STATISTICAL ANALYSIS ON THE IMPACT OF ONLINE MICROFINANCE BANKS ON THE ECONOMIC DEVELOPMENT OF THE RURAL POPULACE OF ANYIGBA METROPOLIS, KOGI STATE.
Abstract
In rural Kogi State, Nigeria, many people struggle to access financial services, which limits economic growth. This study focuses on Anyigba metropolis and explores how online microfinance can improve economic opportunities for rural residents. The research examines whether online microfinance banks create jobs, help people save money for future investments, and of er timely banking services. Using a mixed-methods approach, the study collects data through surveys and questionnaires shared within local residents that makes use of online microfinance banks. The methodologies include quantitative analysis using Chi-square tests and two-way ANOVA to analyse the survey results, along with qualitative analysis of interview responses to provide a comprehensive understanding of the impact of online microfinance. The analysis led to a discussion of results that reveals that online microfinance banks play a significant role in increasing financial inclusion, empowering individuals, and boosting economic growth. However, it also highlights challenges such as poor technology, service delivery issues, and frequent changes in government policies. The findings aim to help microfinance institutions and policymakers develop better strategies to support the economic development of rural communities in Nigeria.
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