Effect of Microfinance Banking in Enhancing Entrepreneurship among Women in Nigeria

Abstract

The study examined the effect of microfinance banking in enhancing entrepreneurship among women in Nigeria with specific interest in Anambra State. The problems of this study arose because of chronic women unemployment situation in Anambra State. The population of the study is 1571680 and sample size was 302. The researcher employed statistical package for social sciences (SPSS) as the method of data analysis. Primary and secondary sources of data were used. Questionnaire distribution were used as the tools for data collection. The study found that Microfinance credit enhances entrepreneurship among women in Anambra state. Microfinance deposit enhances entrepreneurship among women in Anambra state. Interest rate enhances entrepreneurship among women in Anambra state. It was recommended that Microfinance bank in Anambra State should be strengthened to embrace entrepreneurship devoid of imitation and vocational inclinations. Adequate financial, physical and human resources should be provided by various stakeholders not only for potential but also for existing SMEs. Microfinance banks should increase their provision of other services such as financial advice, commodity marketing, micro-insurance, leasing etc. to entrepreneurs. The Central Bank of Nigeria (CBN) should bring up regulations that would allow it to be fully involves in the coordination of the several other microfinance practitioners both in grassroots and up towns rather than leave them totally under the supervision of some state authorities or some private sectors.