Micro Finance Institutions (Mfis) in Nigeria: Problems and Prospects : Questionnaire Survey Findings (Survey‪)‬

Abstract This study examines the problems and prospects of MFIs in Nigeria. The importance of MFIs in Nigeria's economy cannot be over-emphasized; this is because it plays a vital role in the financial intermediation process and also in the lives of the low income earners whom constitute over 70 per cent of the Nigerian population. The design and technique employed in data collection were cross-sectional survey design and data collection through carefully implemented questionnaire. The t-statistic was used to analyse data collected and it was found that the outreach performance (financial and otherwise) of MFIs is discouraging and MFIs in Nigeria experience varying degree of problems. Following from the findings, some recommendations were made, prominent amongst which was that, a national policy framework of MFIs should be prepared by the development finance department of the Central Bank of Nigeria and subjected to stakeholders' review, so as to enhance the provision of diversified microfinance services on a long-term, sustainable basis for the poor and low income groups.