Abstract
Microfinance institutions (MFIs) in Nigeria are considered as key players in the microfinance industry in the country. While these institutions are recognized for their significant role in the microfinance industry, as a field of study, MFIs appear to have not been able to attract much research emphasis. The review of past research suggests that both theoretical and empirical contributions in this field remained restricted, particularly in the context of Nigeria. This paper reviews previous works on microfinance in an attempt to identify the issues and provides some suggestions for further research on MFIs in Nigeria. More specifically, the paper emphasizes on the issues neglected in past studies as well as focuses on some of the research areas in the field of MFIs that need to be addressed and investigated empirically. DOI: 10.5901/mjss.2016.v7n2s1p455
Highlights
Funding provided by microfinance institutions (MFIs) is increasingly being viewed as an important source of financing for people with limited income as well as those who do not have access to banking and other conventional financial services
This paper focuses on research in the field of microfinance institutions
Based on the review of the literature and past studies, this paper identifies several issues and proposes key research areas that need further empirical investigations to help us better understand as well as improve our knowledge in Microfinance institutions (MFIs), especially those in operating in the microfinance industry in Nigeria
Summary
Funding provided by microfinance institutions (MFIs) is increasingly being viewed as an important source of financing for people with limited income as well as those who do not have access to banking and other conventional financial services. Even though being recognized as an essential component of the financial ecosystem in developing countries such as Nigeria, MFIs as a field of study has not been able to attract much research attention. Despite their complexity as well as significant role in the national economy of Nigeria, research on MFIs appears to be narrowed and ignored. In view of the various limitations and issues identified in past studies as well as the detection of research areas pertaining to MFIs, there is a need to develop a new research agenda for investigating MFIs in Nigeria.
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