Factors Influencing Loan Repayment Among Micro Enterprises in Lagos

CHAPTER ONE INTRODUCTION 1.1  Background of the study Microfinance institutions (MFIs) have emerged as an economic development strategy aimed at assisting micro businesses in obtaining money for the growth and maintenance of their operations. MFIs have made significant efforts throughout Asia, Africa, and Latin America over the past decade to increase poor people's access to credit, but lending to microenterprises remains a time-consuming and difficult business, particularly in terms of improving their incentives to fulfill payback commitments (Hwarire, 2012; Nawai & Shariff, 2013; M. Sharma & Zeller, 1997). Despite the efforts of current MFIs to bridge the credit gap for businesses, according to Angaine and Waari (2014), the entrepreneurs have been defaulting on their loans. MFI schemes operate in over 100 countries (Abbas &...
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