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MICROFINANCE AND POVERTY ALLEVIATION: A CASE STUDY OF AHMADU BELLO UNIVERSITY MICROFINANCE BANK (A.B.U. MFB) , ZARIA.
Abstract:
Poverty has such an adverse effect that those under it remain trapped in a vicious circle because access to basic necessities of life is lacking or inadequate. The antipoverty programmes of the federal government were targeted at the rural and urban poor with emphasis on women and unemployed youth. The intervention took the form of the provision of basic infrastructures to facilitate rural development as well as provision of credit facilities to improve the lot of the underprivileged by encouraging micro-enterprises in the cities and training programmes for the unemployed youths. This was done because it was realized that Structural Adjustment policies did not achieve steady economic growth and poverty has become more acute as evident among the rural and urban dwellers. The objective of this study was to examine the impact of microfinance banks on poverty alleviation using the Ahmadu Bello University microfinance bank as case study. Both primary and secondary data were collected and used. Also, descriptive statistics were used. The results showed that microfinance banks enhanced rural and urban development; there was improved savings mobilization which improved credit facilities which in turn improved the lot of the rural and urban dwellers by the larger output from micro-enterprises. Data were analyzed by the use of simple percentage and Chi-square statistics. It was found that microfinance banks contributed to poverty reduction. It was concluded that Ahmadu Bello University Microfinance Bank charges high interest rate because of their incapacity to mobilize its funds from the local community but rather borrowing from other banks; thus this has continued to undermine the contribution of microfinance banks to poverty reduction. More study on the design, effects and effectiveness of these antipoverty banks are needed.
MICROFINANCE AND POVERTY ALLEVIATION: A CASE STUDY OF AHMADU BELLO UNIVERSITY MICROFINANCE BANK (A.B.U. MFB) , ZARIA.
