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									                 TITLE PAGE



      MICRO FINANCE INSTITUTIONS ORIGIN,
          PROBLEMS AND PROSPECTS



                     BY



            OGBUJI PRISCA CHIOMA
                 BF/2006/039



      PROJECT REPORT PRESENTED TO THE
    DEPARTMENT OF BANKING AND FINANCE
FACULTY OF MANAGEMENT AND SOCIAL SCIENCES
CARITAS UNIVERSITY AMORJI – NIKE EMENE ENUGU


IN PARTIAL FULFILLMENT OF THE REQUIRMENTS FOR
  THE AWARD OF THE BACHELOR OF SCIENCE (B.Sc)
         DEGREE IN BANKING AND FINANCE



                 AUGUST 2010



                       i
                                     CERTIFICATION

I, Ogbuji Prisca Chioma an undergraduate student of Banking and Finance with
Reg. No. Bf/2006/039 have submitted this project report for the award of degree in
Banking and Finance.

The project report is my original work and has not been submitted in part or in full
for any degree or diploma in this University or any other institution.


Ogbuji Prisca Chioma
(STUDENT)                                        DATE ----------------------------


We certify that the project work has been successfully depended and accepted for
the award of the degree of Bachelor of Science (B.Sc) in Banking and Finance.


----------------------------------               -----------------------------
MR. NWADIUBU, A.O                                        DATE
(Project Supervisor)


----------------------------------               -----------------------------
MR. I.G. OKAFOR                                          DATE
(Head of Department)


----------------------------------               -----------------------------
(External Examiner)                                                     DATE




                                            ii
                                     APPROVAL PAGE

This research work was read and for meeting the requirements recommended for
the award of B.Sc Degree in Banking and Finance.

Caritas University, amorji-Nike, Emene, Enugu State.




-------------------------------                  --------------------------------
MR. NWADIUBU, A.O                                         MR. I.G. OKAFOR
(Project Supervisor)                                     (Head of Department)
DATE ----------------------------------          DATE -------------------------




---------------------------------------
(External Examiner)

DATE ----------------------------------




                                           iii
                                      DEDICATION


This work is dedicated to them, who made me, who cared and nurtured me, with love, affection

and understandings, that took upon my burden as theirs. That felt my pains, anguish and

sorrows, that cheerfully gave their humble earnings for my dream. Them who raised me in fear

of our Lord Jesus, Greatly inconvenienced themselves for me, And to them I am perpetually

indebted, to my parent Chief and Lolo Ogbuji




                                               iv
                                  ACKNOWLEDGEMENT

First and foremost, I wish to thank God for the strength and breath he gave me throughout my

stay in this school I wish to express my sincere gratitude to my supervisor Mr. Nwadiubu, A.O.

who support and guided me thoroughly to produce an outstanding project.



       I also wish to acknowledge my HOD Banking and Finance, Mr. I.G. Okafor and the

lecturers of Banking and Finance, Ezeamama M., Takon S., Prof. Francis Okafor and Miss Ebele

Nsofor for their assistance.



       My deepest appreciation goes to my parent especially my loving and caring mother Mrs.

Petronilla Ogbuji for bringing me up in the best possible way and to my brothers for their

financial support. May the Almighty God strengthen, perfect and establish them. Amen.



       Finally, I would love to appreciate my friends, Chinwe, Kate, my roommates and my

course mates for their various contribution and encouragement.




                                                v
                                          ABSTRACT

This study is on micro finance institutions: origins problems and prospects. My main aim of

carrying out this research is to assess their past efforts in Nigeria and to see how the new scheme

might aid in the lapses encountered by the past institution. In the review of related literature

area, such as their objectives, their past performances were carried out thoroughly. Also other

programmes similar to micro finance and models of findings in other countries were pointed out.

Finally, the policy drawn up by CBN for Micro finance institutions was discussed also. The

research methodology employed was the concise method of secondary data collection, this

approach focused on some selected institutions in Nigeria as a whole. Collected data where

analyzed and interpreted using bar charts, pie charts and tables. Based on the findings of this

study, conclusions were drawn and recommendations given.




                                                  vi
                               TABLE OF CONTENTS

                                                   PAGES



TITLE PAGE                                         i

CERTIFICATION PAGE                                 ii

APPROVAL PAGE                                      iii

DEDICATION                                         iv

ACKNOWLEDGEMENT                                    v

ABSTRACT                                           vi

TABLE OF CONTENTS                                  vii



CHAPTER ONE

Introduction

1.1 Background of Study                            1

1.2 Statement of Problem                           6

1.3 Objective of Study                             7

1.4 Scopes and Limitations of Study                8

1.5 Significance of Study                          9

1.6 Definition of Terms                            10



CHAPTER TWO

Literature Review                                  14

                                      vii
2.1 Overview of Micro Finance Activities in Nigeria                 16

2.2 Models of funding in other Countries                            22

2.3 Justification for the Establishment of Micro Finance Bank       26

2.4 Micro Finance Objectives                                        30

2.5 The Goal of Micro Finance Banks                                 35

2.6 Policy Measures and Instruments in the Establishment

   of the Framework for Micro Finance Banks                         36

2.7 Commercial Banks in Rural Financing                             38

2.8 Community Banks in Nigeria                                      40

2.9 Implementation of Micro finance in Nigeria as Organic

       Growth Path For MFBS                                         42

2.10    Ownership of Micro Finance Bank                             45

2.11     Participation Of Existing Financial Institution In Micro

        Finance Activities                                          46

2.12   Justification For The Capital Resources                      49

2.13   Framework For The Supervision Of Micro-Finance Banks         51

2.14   Regulatory Incentives                                        56

2.15   The Role And Responsibilities Of Stake Holders               57

2.16    Progress Report On Micro Financing                          60

2.17    Inferences drawn From Literature Revival                    61



CHAPTER THREE

Research Methodology                                                63

                                             viii
3.1 Methodology                                        63

3.2      Population of Study                           63

3.3      Sources of Data                               63

3.4      Validation Of The Study                       64

3.5      Statistical Tool For Data Analysis            64



CHAPTER FOU R

Data Presentation

4.1.1.   Amount Required by some MFI’s in Nigeria      65

4.1.2a      Performance indicators reflecting growth   68

4.1.2b      Microstart Achievement                     70

4.1.3       Principle Activities Funded by MFI’S       72

4.1.4       Amount so far set aside by various banks   74

4.2 Analysis of Data                                   75



CHAPTER FIVE

Summary, Recommendations, Conclusion

5.1 Summary of Findings                                77

5.2 Recommendation                                     78

5.3 Conclusion                                         80



Bibliography                                           82



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