THE STRATEGIES FOR EMPOWERING THE HARD CORE POOR THROUGH MICRO-FINANCING (A CASE STUDY OF RELIEF MARKET, OGBETE MAIN MARKET AND ABAKPA MARKET ALL IN ENUGU)

THE STRATEGIES FOR EMPOWERING THE HARD CORE POOR THROUGH MICRO-FINANCING (A CASE STUDY OF RELIEF MARKET, OGBETE MAIN MARKET AND ABAKPA MARKET ALL IN ENUGU)

ABSTRACT

The research is on the strategies for empowering the hard core poor through micro-financing. The main objective of this study is to determine that strategies for empowering the hard core poor through micro-financing.  The research, methodology is descriptive; the study’s approach is based on the research questions which have influence on the data generated and the descriptive analysis presented.  The researcher analyses the data collected based on the response from the questionnaires distributed. The major finding of this study include the following:- The strategies for empowering the poor through micro-financing including: a). Standardization b). Self-help group c). Group guaranteed lending d). Individual lending e). Private ownership pattern f). Self-employment and/or wage employment creations g). Single product or multi-dimensional products. h). Self regulation and government regulation. 2. The services that are delivered by micro-finance institutions to the poor include:

  1. a) Working capital loans
  2. b) Savings
  3. c) Consume credit
  4. d) Pension
  5. e) Insurance
  6. f) Money transfer

The conclusion drawn from this study is that micro-financing is recognized as an effective ways of eradicating poverty, empowering the poor and elevating the right and status of women in the community. Based on the findings and conclusion, the following recommendations were made;

  1. The poor ones should engage in micro-financing to come out from poverty and be empowered.
  2. They should make enquiries on strategies of micro-financing and engage themselves through any one that suits them.