Impact of Microfinance Banks Activities on Poverty Alleviation in Nigeria: 1993 – 2012

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Abstract

The fight against extreme poverty has been at the front burner of global discourse for a very long time. Poverty is deemed as a state of deprivation but more specifically, where an  individual or group has insufficient income for securing basic goods and  services.

Microfinance has been globally acknowledged as a vehicle that drives the  poor  out  of  extreme poverty zone. This study set out to examine the impact  of  microfinance  banks activities on poverty alleviation in Nigeria.

Annualized time series  data  for  20  years,  covering the period 1993-2012, were collated from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and National Population Commission (NPC).

Five hypotheses were tested with multiple linear regression technique. Poverty Index (PI), Employment Ratio (ER), and Standard of Living (RGDP-TP) were the dependent variables while microfinance banks’ activities and investments were adopted as the independent variables.

Also, liquid liability (M2), interest rate and Federal  Government  capital  expenditure were the controlled variables. The result was a mixed grill.

Introduction

Global poverty has been one of the most burning and unresolved issues in the human history. According to the World Bank Statistics (2005), there is almost 3 billion of  world population living under US$2.5 per day.

Within the group, around 1 billion live under $1 per day. Government and  International Organisations have  been cooperating to fight poverty in different parts of the world. Poverty can be absolute or relative.

Absolute poverty can be reduced but can hardly be eradicated. In recent years, microfinance has been recognized as an effective tool to alleviate poverty (Rubana, 2008; Daley-Harris, 2002; Lalitha, 2008).

Microfinance offers the poor the chance to access financial service such as credit and savings.  Microfinance  programs  in  countries like Bangladesh, Bolivia and Peru have yielded positive  impacts  on  the  poor.

Such programmes have helped the afflicted poor, first, to smoothen their daily expenditure, stabilize their income flows and in the process enhance their overall  welfare (Rubana, 2008; Khander, 2003; Khander & Pitt, 2002; Daley-Harris, 2002;  Hiatt & Woodworth, 2006).

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