Financial Deficiency Syndrome and Behaviour of Low Income Earners in Rural Communities of Rivers State, Nigeria (Published)
This study examined the effect of financial deficiency on the behavior of low income earners in rural communities of Rivers State. The objective was to examine how financial deficiency affects the behavior of low income earner. One hundred respondents were selected from the 10 local governments in Rivers State. Questionnaire were designed and administered to the respondents in the local governments. Descriptive analysis and Pearson Product Correlation Coefficient with the aid of Statistical Package for Social Sciences was used as data analysis. Findings revealed that financial deficiency have positive effect on the behavior of low income earners in rural communities of Rivers State. The study recommends that government should formulate policies that will reduce unemployment in rural communities, the needs to increase public awareness on financial inclusion in the rural communities. Efforts should be advanced by the government to reduce financial exclusion in the rural communities of rivers state and the regulatory authorities should ensure equitable distribution of financial institutions and financial servicing to the rural communities in Rivers State.
Microfinance and Its Impact on Poverty Alleviation in Nigeria: A Case Study of Some Selected Microfinance Banks in Edo State (Review Completed - Accepted)
This research examines the relationship microfinance and poverty alleviation in Nigeria, to understand the effectiveness of micro credit within the context of its current practice in Edo State in particular, and the nation as a whole as a tool for wealth creation and capital accumulation among the poverty stricken populace and low income earners. The study made use of primary data obtained through field survey from the selected microfinance banks in Edo State and utilized quantitative tools to analyze these data so as to bring out any existing relationship between microfinance and poverty alleviation. The results obtained showed that microfinance has the potential of alleviating poverty by ensuring wealth creation and its attendant self-sufficiency. From our result, about 70% of the sampled population agreed that there is a positive relationship between microfinance and improved standard of living of the recipients of these micro credits; 78% attested that they obtained some sort of credit from microfinance banks to set up their small scale businesses, without which it would be impossible to do so; about 67% said they have used loan collected to expand their business while 24% said they used the loan collected to invest on new technology for their business and the remaining 9% of the respondents obtained loans to facilitate the export of their products. Focus of microfinance programmes in poor communities for it to be meaningful; a massive educational drive on the importance of microfinance in fighting widespread poverty should be launched in the country; etc were some of the recommendations made in this study