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  DOI Prefix   10.20431


 

International Journal of Managerial Studies and Research
Volume 6, Issue 7, 2018, Page No: 1-13

The Regulatory and Operational Framework of Microfinance Banks on Consumers in Nigeria: An Appraisal

Enyia Jacob Otu1*, Inyang Patricia Endeley2

1.B.Sc. MBA, LL.B., B.L., LL.M, Ph.D., is a senior Lecturer in the Faculty of Law, Unical.
2.LL.B., B.L., MA (International & Comparative Business Law) is a Lecturer in the Faculty of Law, Unical.

Citation : Enyia Jacob Otu, Inyang Patricia Endeley, The Regulatory and Operational Framework of Microfinance Banks on Consumers in Nigeria: An Appraisal International Journal of Managerial Studies and Research 2018 , 6(7) : 1-13

Abstract

This work is aimed at appraising the impact of the regulatory and operational framework of microfinance banks on the consumer. It is illicited by the current negative complaints on the role of microfinance banks in the economy generally and consumers in particular since its birth. Generally, the banking industry is so strategic to the economy that naturally, everybody is a stakeholder. It act as lubricants of the economy custodians of the payment system, saving mobilization, financing trade, agriculture, industry, consumer activities, stimulate economic and assist consumers in providing micro credits. The cost of credit as evidenced in the high interest rate, the non-availability of branches in many rural communities and incessant distress of many micro-finance banks has become a source of concern for consumers who are gradually losing confidence in the system. The paper has examined the impact of the regulatory and operational framework and identified inhibitions and make recommendations for repositioning for better service delivery especially in the emerging digital age in banks operation.


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