Nnabuenyi Uju Maureen, Godiya Atsiya Pius, Robo Maikeffi, Mamman Mathew Samuel, and Abdullahi Bara’atu

Abstract:

Microfinance is the provision of small loans to poor entrepreneurs, especially women who in most cases, lack access to funds while development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. This study, examined women’s economic situations concerning their satisfaction and challenges with microfinance loan as a tool for poverty alleviation and economic development using two microfinance banks in Nasarawa state Nigeria which are LAPO mfb Keffi and Nasarawa mfb in Nasarawa town. For the in-depth interview 5 respondents were randomly selected from the beneficiaries and 4 management staff from two microfinance banks and the same for the case study. Measurement of women empowerment adopted a modified version of Gender empowerment measurement questionnaire (GEMQ). The questionnaire was drawn based on 5-point objectives with 90 item statements which centered on causes, roles, experiences and challenges of women beneficiaries of microfinance loan administered to 340 respondents. The analysis of data obtained through the quantitative method will be done using the Statistical Package for Social Sciences (SPSS) software, while the qualitative data obtained through the in-depth interview and case study were analysed using content analysis and descriptive methods. On the basis of the outcomes, conclusion was drawn showing evidences of poverty alleviations in the lives of poor rural women in improved livelihood, boost in self-esteem and participation in rural development due to economic turnaround. Improvement in rural literacy, policy review on microfinance policies to capture more rural women, and rural infrastructure were among the recommendations made that will enhance the economic lives of rural women to be more participatory in rural development for better outcomes in the future