. ................................................. 119
Table 4.23: Linear Probability Function for Loan Request from MFI ............... 122
Table 4.24: The Distribution of MFIS by the Average Amount of Loan Granted to Customers 125
Table 4.25: Frequency Distribution of Respondents by the Percentage Utilization of first loan
Received .................................................. 126
Table 4.26: Frequency Distribution of Respondents by the Percentage Utilization of Second
Loan Received .............................................. 127
Table 4.27: Frequency Distribution of Respondents by the Utilization of Third Loan Received 128
Table 4.28: Distribution of Loan Usage Pattern Among Respondents ............... 128
Table 4.29: Distribution of Respondents by Patterns of Loans Utilization ............ 131
Table 4:30: Volume and Percentage Change .................................. 134
Table 4.31: Distribution of Respondents by Average Nominal Income before and after Loan
Facility was Received ......................................... 136
Table 4.32: Distribution of Respondents by Weekly Earnings Before and After Receiving
Loan Facilit ies from MFIs and by Some Selected Characteristics......... 137
Table 4.33: Growth Rate of Nominal Weekly Income .......................... 138
Table 4.34: Percentage Changes Within Income Groups ......................... 139
Table 4.35: Descriptive Statistics of the Variables Used in the Models .............. 142
Table 4.36 (a): Model Summary ...........................................142
Table 4.36 (b): Regression Coefficients of the Distribution of Income ................143
Table 4.37: Anova Table for the Regression Estimate in Table 4.34 ................. 143
Table 4.38: Model Summary .............................................. 145
Table 4.39: Regression Coefficient of Income Distribution Functions ............... 146
Table 4.40: ANOVA Table for Models 1 to 4 .................................. 147
Table 4.41: Frequency Distribution of Micro-Enterprises by Nature of Business ........ 148
Table 4.42: Distribution of Weekly Sales Revenue and Its Growth Rate by Some Selected
Characteristics of Enterprises and Entrepreneurs ..................... 149
Table 4.43: Frequency Distribution of Micro-Enterprises by Number Employed Before
Microfinancing and After ...................................... 151
Table 4.44: Distribution of Employment Level and its Growth Rate by Some Selected
Characteristics of Enterprises and Entrepreneurs ..................... 152
Table 4.45: Distribution of Respondents by their Perception on Microfinancing and Poverty
Reduction ..................................................153
APPENDICES .......................................................172
Appendix A: Questionnaire: Bank Officials ..............................
177
Appendix B: Questionnaire: Bank Customers.................................. 180
List of Abbreviations and Acronyms
ACGS " Agricultural Credit and Grant Scheme
ADB " African Development Bank
ASHO " Anambra Self Help Organization
BOI " Bank of Industry
BIDS " Bangladesh Institute of Development Studies
CAMELS
(C) Capital Adequacy
(A) Asset Quality
(M) Management
(E) Earnings
(L) Liquidity
(S) Sensitivity to Market Risk
CB " Community Banks
CBN " Central Bank of Nigeria
CGAP " Consultative Group to Assist the Poorest
CMFB " Covenant Micro Finance Bank
COWAD " Community Women and Development
DEC " Development Exchange Centre
EEC " European Economic Commission
EMPL " Employment
FADU " Farmers Development Union
FCF " Full Cycle Fund
GDP " Gross Domestic Product
GFF " Good Faith Fund
GPP " Global Poverty Publicat ion
HND " Higher Nat ional Diploma
IFAD " International Fund for Agricultural Development
JD " Jordanian Dollar
LAPO " Lifting Above Poverty Organization
LOP " Levels of Profit
MAIN " Microfinance African Institutions Network
MDGs " Millennium Development Goals
MFBs " Microfinance Banks
MFIs " Microfinance Institutions
MSMEs " Micro Small and Medium Scale Entreprises
NACB " Nigerian Agricultural and Cooperative Bank
NACRDB " National Agricultural Cooperative and Rural Development
Bank
NDE " National Directorate of Employment
NDIC " Nigerian Deposit Insurance Corporation
NEEDS " National Economic Empowerment and Development
Strategy
NGO " Non Governmental Organization
OSI " Open Society Institute
PAR " Portfolio At Risk
PB " Peoples Bank
PRSP " Poverty Reduction Strategy Paper
RBP " Rural Banking Programme
ROA " Return On Asset
SEAP " Self Reliance Economic Advancement Programme
SHG " Self Help Group
SMEs " Small and Medium Scale Entreprises
TEACH " Training, Education And Credit Health
VEF " Village Entreprise Fund
WDI " Women Development Init iat ive
WSEP " Women Self Employment Project
CHAPTER ONE: INTRODUCTION Pages
1.1 Background of the Study........................................... 1
1.2 Statement of the Research Problem..................................... 4
1.3 Research Question ................................................. 5
1.4 Objectives of the Study ........................................... 6
1.5 Statement of Research Hypotheses ...................................... 6
1.6 Significance of the Study .......................................... 7
1.7 Scope of the Study ................................................. 7
1.8 Outline of the Thesis ............................................ 8
1.9 Method of Data Collection & Analysis................................8
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction.................................................... 10
2.2 Microfinance: A Review of Background, Operations and Structure/Models ...... 10
2.2.1 Brief Historical Background ....................................... 10
2.3 Review of Microfinance Models ..................................... . 13
2.4 Review of Empirical Studies ........................................ 16
2.4.1 Microfinance Experience in United States of America...................... 16
2.4.2 Microfinance Experience in Europe.................................. 17
2.4.3 Asian/Latin America.............................................. 18
2.4.4 Africa........................................................ 26
2.4.5 Nigeria...................................................... 34
2.4.6 Lending Activities of Microfinance Banks in Lagos State in 2011 to Empower
The Poor .................................................... 38
2.5 Roles of Microfinance in MSMES................................... 39
2.5.1. Some Innovative Ideas ........................................... 39
2.5.2. Interventions of Non-Governmental Organizations (NGOs) ................. 42
2.5.3. Funding Services for Microfinance Banks ............................. 44
2.5.4. Key Success Factors in Nigeria .................................... 47
2.5.5. Sustainability of Microfinance Institutions ............................. 49
2.5.6 Challenges Confronting Microfinance Institutions ........................ 50
2.6 A Global Perspective on Microfinance............................... 53
2.6.1 Global Status of Microfinance Worldwide ............................ 53
2.6.2 Steady Growth of Microfinance Institutions Globally ..................... 55
2.6.3 Lending Portfolio of the Larger Microfinance Institutions in Africa as at 2005 ... 56
2.6.4 Activities of Borrowers Financed by Microfinance Institutions in Bangladesh .... 58
2.6.5 Microfinance Performance in Nigeria ................................. 60
2.7 Some Individual Experiences.................................... 67
CHAPTER THREE: RESEARCH METHODOLOGY. ............................ 72
3.1 Introduction.................................................... 72
3.2 Theoretical/Conceptual Framework .................................. 72
3.2.1 Theoretical Framework ........................................... 72
3.2.2. Conceptual Framework ........................................... 77
3.3. Research Methodology ........................................... 81
3.3.1 Research Design ................................................ 81
3.4 Population and Sample Design ...................................... 81
3.5 Sampling Technique .............................................. 82
3.6 Data Collection and Sources of Data ................................. 83
3.7 Reliability of Instrument ......................................... 83
3.8 Questionnaire ................................................ 83
3.9 Model Specification .............................................. 84
3.10 Analytical Technique............................................. 88
4.0 CHAPTER FOUR: DATA ANALYSIS AND DISCUSSION OF REPORTS. 89
4.1 Some Characteristics of the Respondents ............................... 89
4.1.1Microfinance Institutions (MFIs) and their Characteristics in the Study Area 90
4.1.2 Socio-economic characteristics of customers of MFIs ............... 92
4.2. MFIs and Microcredit Dispersion among Respondents .................... 99
4.2.1 Level of Patronage of MFIs by Respondents ........................... 100
4.2.2. Types of Accounts Maintained with MFIs .............................. 103
4.2.3. Analysis of Loans Facilities Received ................................. 104
4.3 Loan Demand in Microfinance Institutions ........................... 110
4.3.1 Volume of Loan Demanded by Respondents among the MFIs ......... 110
4.3.2 Determinants of Loan Demand ................................ 114
4.3.3 Loan Demand Probability Function ............................ 118
4.4 Microfinance Banks and Personal Welfare among Respondents .............. 124
4.4.1 Utilization of Loan Facilities Received from the MFIs ................ 124
4.4.2 Savings, Earnings and Personal Welfare of Respondents .............. 132
4.4.2.1 Savings ........................................... 132
4.4.2.2 Earnings........................................... 135
4.4.3 Determinants of Income Distribution Among Respondents ............. 141
4.5 Microfinancing and Micro-Enterprise Growth ............................ 148
4.5.1 Microfinancing and the Growth of Sales Revenue ................... 148
4.5.2 Microfinancing and Growth of Employment ....................... 150
4.6 Main Summary of the Analysis .................................... 153
CHAPTER FIVE: Summary, Findings, Conclusions and Recommendations ....... 154
5.1 Summary ..................................................... 154
5.2 Findings .....................................................155
5.3 Conclusion of Study ............................................ 160
5.4 Policy Implications and Recommendations ........................... 162
5.4.1 For Microfinance Bank .......................................162.
4.2 For Government ..............................................163
5.5 Contribution to Knowledge ........................................ 163
5.6 Suggestions for Future Research .................................... 164
References ......................................................... 165
List of Tables.
Table 2.1: Total Cost of Administering Loan. .................................. 50
Table 2.2: Number of MFIs and Total Clients Reporting to Microfinance Submit ........ 55
Table 2.3: Lending Profile of Some African MFIs. .............................. 57
Table 2.4: Sub-Sectoral allocation of disbursement of funds by microfinance institutions in
Bangladesh. ................................................. 59
Table 2.5: Distribution of Microfinance Banks by Geo-Political Zones as at Dec. , 2008.. 62
Table 3.1: List of Variables and Descriptions ................................. 86
Table 4.1: Some Characteristics of Sampled Microfinance Banks .................. 91
Table 4.2: Average Number of Employees at Inception and Now.................. 92
Table 4.3: Distribution of Respondents by Age Group .................................. 93
Table 4.4: Distribution of Respondents by Highest Educational Qualification ................ 94
Table 4.5: Occupation Distribution of Respondents by occupation ......................... 95
Table 4.6: Distribution of Respondents by Gender and Marital Status ................ 96
Table 4.7: Distribution of Respondents by Status in the Household ........................98
Table 4.8: Distribution of Respondents by Nationality and State of Origin .............. 98
Table 4.9: Distribution of Respondents by Religious Affiliation ................... 99
Table 4.10: Names of the Microfinance Banks Patronized by Respondents .................. 100
Table 4.11: Distribution of MFI Customers by the Type of Banks Patronized ................ 100
Table 4.12: Distribution of MFIs by Some Selected Characteristics of Respondents .... 102
Table 4.13: Year Savings (Personal) Account was Opened ...................... 104
Table 4.14: Distribution of Respondents by Whether or not Loan has Ever Been Received 106
Table 4.15: Distribution of Respondents by Loan Received after Savings Account was
Opened ...................................................106
Table 4.16: Quality of Service on the Savings Account ......................... 107
Table 4.17: Distribution of MFIs by the Quality of Service Offered on Savings Account .. 108
Table 4.18: Distribution of MFIs by the Average and Total Loan Advanced to Customers . 119
Table 4.19: Distribution of Respondents by Loan Status ........................ 119
Table 4.20: Distribution of Respondents by Volume of Loan Obtained .................. 112
Table 4.21: Loan Demand Function ....................................... 116
Table 4.22: Distribution of Respondents by Whether or not they have ever Received any Loan
Facilities. ................................................. 119
Table 4.23: Linear Probability Function for Loan Request from MFI ............... 122
Table 4.24: The Distribution of MFIS by the Average Amount of Loan Granted to Customers 125
Table 4.25: Frequency Distribution of Respondents by the Percentage Utilization of first loan
Received .................................................. 126
Table 4.26: Frequency Distribution of Respondents by the Percentage Utilization of Second
Loan Received .............................................. 127
Table 4.27: Frequency Distribution of Respondents by the Utilization of Third Loan Received 128
Table 4.28: Distribution of Loan Usage Pattern Among Respondents ............... 128
Table 4.29: Distribution of Respondents by Patterns of Loans Utilization ............ 131
Table 4:30: Volume and Percentage Change .................................. 134
Table 4.31: Distribution of Respondents by Average Nominal Income before and after Loan
Facility was Received ......................................... 136
Table 4.32: Distribution of Respondents by Weekly Earnings Before and After Receiving
Loan Facilit ies from MFIs and by Some Selected Characteristics......... 137
Table 4.33: Growth Rate of Nominal Weekly Income .......................... 138
Table 4.34: Percentage Changes Within Income Groups ......................... 139
Table 4.35: Descriptive Statistics of the Variables Used in the Models .............. 142
Table 4.36 (a): Model Summary ...........................................142
Table 4.36 (b): Regression Coefficients of the Distribution of Income ................143
Table 4.37: Anova Table for the Regression Estimate in Table 4.34 ................. 143
Table 4.38: Model Summary .............................................. 145
Table 4.39: Regression Coefficient of Income Distribution Functions ............... 146
Table 4.40: ANOVA Table for Models 1 to 4 .................................. 147
Table 4.41: Frequency Distribution of Micro-Enterprises by Nature of Business ........ 148
Table 4.42: Distribution of Weekly Sales Revenue and Its Growth Rate by Some Selected
Characteristics of Enterprises and Entrepreneurs ..................... 149
Table 4.43: Frequency Distribution of Micro-Enterprises by Number Employed Before
Microfinancing and After ...................................... 151
Table 4.44: Distribution of Employment Level and its Growth Rate by Some Selected
Characteristics of Enterprises and Entrepreneurs ..................... 152
Table 4.45: Distribution of Respondents by their Perception on Microfinancing and Poverty
Reduction ..................................................153
APPENDICES .......................................................172
Appendix A: Questionnaire: Bank Officials ..............................
177
Appendix B: Questionnaire: Bank Customers.................................. 180
List of Abbreviations and Acronyms
ACGS " Agricultural Credit and Grant Scheme
ADB " African Development Bank
ASHO " Anambra Self Help Organization
BOI " Bank of Industry
BIDS " Bangladesh Institute of Development Studies
CAMELS
(C) Capital Adequacy
(A) Asset Quality
(M) Management
(E) Earnings
(L) Liquidity
(S) Sensitivity to Market Risk
CB " Community Banks
CBN " Central Bank of Nigeria
CGAP " Consultative Group to Assist the Poorest
CMFB " Covenant Micro Finance Bank
COWAD " Community Women and Development
DEC " Development Exchange Centre
EEC " European Economic Commission
EMPL " Employment
FADU " Farmers Development Union
FCF " Full Cycle Fund
GDP " Gross Domestic Product
GFF " Good Faith Fund
GPP " Global Poverty Publicat ion
HND " Higher Nat ional Diploma
IFAD " International Fund for Agricultural Development
JD " Jordanian Dollar
LAPO " Lifting Above Poverty Organization
LOP " Levels of Profit
MAIN " Microfinance African Institutions Network
MDGs " Millennium Development Goals
MFBs " Microfinance Banks
MFIs " Microfinance Institutions
MSMEs " Micro Small and Medium Scale Entreprises
NACB " Nigerian Agricultural and Cooperative Bank
NACRDB " National Agricultural Cooperative and Rural Development
Bank
NDE " National Directorate of Employment
NDIC " Nigerian Deposit Insurance Corporation
NEEDS " National Economic Empowerment and Development
Strategy
NGO " Non Governmental Organization
OSI " Open Society Institute
PAR " Portfolio At Risk
PB " Peoples Bank
PRSP " Poverty Reduction Strategy Paper
RBP " Rural Banking Programme
ROA " Return On Asset
SEAP " Self Reliance Economic Advancement Programme
SHG " Self Help Group
SMEs " Small and Medium Scale Entreprises
TEACH " Training, Education And Credit Health
VEF " Village Entreprise Fund
WDI " Women Development Init iat ive
WSEP " Women Self Employment Project
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