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The Role of Microcredit Loan and Its Impact on Poverty Reduction Among Women in Edo South Senatorial District, Edo State, Nigeria

Authors: JULIE OSAYANDE ENOMA*, College of education ekiadolor nigeria
Topics: Women, Development, Gender
Keywords: Microcredit, Poverty reduction, Gender, women empowerment, Edo state
Session Type: Paper
Presentation File: No File Uploaded

Microcredit has been advocated as major tool for poverty reduction particularly among women in most developing countries. This is because women are viewed as the most deprived in the society in term of socio-economic inequality and gender disparity. This paper focused on accessibility and utilization of micro credit as a tool for poverty reduction and women empowerment in Edo South Senatorial District of Edo State, Nigeria. It identified the various sources of microcredit facility available to women, the effect on their income, savings and personal investment before and after the loan repayment and their constraints on loan accessibility. A well-structured questionnaire was used in the survey which was administered to 150 women, who have had access to micro-credit in the study area. Multi stage and purposive technique was used in the study. Result shows that women in the study area sourced their credit from both formal and informal microcredit institutions in Edo State. Loan size range from N15,000 ($40) and above with majority (85.56%)in this category. Result shows that access to microcredit have effect on their income and savings, but no significant impact on poverty reduction. Results show that the mode of accessibility, payback duration and high interest rate have mitigated against poverty reduction in the use of micro-credit as a tool for poverty reduction. It is therefore recommended that government and policy makers in the sector should look into these factors militating against the sector to enable women come out of poverty.

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