Employment And Job Creation Through Microfinance Banks In Anambra State
Keywords:
Employment, Job Creation, Interest rate, Micro Finance Banks, Micro entrepreneursAbstract
This study is on the role of Micro Finance banks on employment generation in Anambra State, Nigeria. It aims at ascertaining the extent the MFBs have contributed to employment and job creation objectives of Micro Finance policy Regulatory and supervisory Framework (MPRSF) since its formulation in 2005. The instrument for data collection was a well-structured questionnaire. 500 customers of MFBs were selected out of which 410 questionnaires were returned. The data were analyzed with descriptive and inferential statistics (ordinary least square). Findings show that MFBs have contributed to employment generation but there are
still constraints to the accessibility of financial and non-financial services of MFBs. The study recommends a special fund by CBN to MSMES to be accessed by micro entrepreneurs at a lower interest rate for more employment potentials and also restriction of commercial banks operations in certain areas so that MFBs could be harnessed for development and employment in rural areas.
