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Microfinance Banks Services and Economic Growth in Nigeria

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Abstract

This study considered the Impact of Microfinance Banks on Economic Growth and Development in Nigeria. The population of the study is the microfinance banks in Nigeria. Secondary data was used for the study and they were extracted from the Central Bank of Nigeria Statistical Bulletin,2018 and the publications of National Bureau of Statistics. The study used I research design and the data was analysed using the Non-Linear Autoregressive Distributed Lag (ARDL) and Unit Root Test. Three hypotheses were raised and tested. It was found out that microfinance banks had significant impact on economic growth and development in Nigeria. The study recommends that Microfinance banks should strive to reduce rates of interest on credit facilities to SMEs in order to promote industrial growth which gives birth to economic growth and development. Also Central Bank of Nigeria should carry out its supervisory role to ensure that microfinance banks adhere strictly to its guidelines on serving the small businesses better.

Suggested Citation

  • Joshua Adewale , Adejuwon, & Adeyinka Abidemi, Ogunjobi, & Oluwakemi Adefisayo, Adejuwon,, 2022. "Microfinance Banks Services and Economic Growth in Nigeria," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 4(2), pages 65-77, June.
    • Handle: RePEc:ris:amjoms:0056
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