Contribution Of Microfinance Banks To Rural Economic Development: A Case Study Of Egor Local Government Area’s Of Edo State, Nigeria

ABSTRACTBanking generally has been known to play significant roles in any economy including the Nigeria Economy. Since the inception of the First Bank in 1984, the country has witnessed tremendous growth. However, this development has been lopsided to the detriment of the rural areas. This necessitated the establishment of Microfinance bank. The idea of Microfinance banking was borne out of the desire of government to involve the grassroots in the socio-economic development of the nation, Mobilization of deposits, money creation through credit through credit allocation, administration of any p…