MICROFINANCE BANKS SERVICES AND SALES GROWTH OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES) IN SOUTH-WEST, NIGERIA
Keywords:
Micro-savings, micro-credits, micro-insurance, sales growth, micro, small, and medium enterprises (MSMEs)Abstract
This study examined how microfinance banks services affect sales growth of micro, small,
and medium-sized enterprises' (MSMEs) in South-West, Nigeria. A proportionate stratified
sampling strategy was employed to implement a descriptive research design. The study's
sample size of 400 was determined using the Taro Yamane formula. The data was analysed
using Statistical Packages for Social Sciences (SPSS) version 26, which was utilized to test
the hypothesis using both descriptive and inferential statistics. Findings revealed that all
microfinance bank services significantly boost MSMEs' sales growth in South-West,
Nigeria. The study came to the conclusion that MSMEs in South-West Nigeria's product
development is positively and significantly impacted by the services provided by
microfinance banks. The study recommends that microfinance banks should improve on the
number of loans/credits granted to MSMEs in order to eventually translate to economic
growth.
