CHAPTER ONE
1.1 Background to the study
Microfinance is
the provision of a broad range of financial services to poor low-income households
and micro enterprises Amin and Pebley, (2002). Research interest in the issue
of access to microfinance particularly by women has been on a rising trend in
recent times. Bennet and Goldberg (2006) asserted that in developing economies,
low-income women are often victims of societal suppression and abuse; while
their counterparts in developed economies are victims of lending
discrimination. It is therefore argued that lending to women may help empower
them economically and socially.
The heightened
interest in the gender dimension of microfinance in recent times stems from the
fact that women are often seen as instruments for societal change and
development and as such, empowering them may be of great benefit to society.
Access to credit by women has therefore become the main subject of many global
and regional conferences, seminars and workshops Onoriode (2000).
Experts have
widely acknowledged the substantial contribution of small and micro enterprises
(of which women participation constitute larger percentage) to the
entrepreneurial development of a nation, therefore the need to support them to
grow. It is therefore no exaggeration to state that, the most important goal,
which every society in the contemporary world has set for itself, is to empower
its women to be able to afford basic necessities of life such as food, clothing
and shelter; as well as be part of decision making in the home and community
Jankowicz A., (2000).
In many
societies in Africa, which Nigeria is no exception, women are not fully
integrated into the socio- economic development process Meyer,
(2002) and one of the possible implications is that, these societies are
deprived of their full utilization of their human resource capabilities and
potentials. Education, in its true sense brings some level of empowerment and
once a woman is empowered it will subsequently lead to a reduction in poverty
in various societies, education helps women to contribute meaningfully to
development through participation in decision making which has been perceived
to be the prerogative of men.
In an effort to
promote women empowerment, the U.N general assembly in 1974 passed a resolution
emphasizing the priorities of women, their role and participation in
entrepreneurial development and the need to integrate them fully into the
development agenda. Subsequently, many world conferences like the first Women’s
conference in Mexico City in 1975, and others at regional levels have been held
and continued to be held. All these conferences aimed at developing and
emphasizing strategies for the advancement of women so as to overcome the
obstacles that women in general encounter in trying to achieve equality, peace,
respect and a say in the development of lives through sustaining their
income-generating activities to enhance their economic power.
In developing
countries, governments in collaboration with NGO’s have over the years
implemented programmes aimed at empowering women economically and socially. One
NGO that has been in the forefront of championing the entrepreneurial
empowerment of women is NSEHE Micro Finance Ltd.
The company
which commenced operations in Nigeria in the year 2004, has accepted the
challenge of helping to improve the status and contribution of women in the
nation’s entrepreneurial development through the provision
of small and micro-credit. Also, the National Women Centre has been established
in a bid to empower the women towards entrepreneurial programmes. This study therefore seeks to assess the role of microfinance bank in enhancing entrepreneurship among women in Nigeria.
1.2 Statement
Of Research Problem
Traditionally,
socio-cultural beliefs and other impediments have long limited women’s
participation in the economy and their access to resources for development
especially in developing countries. However, there is a general consensus that
in order for women to play a meaningful role in economic development, they must
be empowered both at the economic and social level. One way of empowering women
is to make credit easily accessible to them to finance their small and micro
enterprises. In an attempt to realize this objective, a plethora of policies
were implemented by various governments in collaboration with other
stakeholders aimed at helping women access funds to expand their businesses.
Despite, the efforts made by the government, policy makers, NGOs and financial
institutions in extending financial services to micro enterprises (of which the
participation of women is greatest), majority of women still faced enormous
challenges in trying to access funds for their enterprises.
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