MICROFINANCE BANK’S AND POVERTY ALLEVIATION IN UYO LOCAL GOVERNMENT AREA

This research work examined Microfinance Banks and Poverty Alleviation in Uyo Local Government Area. In order to achieve the objectives of this study, the survey research method was adopted. The population of this study consist of the staff of selected Microfinance banks in Uyo Local Government Area. Since the population was less than 100, Census Method was used to select a sample size of fifty (50) respondents for the study. Instrument for data collection was a self-developed questionnaire and the forms were personally administered. Research questions were formulated to guide the study and data were analyzed using chi-square analysis tool. Findings from the study revealed that there is a significant effect of microsavings on poverty alleviation in Uyo Local Government Area, there is a significant effect of microinsurance on agricultural development in Uyo Local Government Area and there is a significant effect of fund transfer/remittances on poverty alleviation in Uyo Local Government Area. The study recommended that Microfinance banks should provide flexible, microcredit loans with manageable repayment schedules to support small business growth and income generation among low-income earners. Microsavings should be encouraged through simplified account procedures, low minimum balances, and interest incentives to help households build financial resilience.