The Impacts of Microfinance on Poverty Reduction in Kenema City, Sierra Leone

Abdul Karim Korom

Abstract


Poverty reduction has been a major concern for successive governments in Sierra Leone over the years because it is believed to be the universally accepted way of achieving economic growth in the country. The intended purpose is to raise the living standards of the people and improve upon their quality of life. As a result, different economic policy reforms are pursued to achieve that, but the impact has not been felt by all, especially those in the rural areas. The study reveals how microfinance impact poverty reduction in the study area, to identify problems microfinance institution encounter in loan recovery and proffer solutions to curbs the problems microfinance institutions faced. Data were collected primarily from field survey through questionnaires administration. The results of the study also show that microfinance institutions have empowered women economically, socially, psychologically and politically as majority of microfinance beneficiaries are women. The result of this study also discusses the challenges confronting the efficient functioning of microfinance activities. On the basis of findings of the study, some recommendations have been given to improve the effectiveness and to remove the various problems associated with the design and implementation of loan recovery.


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