MICROFINANCE CONTRIBUTIONS IN THE PERCEIVED QUALITY OF LIFE IN ENUGU CITY, NIGERIA
Abstract
This study examined the contributions of microfinance to the perceived quality of life of clients in Enugu City, Nigeria, with a focus on both economic and social dimensions, as well as the challenges faced by clients and microfinance institutions (MFIs). Guided by Sen’s (1985) Capability Approach, the research employed a mixed-method design, combining a quantitative descriptive survey and qualitative case study. A sample of 311 clients was drawn from a population of 1,604 to respond to a structured questionnaire with a Cronbach alpha of 0.875, while interviews were conducted with 18 employees from four MFIs and 15 randomly selected clients. Findings revealed that microfinance significantly provided clients with opportunities to invest in their businesses; however, it did not substantially translate into higher income levels, indicating a mixed economic impact. Socially, clients reported increased involvement in community development projects but limited empowerment to assume leadership roles. The major challenge confronting clients was the lack of acceptable collateral, as many lacked conventional assets typically required for loan access. On the institutional side, MFIs were largely constrained by high loan default rates, which threatened their financial sustainability and operational efficiency. The study concluded that while microfinance contributes positively to clients’ entrepreneurial opportunities and community participation, its economic benefits remain constrained by structural challenges. Recommendations included introducing tailored training in financial and business management, adopting flexible collateral frameworks, promoting leadership development among clients, and strengthening risk management mechanisms through credit assessments and financial counseling. The study reiterates the need for policy reforms and institutional innovations to enhance the effectiveness of microfinance in improving the quality of life of clients in Nigeria.
JEL Classification: G21 – Microfinance Institutions; I31 – General Welfare and Well-Being; I32 – Poverty Measurement and Analysis; O15 – Human Development and Income Distribution; O55 – Africa.
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DOI: http://dx.doi.org/10.46827/ejefr.v9i4.2034
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