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Microfinance And Economic Empowerment Of Women
CHAPTER ONE -- [Total Page(s) 4]
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Loans
The MFI use the Grameen model of small groups of 10 in contrast to NGO large group
Payback- 30 - 90 days maturity (which vary a times), payment can be made daily or weekly
Credit Collateral used by Microfinance Banks
Due
to low degree of registered fixed assets of the target, MFB use
alternative sources; Chattel, Inventory, Postdated cheques, shares and
Guarantor
Debt Recovery Agent
There are times when Microfinance
banks have to engage the services of agents to recover loans from
customers who are unwilling to pay and these agents charge the bank a
certain percentage of the loan.
In Lagos State the Governor has
inaugurated Board of Trustees for the State Micro Finance Institutions,
this was done on Monday 12th May 2008 with the aim of building a new
Lagos, creating jobs, encourage entrepreneurial mentality, reduce
poverty level and raise the standard of living of the people. The board
is to provide corporate governance and manage the Lagos State
Microfinance fund, attract people oriented development projects,
implement and coordinate Microfinance programme.
1.2 STATEMENT OF PROBLEM
Is
Microfinance a means to economically empower women Micro- entrepreneur?
Most women Micro- entrepreneur are still living below the poverty level
and does not even earn enough to feed and take care of themselves and
their family, This study is to actually look for way forward in helping
Women Micro-entrepreneur, in making them become stable financially,
improve their businesses and expand and also be viable. The study is
show if Micro finance can achieve this or if it has already made a
success out of the Women- Micro-entrepreneur.
1.2.1 PURPOSE OF STUDY
It
has shown from studies that the purpose of Microfinance is to alleviate
the suffering of the poor and the less privileged ones, and overtime
there has been an imbalance in the financial capability of Women versus
men in most countries and even Nigeria is not left out, This study is
designed to determine how or if Microfinance has actually helped
empowered Women economically i.e. has contributed to the
financial/monetary (growth) achievement and status i.e. social status of
women & if Women are actually benefiting from the new Microfinance
Revolution in Lagos.
1.2.2 OBJECTIVES OF STUDY
To find out the following:
1. What services/products Microfinance Offers?
2. How accessible the products/services are to women micro entrepreneurs
3. The impact Microfinance has made in empowering women micro entrepreneurs.
4. The various business types of the women micro entrepreneurs
5. The level of awareness of women micro entrepreneurs about the services of MFI
6. The incomes, business capacity and how they are doing economically
7.
If they have easy access to loan and if there is a difference in
accessibility based on age, business type and marital status.
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ABSRACT - [ Total Page(s): 1 ]This study examines the impact of microfinance on economic, financial and social empowerment of women micro entrepreneurs in Ikeja, Lagos State. A sample of 50 women micro entrepreneurs were selected in Ikeja some of which include traders, hairdressers, fashion designers, fish farmers and boutique owners. Survey method was employed to obtain a picture of the population. Research data was collected using a 24 item questionnaire in order to measure the empowerment of women micro entrepreneurs and ... Continue reading---
