EFFECT OF MICROFINANCE BANKS IN PROMOTING SMALL SCALE BUSINESSES IN KARU METROPOLIS OF NASARAWA STATE.
Abstract
ABSTRACT
This study examined the effect of microfinance banks in promoting small scale businesses in Nasarawa State with particular focus on Karu Metropolis. The introduction of microfinance banks is a laudable one because it replaced the ailing community banks created by Former Military Head of State, Gen. Ibrahim Badamasi Babangida. This commendable project has been hijacked by money bags and the concept misplaced because the CBN directive that every microfinance bank should have not less than 20 million naira as its minimum reserve. The specific objective of the study is determined whether the small scale business operators are aware of the existence of microfinance banks. Questionnaire based on the research was adopted and data collected was analyzed with the aid of simple percentage. The study concluded that; the contribution of small scale businesses to economic growth has been recognized worldwide, they are very necessary for economic development in developing countries like Nigeria. The study recommended that there is need for the operators of microfinance banks to be encouraged to open branches in the rural areas so as to also meet up the needs of the local artisans and peasant farmers among others.
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