MICROSAVINGS MOBILIZATION INNOVATIONS AND POVERTY ALLEVIATION IN NIGERIA
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Innovation in microfinance is given as any change in banking technology which resulted in
improved viability and/or outreach of the microfinance institution. This paper examined the
influence of innovative savings products in the Nigerian banking industry on welfare and
business enterprise development of low-income earners and self-employed individuals in
Nigeria. The paper employs primary data from a structured questionnaire and uses ordinary
least squares to test study hypotheses. The results obtained show that the savings rate has increased by 160% since the introduction of the innovative savings account. The study therefore
recommends more awareness programs on innovative savings products.
Keywords
HG Finance