It is estimated by UNICEF that 71% OF Nigerians live below a dollar per day
and 92% on 2 dollars per day. This estimate shows the high level of poverty
in the country. The social responsibility of any microfinance bank is to help
alleviate poverty by filling the void created by conventional banks through
provision of broad range of finance (ranging from savings to micro loans) to
the under-banked, people with little or no access to proper financing.
The microfinance Industry in Nigeria has grown rapidly, with more than 1,000
licensed microfinance banks plying their trades across the nation.
The total micro and SME loans are estimated to be more than N195 billion
CBN estimates the total outstanding loans to be N183.96 billion (USD 511
million) as at December 2016.
This write-up would highlight the history, the regulations, the challenges, the
market growth, portfolio performance and the competition as it relates to the
microfinance industry in Nigeria.
Ameen, A (2018). AN INSIGHT INTO THE NIGERIAN MICROFINANCE INDUSTRY. Afribary.com: Retrieved August 22, 2019, from https://afribary.com/works/an-insight-into-the-nigerian-microfinance-industry-by-ameen-ajibola
Ajibola, Ameen. "AN INSIGHT INTO THE NIGERIAN MICROFINANCE INDUSTRY" Afribary.com. Afribary.com, 22 Mar. 2018, https://afribary.com/works/an-insight-into-the-nigerian-microfinance-industry-by-ameen-ajibola . Accessed 22 Aug. 2019.
Ajibola, Ameen. "AN INSIGHT INTO THE NIGERIAN MICROFINANCE INDUSTRY". Afribary.com, Afribary.com, 22 Mar. 2018. Web. 22 Aug. 2019. < https://afribary.com/works/an-insight-into-the-nigerian-microfinance-industry-by-ameen-ajibola >.
Ajibola, Ameen. "AN INSIGHT INTO THE NIGERIAN MICROFINANCE INDUSTRY" Afribary.com (2018). Accessed August 22, 2019. https://afribary.com/works/an-insight-into-the-nigerian-microfinance-industry-by-ameen-ajibola