Nigeria's Microfinance Policy and Poverty Reduction among Female Micro Entrepreneurs Challenges and Strategic Options

International Journal of Trend in Scientific Research and Development (IJTSRD)
Volume 7 Issue 4, July-August 2023 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470
@ IJTSRD | Unique Paper ID – IJTSRD59671 | Volume – 7 | Issue – 4 | Jul-Aug 2023 Page 381
Nigeria’s Microfinance Policy and Poverty Reduction among
Female Micro-Entrepreneurs: Challenges and Strategic Options
Ogochukwu Edith Nkamnebe
Nnamdi Azikiwe University, Awka, Nigeria
ABSTRACT
Nigeria's microfinance policy is crucial in reducing poverty among
female micro-entrepreneurs. However, these entrepreneurs face
numerous challenges that hinder their economic empowerment. This
paper explores the impact of microfinance on poverty reduction
among female micro-entrepreneurs in Nigeria, focusing on the
challenges they encounter and the strategic options to overcome
them. The paper begins with an overview of Nigeria's microfinance
policy, highlighting its objectives and critical components. It then
delves into female micro-entrepreneurs' challenges, including limited
access to financial services and resources, sociocultural barriers, and
limited business skills and knowledge. These challenges are analysed
in-depth to understand their implications for poverty reduction
among female micro-entrepreneurs. To address these challenges, the
paper proposes strategic options such as improving access to
financial services, enhancing financial literacy and business skills,
and tailoring financial products and services to the needs of female
micro-entrepreneurs. It also emphasises the importance of
collaboration between the government, microfinance institutions, and
stakeholders in implementing these strategic options. Furthermore,
the paper highlights the significance of policy reforms to strengthen
regulatory frameworks, promote gender equality, and create an
enabling environment for female micro-entrepreneurs. It underscores
the potential impact of these policy reforms on poverty reduction
among female micro-entrepreneurs in Nigeria, emphasising increased
income generation, job creation, and improved living standards. We
contribute to the existing literature by shedding light on the
challenges female micro-entrepreneurs face in Nigeria and proposing
targeted policy recommendations. The paper further underscores the
importance of empowering female micro-entrepreneurs through
access to financial services, capacity-building initiatives, and an
inclusive regulatory environment. These efforts can lead to
sustainable poverty reduction, economic growth, and gender equality
in Nigeria.
How to cite this paper: Ogochukwu
Edith Nkamnebe "Nigeria’s
Microfinance Policy and Poverty
Reduction among Female Micro-
Entrepreneurs: Challenges and Strategic
Options" Published
in International
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Scientific Research
and Development
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Volume-7 | Issue-4,
August 2023, pp.381-388, URL:
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Copyright © 2023 by author (s) and
International Journal of Trend in
Scientific Research and Development
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KEYWORDS: microfinance, female
micro-entrepreneurs, microcredit,
poverty reduction, Nigeria
INTRODUCTION
Microfinance has emerged as a powerful tool for
poverty reduction and inclusive economic growth,
particularly in developing countries (Nizami &
Hizam, 2023; Oteng-Abayie et al., 2023)). In Nigeria,
where a significant portion of the population lives
below the poverty line, microfinance is crucial in
empowering individuals, predominantly female
micro-entrepreneurs, to lift themselves out of poverty
(Evelyn & Osifo, 2018). Nigeria's microfinance
policy represents a concerted effort by the
government to promote financial inclusion and
address the needs of the economically disadvantaged
population. It encompasses various initiatives,
regulatory frameworks, and support mechanisms to
expand access to financial services, particularly in
underserved areas. The policy recognises the potential
of microfinance to empower women and has specific
provisions to enhance the participation of female
entrepreneurs.
Empirical evidence suggests (see, for example, Phan
& Vo, 2023) that microfinance can significantly
IJTSRD59671

International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
impact poverty reduction and women's economic
empowerment. Numerous success stories demonstrate
how access to microfinance services has enabled
female micro-entrepreneurs to start and expand their
businesses, generate income, and improve their living
standards (Yunus, 2004; Yunus & Bank, 2007).
However, despite these promising outcomes, female
micro-entrepreneurs in Nigeria face several
challenges that hinder their ability to fully benefit
from microfinance interventions (Campos & Gassier,
2017; Metu, 2017). Sociocultural barriers and gender
inequality pose significant obstacles to the economic
advancement of female micro-entrepreneurs in
Nigeria. Discriminatory social norms, limited access
to education and resources, and lack of property
rights often restrict women's economic agency and
perpetuate their vulnerability to poverty.
Additionally, the limited availability of financial
services in remote and rural areas marginalises female
entrepreneurs who need help accessing credit,
savings, and insurance products.
To enhance the effectiveness of microfinance in
poverty reduction among female micro-entrepreneurs,
these strategic options need to be considered. These
options include improving access to financial services
through innovative approaches like mobile banking
and digital financial inclusion. Addressing
sociocultural barriers requires efforts to promote
gender equality, empower women, and provide
targeted training and capacity-building programs.
Moreover, enhancing female micro-entrepreneurs'
business skills and knowledge through
entrepreneurship training and mentorship programs
can further support their economic success. This
paper comprehensively analyses Nigeria's
microfinance policy, its impact on poverty reduction
among female micro-entrepreneurs, its challenges,
and strategic options to address them. By identifying
key policy recommendations, this paper contributes to
the ongoing efforts to create an enabling environment
for sustainable poverty reduction and gender-
inclusive economic growth in Nigeria.
Overview of Nigeria's Microfinance Policy
Explanation of Nigeria's Microfinance Policy:
Nigeria's Microfinance Policy is a comprehensive
framework that outlines the strategies, guidelines, and
regulations to promote financial inclusion, poverty
reduction, and sustainable economic development
through microfinance interventions (Okoye et al.,
2017). Hence, the policy recognises the importance of
microfinance in providing access to financial services
for unbanked and underserved populations,
particularly in rural and economically disadvantaged
areas. The policy focuses on establishing and
regulating Microfinance Banks (MFBs) as critical
players in the microfinance sector. MFBs are
financial institutions specifically designed to cater to
the financial needs of low-income individuals, micro-
entrepreneurs, and small enterprises. Among their
other roles, they serve as crucial intermediaries
between formal financial systems and the informal
economy, facilitating access to credit, savings,
insurance, and other financial services.
Under Nigeria's Microfinance Policy, MFBs must
meet specific criteria and standards to obtain licenses
and operate effectively. These criteria include
minimum capital requirements, governance
structures, risk management frameworks, and
reporting obligations. By setting these standards, the
policy aims to ensure microfinance institutions'
stability, transparency, and soundness, thereby
promoting public trust and confidence in the sector.
In addition to MFBs, the policy recognises the role of
other microfinance institutions, such as Microfinance
Institutions (MFIs) and Non-Governmental
Organizations (NGOs) involved in microfinance
operations. These institutions contribute to the
diversification and expansion of microfinance
services, especially in areas where formal banking
institutions may not be present (Aladejebi, 2019).
Nigeria's Microfinance Policy also addresses the issue
of financial literacy and consumer protection. It
highlights the importance of educating microfinance
clients on financial management, rights,
responsibilities, and the risks associated with
borrowing and other financial transactions. By
promoting financial literacy, the policy aims to
empower clients to make informed decisions, avoid
over-indebtedness, and utilise financial services
effectively.
Objectives and Goals of Nigeria's Microfinance
Policy
The Microfinance Policy of Nigeria is driven by a set
of specific objectives and goals that aim to address
critical challenges related to financial inclusion,
poverty reduction, and economic empowerment
(Onoyere, 2014; Ayodele & Arogundade, 2014).
These objectives guide the policy's implementation
and reflect the country's commitment to promoting
sustainable development and inclusive growth. One
of the primary objectives of the policy is to enhance
financial inclusion by extending access to financial
services to underserved and marginalised populations
(Ediagbonya & Tioluwani, 2023). It seeks to bridge
the gap between the formal financial sector and the
informal economy, ensuring that individuals,
particularly those in rural areas, have access to
affordable and appropriate financial products and
services. The Microfinance Policy strongly

emphasises poverty reduction and reducing income
disparities (Evelyne & Osifo, 2023). It aims to
provide microfinance services to low-income
individuals, micro-entrepreneurs, and small
enterprises, empowering them to generate income,
create employment opportunities, and improve their
living standards. The policy contributes to broader
social development goals by addressing poverty and
inequality.
Further, the policy recognises the critical role of
micro and small enterprises in driving economic
growth and employment generation (Aderemi et al.,
2023). It aims to provide targeted support and
financial services to these enterprises, enabling them
to expand, innovate, and contribute to the country's
overall economic development. The policy stimulates
entrepreneurship and promotes self-employment by
fostering a favourable environment for MSEs.
Furthermore, Nigeria's Microfinance Policy
acknowledges the importance of women's economic
empowerment and aims to promote gender equality
(Fayomi-Awodele et al., 2023). It recognises that
women, particularly female micro-entrepreneurs, face
unique challenges in accessing financial resources
and services. The policy includes specific provisions
to support and empower women by providing them
with increased access to finance, capacity-building
programs, and entrepreneurship support services.
By setting these objectives and goals, Nigeria's
Microfinance Policy establishes a comprehensive
roadmap for promoting financial inclusion, poverty
reduction, and economic empowerment. Through
implementing this policy, Nigeria aims to create an
enabling environment for the microfinance sector to
thrive, positively impacting the lives of individuals,
businesses, and communities throughout the country.
Essential Components and Provisions of Nigeria's
Microfinance Policy
Nigeria's Microfinance Policy comprises several vital
components and provisions that laythe foundation for
the effective implementation and regulation of
microfinance operations (Mejeha & Nwachukwu,
2008). These components and provisions are designed
to foster financial inclusion, promote sustainable
development, and address the specific needs of micro-
entrepreneurs and marginalised populations. The
policy recognises Microfinance Banks as pivotal
institutions in the microfinance sector (Abu & Ezike,
2012). The role and sustainability of microfinance
banks in reducing poverty and development of
entrepreneurship in urban and rural areas in Nigeria.
MFBs are specialised financial institutions that cater
to the financial needs of low-income individuals,
micro-entrepreneurs, and small enterprises. The
policy provides guidelines and regulatory frameworks
for establishing licensing, and operating MFBs,
ensuring compliance with minimum capital
requirements, governance structures, and risk
management practices.
In addition to MFBs, the Microfinance Policy
acknowledges the role of other Microfinance
Institutions (MFIs) in expanding access to financial
services. MFIs encompass a range of organisations,
including Non-Governmental Organisations (NGOs)
and community-based institutions, involved in
microfinance operations. The policy encourages the
growth and development of MFIs, subjecting them to
appropriate regulatory oversight to ensure the
delivery of effective and responsible financial
services. Prudential Regulations and Supervision:
Nigeria's Microfinance Policy establishes prudential
regulations and supervisory frameworks to safeguard
the integrity and stability of the microfinance sector.
These regulations include capital adequacy
requirements, risk management standards, and
reporting obligations for microfinance institutions. By
enforcing prudential regulations and conducting
regular supervision, the policy aims to enhance the
resilience and soundness of microfinance institutions,
protecting the interests of clients and stakeholders.
Nigeria's Microfinance Policy recognises the
significant role of women in economic development
and poverty reduction. It includes provisions to
promote gender equality and enhance women's
economic empowerment. The policy encourages
microfinance institutions to design and implement
targeted programs and products that address the
specific needs of female micro-entrepreneurs. This
includes initiatives such as preferential loan schemes,
capacity-building programs, and mentorship
opportunities for women.
By incorporating these critical components and
provisions, Nigeria's Microfinance Policy establishes
a comprehensive framework that promotes financial
inclusion, sustainable development, and social
empowerment. These provisions facilitate the growth
and development of the microfinance sector while
ensuring the protection of client's interests and
addressing the unique challenges micro-entrepreneurs
and marginalised populations face.
Impact of Microfinance on Poverty Reduction
Among Female Micro-Entrepreneurs
Extensive research and studies have been conducted
globally to assess the impact of microfinance on
poverty reduction, particularly among female micro-
entrepreneurs. These studies provide valuable insights
into the effectiveness of microfinance interventions
and their role in empowering women, generating

income, and improving livelihoods. Numerous studies
(for instance, Mawa, 2008; Swapna, 2017; Maouloud,
2023).) have shown that access to microfinance
services positively impacts the income generation and
economic empowerment of female micro-
entrepreneurs. Microfinance loans enable women to
start or expand their businesses, invest in productive
assets, and access working capital. This leads to
increased income levels, improved financial stability,
and reduced vulnerability to poverty.
Microfinance interventions have been found to
contribute significantly to employment creation and
savings (Van Rooyen et al., 2012), particularly in the
informal sector where many female micro-
entrepreneurs operate. By providing capital and
financial resources, microfinance enables women to
hire additional labour, expand their operations, and
create job opportunities for others in their
communities. This not only improves their economic
well-being but also has a multiplier effect on poverty
reduction. Microfinance services, such as savings
accounts and micro-insurance, enable female micro-
entrepreneurs to accumulate savings and build assets.
Research has shown that access to formal savings
promotes financial resilience and enables women to
invest in education, healthcare, and other productive
ventures. Accumulated savings serve as a safety net
during emergencies and contribute to long-term
poverty reduction.
Microfinance interventions have been found to
enhance women's empowerment and agency, both
economically and socially (Sinha et al., 2023).
Research indicates that access to financial services
increases women's decision-making power within
their households and communities. It enables them to
have greater control over financial resources,
participate in economic activities, and challenge
traditional gender roles. This empowerment has
positive spill-over effects, improving well-being and
social development. In addition, studies (for instance,
Khan et al., 2023) have shown that microfinance
positively impacts education and health outcomes for
female micro-entrepreneurs and their families.
Improved access to financial services enables women
to invest in their children's education, leading to
increased enrollment, better educational attainment,
and enhanced opportunities for future generations.
Additionally, access to microfinance often translates
into improved healthcare access and nutrition,
improving families' health outcomes.
Adverse Outcomes of Microfinance on Poverty
Reduction Among Female Micro-Entrepreneurs:
While microfinance has positively impacted poverty
reduction among female micro-entrepreneurs, it is
essential to acknowledge and address the potential
adverse outcomes and challenges associated with
microfinance interventions. These adverse outcomes
can arise due to various factors and circumstances.
Here are some of the critical adverse outcomes that
have been identified. For instance, some studies (for
instance, Lamichhane & Lama, 2023) report
significant challenges associated with microfinance,
is the risk of over-indebtedness among borrowers,
including female micro-entrepreneurs. The pressure
to repay loans, coupled with high-interest rates and
inadequate financial literacy, can lead to a cycle of
debt, impacting the financial stability and well-being
of borrowers. Over-indebtedness may hinder poverty
reduction efforts by diverting resources away from
productive investments or forcing borrowers to take
on additional loans to repay existing debts. Also,
other studies report limited impact (Reshi & Sudha,
2023). Market access, limited business skills, and
inadequate infrastructure may need to be improved to
maintain the ability of microenterprises to generate
sustainable and substantial income. Additionally, the
focus on individual entrepreneurship may overlook
systemic issues and structural barriers that perpetuate
poverty, requiring broader interventions beyond
microfinance alone.
Despite efforts to promote gender equality, gender-
based discrimination and unequal power dynamics
persist in microfinance programs (Reshi & Sudha,
2023). Female micro-entrepreneurs may need help
accessing loans on equal terms, receiving smaller loan
amounts, or encountering biased lending practices.
Additionally, limited control over household
resources and decision-making can restrict the ability
of women to leverage microfinance for poverty
reduction and economic empowerment. In addition,
Microfinance comes with frequent repayment
schedules and high-interest rates to cover
administrative costs and risk. The pressure to meet
repayment obligations can create stress and financial
strain for female micro-entrepreneurs, especially
during business fluctuations or economic hardships
(Green et al., 2023; Chowdhury, 2023). This can
adversely affect their mental well-being and hinder
their ability to utilise the borrowed funds for
sustainable poverty reduction effectively.
Challenges Faced by Female Micro-Entrepreneurs
Sociocultural Barriers and Gender Inequality
Faced by Female Micro-Entrepreneurs:
Female micro-entrepreneurs encounter sociocultural
barriers and gender inequality that significantly
challenge their economic empowerment and success
(Al Boinin, 2023). These barriers and inequalities are
deeply rooted in societal norms, traditional gender

roles, and discriminatory practices. Addressing these
challenges is crucial for creating an enabling
environment that promotes gender equality and
empowers female micro-entrepreneurs. For instance,
female micro-entrepreneurs often face limited access
to resources, including land, capital, and technology
(Lindvert et al., 2017). In many societies, women
have restricted rights to land ownership or control,
which affects their ability to secure collateral for
loans or invest in their businesses. Lack of access to
capital and technology further hampers their ability to
expand and modernise their enterprises. Closely
related are the deeply ingrained social norms and
cultural beliefs that often reinforce gender inequality
in entrepreneurship (Karim et al., 2023). Women may
face discrimination and bias in business-related
decision-making processes, market access, and
growth opportunities. Sociocultural norms prioritising
male-led businesses or perceiving women's economic
activities as secondary can limit their access to
resources, networks, and support systems.
Another critical challenge that seems escalating is the
gender-based violence, harassment, and safety
concerns in their business environments (Keith et al.,
2023). This can discourage them from pursuing
entrepreneurial ventures or operating in specific
locations. Safety concerns and fear of violence can
restrict their mobility, limit market opportunities, and
hinder their ability to engage in business activities. As
a typical patriarchal society, Nigeria has several
socially constructed responsibilities assigned to
female members. Caregiving responsibilities are one
of them. Such societal expectations and traditional
gender roles often place a disproportionate burden of
caregiving and household responsibilities on women
(Stossier, 2023). Balancing these responsibilities with
entrepreneurial pursuits can be challenging and can
limit the time and energy available for business
activities. Align with the preceding is the limited
participation of women in decision-making, including
entrepreneurial decisions (Agrawal et al., 2023).
Female micro-entrepreneurs often face limited
participation and influence in their businesses,
households, and communities' decision-making
processes. They may have reduced decision-making
power over financial matters, business strategies, and
investment choices. Limited participation in decision-
making restricts their ability to shape businesses,
access resources, and negotiate fair terms in business
transactions.
Strategic Options for Enhancing the Effectiveness
of Microfinance in Poverty Reduction
Expansion of Microfinance Institutions' Reach
One strategic option for enhancing the effectiveness
of microfinance in poverty reduction is to expand the
reach of microfinance institutions (MFIs) to
underserved areas. This can be achieved by
establishing branch networks or agent banking
services in remote and rural regions. By increasing
physical presence, MFIs can overcome geographical
barriers and reach a larger population, including
female micro-entrepreneurs who often reside in these
areas. Proactive efforts should be made to ensure
these expansions are inclusive, focusing on areas with
high poverty rates and marginalised communities.
Mobile Banking and Digital Financial Inclusion
Leveraging technology, specifically mobile banking
and digital financial services is a crucial strategic
option for improving access to financial services.
Mobile banking allows for convenient and cost-
effective transactions, including savings, payments,
and transfers, using mobile phones. By promoting
digital financial inclusion, microfinance institutions
can overcome physical infrastructure limitations and
expand their outreach to remote areas. This option is
particularly relevant in regions with high mobile
phone penetration but limited physical banking
infrastructure. It empowers female micro-
entrepreneurs by giving them access to financial
services at their fingertips, regardless of their
geographical location.
Financial Education Programs
Enhancing financial literacy is essential for the
effective utilisation of financial services.
Microfinance institutions should implement
comprehensive financial education programs tailored
to the needs of their clients, including female micro-
entrepreneurs. These programs should cover essential
financial management, budgeting, saving strategies,
understanding interest rates, and responsible
borrowing. By improving financial literacy,
microfinance clients can make informed decisions,
manage their finances effectively, and maximise the
benefits of microfinance services.
Business Development Training
Alongside financial literacy, providing business
development training is crucial to enhance female
micro-entrepreneurs' business skills and knowledge.
These training programs can cover various aspects of
entrepreneurship, including business planning,
marketing strategies, record-keeping, and market
research. By equipping female micro-entrepreneurs
with these essential skills, microfinance institutions
enable them to manage their businesses better,
identify growth opportunities, and navigate
challenges.
Flexible Loan Products
Microfinance institutions should design and offer
flexible loan products that address female micro-

entrepreneurs' specific needs and challenges. This
includes accommodating irregular cash flows,
providing grace periods during lean seasons, and
offering repayment options aligned with the business
cycles of female micro-entrepreneurs. Flexible loan
terms increase the likelihood of successful loan
repayment and promote sustainable business growth.
Savings and Insurance Products
In addition to credit, microfinance institutions should
promote savings and insurance products tailored to
the needs of female micro-entrepreneurs. Savings
accounts can help female micro-entrepreneurs build
financial resilience, accumulate capital, and manage
unexpected expenses. Insurance products like health
and asset insurance can protect businesses and
households from unforeseen risks. These products
enable female micro-entrepreneurs to safeguard their
livelihoods and assets, enhancing their long-term
financial security.
Gender-Sensitive Financial Inclusion Policies and
Targeted Financial Support Programmes,
Governments should implement gender-sensitive
financial inclusion policies that address female micro-
entrepreneurs' unique needs and challenges. These
policies should increase women's access to financial
services, promote gender equality in financial
institutions, and eliminate discriminatory practices.
Governments can set targets for gender inclusion,
establish regulatory frameworks to ensure fair lending
practices and provide incentives for financial
institutions to prioritise serving female micro-
entrepreneurs. Governments should develop targeted
financial support programs specifically designed for
female micro-entrepreneurs. These programs can
include dedicated loan facilities, grants, and subsidies
to enhance access to finance. Governments can
collaborate with microfinance institutions and banks
to provide affordable credit options with favourable
terms, including low-interest rates, more extended
repayment periods, and flexible collateral
requirements. Such initiatives would enable female
micro-entrepreneurs to access the necessary capital to
start and expand their businesses.
Access to Markets and Networking Opportunities
Governments should facilitate access to markets and
networking opportunities for female micro-
entrepreneurs. This can be achieved by organising
trade fairs, exhibitions, and networking events
targeting women entrepreneurs. Governments can
also support women's participation in supply chains,
encourage collaboration with more giant corporations,
and provide platforms for knowledge-sharing and
mentorship programs. Additionally, efforts should be
made to promote women's representation in business
associations and industry networks. Governments
should prioritise data collection and research on the
challenges and successes of female micro-
entrepreneurs. This will help policymakers develop
evidence-based policies and programs that address the
specific needs of women in microfinance.
Governments can work with relevant stakeholders to
gather data on gender-disaggregated indicators, assess
existing policies' impact, and identify improvement
areas. Such research will provide valuable insights for
designing targeted interventions and monitoring
progress supporting female micro-entrepreneurs.
Conclusion
Microfinance policies in Nigeria can impact poverty
reduction among female micro-entrepreneurs
significantly. However, these entrepreneurs face
various challenges that hinder their economic
empowerment. Limited access to financial services
and resources, including credit and savings, restricts
their ability to invest in business growth. Moreover,
sociocultural barriers and gender inequality create
additional hurdles, limiting their access to education,
business skills, and market opportunities. It is
essential to implement strategic options and policy
reforms to address these challenges.
Improving access to financial services is a critical
strategic option. This can be achieved by expanding
the reach of microfinance institutions, particularly in
underserved areas, and promoting mobile banking
and digital financial inclusion. Simplifying business
registration processes, adopting supportive tax
policies, and implementing consumer protection
regulations are policy reforms that can create a
favourable environment for female micro-
entrepreneurs. Additionally, strengthening regulatory
frameworks through collaborative efforts between the
government, microfinance institutions, and
stakeholders is crucial.
Addressing these challenges and implementing
strategic options, the potential impact on poverty
reduction among female micro-entrepreneurs in
Nigeria is significant. Enhanced access to financial
services, tailored business support, and improved
regulatory frameworks can empower women
economically. As a result, they can generate higher
income, create employment opportunities, and
contribute to economic growth. Moreover, addressing
gender inequality and providing targeted support to
female micro-entrepreneurs reduces poverty and
promotes gender equality and social inclusion. The
positive ripple effects of these policies can lead to a
more prosperous and equitable society overall.

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