ENCOURAGEMENT OF SA VINGS HABIT BY MICROFINANCE BANKS AND POVERTY ALLEVIATION THROUGH ENHANCED FINANCIAL LITERACY AMONG THE PEOPLE OF CROSS RIVER STATE, NIGERIA
Author(s): Uyang, Francis Abul; Abanbeshie Jeremiah A; Omono, Cletus Ekok; Aboh, Fidelis Isomkwo; Bassey, Augustine Eze
Institute(s): 1,3,4,5 Department of Sociology 1Faculty of Social Sciences, University of Calabar; 2 Department of Continuing Education and Development Studies, Faculty of Education, University of Calabar;
Volume 2 / Issue 2
Abstract
The study investigated the relationship between encouragement of savings habit by microfinance banks and poverty alleviation through enhanced financial literacy among the people of Cross River State, Nigeria. One null hypothesis was formulated in the study. Through the survey research design, data were collected from 572 randomly selected respondents. The data were statistically analyzed using chi-square test statistic at 0.01 significant level. The result showed a significant association exist between encouragement of savings habit by microfinance banks and poverty alleviation through enhanced financial literacy among the people of Cross River State. The study recommended that customers/clients of microfinance banks should be encouraged to save to acquire assets and also, microfinance banks should embark on agents banking using merchants to penetrate the rural areas. Equally, microfinance banks should introduce community banking in the rural areas supervised by community head or the chief to enable the people to save. It was also recommended that microfinance banks should use their agents and go to the grassroots and interact with the people in their native language about the need to operate a bank through which they can save their money.
Number of Pages: 12
Number of Words: 5084
First Page: 94
Last Page: 106