The Effect Of Microfinance Banks Services On Agricultural Production Of Members Of Cooperative Societies

Lack of access to credit has negatively affected poor farmers and rural dwellers for many years. Rural people need credit to allow investment in their farms and small businesses, to smooth consumption and to reduce their vulnerability to weather and economic shocks. Because they have little access to formal financing institutions, poor rural people follow sub optimal risk management and consumption strategies and rely on costly informal credit sources (FAO, 2010). To this end, Eluhaiwe (2008) noted that microfinance banks were established in Nigeria in 2005 for the purpose of providing economi…