International Journal of Humanities and Social Science

ISSN 2220-8488 (Print), 2221-0989 (Online) 10.30845/ijhss

Performance of Microfinance Institutions in Nigeria: an appraisal of self-reporting institutions to Mix Market
Abraham, H.; Balogun, I.O

Microfinance profile in Nigeria from Mix Market shows the value of loans at 88.2 million (USD, 2010), active borrowers of 582, 264 (2010), value of Deposits 62.3 million (USD, 2010), and number of depositors 710, 224 (2010) from 33 MFIs as at March, 2012. Is this the true state of things? How many of the service providers are self-sustainable? The answers to these questions are the focus of this paper.Operators’ lack of understanding of how to run microfinance institutions is an obstacle to the performance of these institutions (looking at the number of OSS). The performance of the MFIs shows the poor state of reporting in the financial development of the nation as well as the weakness of the apex bank. The number of institutions providing data to mix market is very low in comparison to licensed operators and some of those reporting have incomplete records. The remedy to these challenges is through application of technological innovation that will include human and material resources.

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