Microfinance Financial Strategies and Business Growth of Women Entrepreneurs in Gboko, Benue State Nigeria

Abstract

Aim: This study aims to determine the effect of microfinance financial strategies on business growth of women entrepreneurs in Gboko, Benue state, Nigeria. Study Design. The study adopted the survey research design to achieve the objective of the study since data are to be obtained from predefined group of respondents who are staff of registered MFBs in Gboko, Benue State. Place and Duration of Study: The study covers 7 Registered Microfinance Banks (RMFBs) in Gboko, Benue State Nigeria; between January 2021 and January 2022. Methodology: The population was 395 Staff of RMFBS; it is a census study since the population is the same as sample size. The questionnaire was the only instrument of data collection used in the study to collect data from sampled respondents who are junior (208), medium (139) and top staff (48) of the sampled banks.  Regression was used to analyize the formulated hypotheses. Results: The study revealed that there is a strong association between soft loan financial strategy and women entrepreneurs’ business growth; loan repayment strategy has a substantial influence on the women entrepreneurs’ business growth, while management training strategy has no major effect on the growth of women entrepreneurs’ businesses in Gboko, Benue State. Conclusion: The study concluded that soft loan financial strategy and loan repayment strategies are vibrant strategic tools for achieving women entrepreneurs’ business growth in Gboko, Benue State, Nigeria. The study recommended among others that Microfinance Banks in Gboko should increase the number of soft loans administered to women entrepreneurs’ for optimal growth of their business since this is seen as a catalyst for women entrepreneurs’ business growth and sustainability in a depressed economy like Nigeria.