COMPUTERIZATION'S INFLUENCE ON THE MICROFINANCE BANKING INDUSTRY
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Background of the Study
The utilisation of computers in the preparation of various sorts of accounts, the processing of client statements of accounts, money transfers, and cash dispensing versions have all contributed to the influence that microfinance banks have had on the urban environment of Nsukka. Transactions in banking that were formerly carried out manually, before the introduction of computers into the financial sector, are now routinely carried out by microfinance banks (Kricks, 2021).
According to Akukwe (2003), the magnetic in character recognition (M.T.C.R) technology was utilised by bank chequ as early as the 1950s. The term "micro financing bank" is still often used in today's banking industry. The utilisation of automated teller machines (ATMs) and electronic fund transfer (EFT) systems, on the other hand, represents the most recent advancement in computer technology to be found in the banking sector (Malhotra, & Singh, 2021). Your payroll checks will be deposited into your account electronically so that you may easily access them, and your recurring monthly bills will be paid on time on your behalf as part of the electronic funds transfer system. Again, funds may be readily moved from your savings account in order to pay the cheques that you have already written to individuals or organisations in relation to the purchases that you have made or the donations that you have declared (Mohammad, & Saad, 2022). An automated teller machine (ATM) is a specialised computer terminal that may be found in places like the interior and outside of banks, supermarkets, shopping plazas, and hotels for the purpose of making cash deposits and withdrawals as quickly as possible. Customers are able to transfer funds across accounts using this arrangement, eliminating the need to physically visit the bank (Orhan, 2021).
Robinson (2001) investigates microfinance banks as small-scale financial services, primarily credit and savings provided to people who farm or fish or herd who operate small enterprises or who provide services: who work for wages or commissions who gain income from renting out small amounts of land, vehicles, draught animals, or machinery and tools along with other individuals and groups at the local levels of developing countries both rural and urban (Orhan, 2021).
According to Ndiaye (2005), having access to improved financial services and access to access to more and better ways of turning savings into lump sums helps poor people from sliding deeper into poverty. It also helps people in Nsukka lay the foundation for their aspirations to improve themselves and their families.
In the majority of affluent nations, the chapter on the history of microfinance banks has not yet been written. It won't be easy to do so in a lot of countries since they don't have enough written documents. Because of this, it is difficult to build on the current foundations of microfinance, which are primarily informal, and to gain knowledge from previous experiences (Kricks, 2021). For instance, Nigeria is the only African country south of the Sahara in which it is known that microfinance existed at least 500 years ago, mostly in the form of rotating savings and credit societies. This is because Nigeria is the only country in which this information is available. Among the Yoruba people of Nigeria, they are referred to as "Esusu" (Mohammad, & Saad, 2022). A great number of west African nations now use the phrase lingua France. The respondents believe that it is simpler to recruit members of their immediate family into group-based associations than it is to do so with members of other ethnic groups. This lends credence to the conclusion reached by Zellers et al. (2001), which states that roughly half of the members of the group are connected to one another. Because point responsibility and the cohesiveness of the group functioned as collateral for group members seeking microcredit from microfinance NGOs, the information that is already known about potential members is given a substantial amount of weight and value (Zellers et al, 2001).
The results of UNCDF (1997) and Adebayo are supported by the fact that there were significantly more female respondents (57 percent) than male respondents (43%). The distribution of respondents according to gender revealed that there were more women than men (1997). Due to the fact that Olomola (2001) and Adyeye (2003) found that the majority of members of microfinance NGOs are women, who along with children form the group that is vulnerable to poverty, NGO microfinance delivery in the area is a genuine initiative to alleviate poverty as a result of this finding (Orhan, 2021).
C.F. Strickland, a British expert on cooperatives, conducted research on the Esusu in 1934 to see whether or not it might serve as the foundation for contemporary cooperative organisations in western Nigeria. Having worked in India in the past, where he was exposed to revolving finances, he hypothesised that the Esusu must have been introduced from India (Kricks, 2021). Which he considered a superior culture at an unspecified time and concluded that in this cause one might as well import cooperative from England instead of modernising the Esusu/Strickland the co-operative society's ordinance introduced in 1935 and modelled after British colonies in Africa. This ordinance was introduced in 1935 and modelled after British colonies in Africa (Kricks, 2021).
Only in eastern Nigeria was there a flourishing of financial cooperatives, which were supported by educated cooperative officers to build on the ever-present Esusu. The Esusu, in its Igbo iteration, would have benefited from a legal and administrative structure, according to this interpretation. Isusu, Adashi, and Bam, in addition to ROSCAS by whatever name they are known among the other 350 ethnic groups; had their origin not been misunderstood.
Related Project Materials
PRISON MANAGEMENT SYSTEM
ABSTRACT
Prison data Management in Nigeria has been a dismissed region with the manual system still set up. Inmates'...
INFLUENCE OF INADEQUATE INFORMATION TECHNOLOGY ON ACADEMIC PERFORMANCE OF OTM STUDENTS (A CASE STUDY OF FEDERAL POLYTECHNIC, EDE)
This study was carried out to examine the influence of inadequate information technology on academic performance of OTM students using Federa...
INFLUENCE OF TIG PROCESS PARAMETERS ON HARDNESS, TENSILE STRENGTH AND MICROSTRUCTURES OF AISI430 FERRITIC STAINLESS STEEL WELDS
ABSTRACT
The influence of tungsten inert gas (TIG) welding process parameters on the microstructural features and mechanical properties (...
THE EFFECT OF FULANI HERDSMEN CRISIS ON FOOD SECURITY IN NIGERIA
Background to the Study
Food insecurity and armed conflict are two major problems that have aroused the attention...
ANALYSIS ON THE NEXUS BETWEEN DEMOCRACY AND NATIONAL DEVELOPMENT A CASE STUDY OF BUHARI ADMINISTRATION (2015-2019)
Background of the study
Democracy, over the decades and around the globe, has been presented and seen a...
THE EFFECTIVENESS OF E-NAIRA SERVICES TO USERS (CASE STUDY OF SELECTED E-NAIRA USERS IN LAGOS STATE)
Background Of The Study
There have not been any broadly agreed definition of digital currency. This is...
EVALUATING THE BENEFITS OF BROADCASTING IN IMPROVING ADULT LITERACY IN LAGOS STATE
ABSTRACT
This study was carried out to evaluate the benefits of broadcasting in improving adult literacy in Lagos st...
EFFECT OF AN EFFICIENT INVENTORY MANAGEMENT ON THE PROFITABILITY OF A FIRM
ABSTRACT
In this project work titled effect of inventory management on the profitability of a firm with particular r...
A PHENOMENON ON MENTAL HEALTH AS A CHALLENGE TO YOUTH DEVELOPMENT IN NIGERIA AND ITS COUNSELING IMPLICATIONS
Abstract
The purpose of this qualitative study was to identify how counselors are currently addressing the increas...
EFFECTS OF ENVIRONMENTAL ACCOUNTING AND REPORTING ON CORPORATE PERFORMANCE (A STUDY OF SELECTED OIL AND GAS COMPANIES IN NIGERIA)
ABSTRACT
This study examines the Effect of environmental accounting and reporting on corporate performance. The stud...
