You have no items in your shopping cart.
ABSTRACT
When an individual or community lacks the means of subsistence, they are said to be in a state or situation of poverty. Microfinance banks are financial establishments designed to handle relatively small deposits and loans with a focus on helping the underprivileged. The impact of microfinance banks in reducing poverty in Nigeria is examined in this study. The chi-square technique and the t-test were used to evaluate the data. The conclusion of the hypothesis was that microfinance banks have a beneficial effect on reducing poverty. According to the results, it is advised that the interest rates of microfinance banks be lowered in order to draw more clients to the institution, and the loan size should be increased in order to satisfy client needs. Additionally, there should be thorough orientation for both bank employees and consumers, as information is power and the fight against poverty cannot be won without a sufficient level of public education. Also, the government has to introduce regulatory measures that support and enhance the efficiency of microfinance institutions.
