Impact of Microfinance Bank on Standard Of Living of Hairdresser in Oshodi-Isolo Local Government of Lagos State

Abstract

The research study takes a look at the impact of Microfinance bank on standard of living of hairdressers in Oshodi-Isolo local government area (LGA) of Lagos State as a Poverty eradication strategy among the society. The objectives of the study examine how Microfinance bank in Oshodi-Isolo has impacted greatly on the business of hairdressers in the local Government and to also examine the impact of Microfinance on asset acquisition and savings of hairdressers in that LGA. A total of 120 hairdressers who registered with Oshodi-Isolo LGA were used as study sample. However, primary data of questionnaire analysis was adopted and Spearman's rank correlation coefficient analysis was used as the estimation techniques. More so, the hypotheses of the research were tested at 5% level of significance and the result revealed that there is a significant relationship between Microfinance bank efforts and standard of living of hairdressers in Oshodi- Isolo local Government area of Lagos state, and the implication of this is that due to the existence and help of Microfinance bank, Poverty has reduced a little bit among the hairdressers association in Oshodi Isolo LGA. In conclusion, the study recommend that Government at Local, State and Federal levels through the Central bank of Nigeria should ensure that Microfinance bank loans are easily obtainable and repayment should include a grace period with reasonable schedule instead of weekly payment period that is commonly found among the microfinance banks in Nigeria.