THE DEVELOPMENTAL IMPACT OF RURAL BANKING IN NIGERIA (A CASE STUDY OF MICROFINANCE BANK, IMOWO, IJEBU-ODE)


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ABSTRACT
This study takes a critical look at the access and impact of micro Finance banks on the entrepreneurial and economically active rural poor in Nigeria using Imowo Microfinance bank as a case study.
The objective being to determine if heeded they constitute the category of people targeted by micro finance banks, if they have access to credits on a regular basis, and indeed if the credit or other ancillary services received by them had any significant effect upon their livelihoods homes and standard of living. Revelations from our field survey indicated very minimal impact of micro finance banks on the livelihood of entrepreneurial and economically active rural poor that is, the micro finance banks have had very communities: they preferred to extend credits to non poor clients in the urban areas. Some of the recommendation to increase impact of micro finance banks on rural poor with particular reference to Imowo microfinance in Nigeria, are more efforts at increasing the number of microfinance bank and service in the rural areas, other include the provision of adequate infrastructures such as functional roads and electricity in the rural areas.



TABLE OF CONTENT
- Title page
- Certification
- Dedication
- Acknowledgement
- Abstract
- Table of content
CHAPTER ONE
1.0     Introduction
1.1     Background of the study       
1.2     Objectives of the Research work
1.3     Statement of; Research problems
1.4     Significance of the study       
1.5     Scope of the study       
1.6     Limitation of the study
1.7     Statement of Research Hypothesis
1.8     Definition of Terms
CHAPTER TWO
2.0     Literature Review
2.1     Historical Background
2.2     Role of microfinance Banks in promoting economic growth
2.3     Communication GAPS AND Inadequate Awareness
2.4     ANTI-POOR Attitudes of Nigerian
2.5     Insufficient Support from the regulators and government     
2.6     Ways forward for effective and result oriented of
microfinance banking in Nigeria

CHAPTER THREE
3.1     Research methodology
3.2     Data collection
3.3     Population of the study
3.4     Analysis Techniques
CHAPTER FOUR
4.1     Presentation, Analysis and Interpretation of data
4.2     Respondents Characteristics and Classification
4.3     Presentation and Analysis of Data According to
Research Question
4.4     Test of Hypothesis       
CHAPTER FIVE
5.1     Findings
5.2     Summary
5.3     Conclusion
5.4     Recommendation
          Questionnaire
          Bibliography



CHAPTER ONE
1.0     INTRODUCTION       
Banking service when introduced in our rural areas will bring development or specifically economic development to the door step of every citizen in the country. Between 70-80 percent of Nigerians lives in the rural area.
Every Nigerian want to go to the urban area because of availability of infrastructural amenities like electricity, good roads, pipe borne water, civilized market operation, job opportunities and so on.  If these social amenities continue to exist in urban areas, life in rural areas will still remain under-developed. Money they say is the blood that nourishes or gives like to any prosperous economy of a nation.
For money to accomplish its aims in an economy, it needs to be properly managed and controlled in the banking sector.
Agriculture is the second major source that generates revenue to the Nigeria government after oil industry, the sector of the economy right from time has been neglected. The rural areas have not felt any positive impact on the development plan, but only recorded a decline in agricultural productivity, which shows that the rural areas have been neglected at the expense of the urban areas.
The banking industry in every nation is a sector that has a controlling impact on the economy particularly in terms of monetary policy. This is why the federal government has continuously encouraged banks to expend their services and facilities not only to the urban cities but also rural areas.
It is therefore, worth while to investigate alternatives for encouraging rural savings and channeling the savings to finance rural development. Rural banks are therefore relevant important financial institutions which are designed and expected to encourage and mobilize savings and also channel such banking into productive investment in the rural areas. This paper thus attempts to examine the program of rural banking as a strategy for rural development through the mobilization of rural saving as a source of capital formation badly needed for the development of the rural economy Nigeria.

1.1     BACKGROUND OF THE STUDY
It would be observed that despite the presumed development in the Nigerian economy, the country is still largely being regarded as a developing country, more so its industrial growth is not quite impressive.
Before the emergence of formal microfinance institutions, informal microfinance activities flourished all over the country. Traditionally micro-finance in Nigeria entails traditional informal practices such as local money lending, rotating credit and savings practices credit from friends and relatives government owned institutional arrangement poverty reduction programmes etc (Lemo, 2006).  The Central Bank of Nigeria survey in 2001 indicated that the operations of former microfinance institutions in Nigeria are relatively new, as most of  them never registered after 1981.
Before now commercial banks traditionally lend to medium and large enterprises which are judged to be credit worthy. They avoided doing business with the poor and their micro  enterprises risks are considered to be relatively high.
The federal and state governments have recognized that for sustainable growth and development, the financial empowerment of the rural areas is vital, being the repository of the predominantly poor in society and in particular the SMEs.

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