MICROFINANCE BANK SERVICES AND SURVIVAL INSTINCT OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES) IN SOUTH-WEST, NIGERIA

Abstract

This study investigated the effect of microfinance bank services (MFBs) on survival instinct of Micro, Small and Medium Enterprises (MSMEs) in South–West, Nigeria. The objective of the study is to examine the effect of dimensions of microfinance banks services on survival instincts of MSMEs in South-West, Nigeria. Descriptive research design was used through proportional stratified sampling technique in this study. Taro Yamane formula was used to arrive at 400 which formed the sample size determination of the study. Both descriptive and inferential statistics were employed for the test of the hypothesis through Statistical Packages for Social Sciences (SPSS) version 26 was used to analyse the data retrieved. The study found out that all the microfinance bank services have a significant positive effect with the survival instinct of MSMEs in South–West, Nigeria. The study concludes that the dimensions of microfinance banks services have positive significant effects on survival instincts of MSMEs in South-West, Nigeria. The study recommended that microfinance banks should improve the number of loans/credits granted to MSMEs in order to eventually translate to economic growth for survival.