Microfinance Interventions and Income Generation among Customers of LAPO and NPF Microfinance Banks in Abuja, Nigeria

Microfinance Interventions and Income Generation among Customers of LAPO and NPF Microfinance Banks in Abuja, Nigeria

¹Ekaette, Glory Edem Ph.D, ²Ayasal Anthony Auya Ph.D & ³IWUOZOR, Odili Markanthony Ph.D,*

¹ African University of Science and Technology, kM 10 Umaru Musa Yar’ adua Road Galadimawa, Galadima, 900107 Federal Capital Territory, Abuja.

^2,3 Business Administration Department, University of Abuja, Abuja, Nigeria,

DOI: https://dx.doi.org/10.47772/IJRISS.2025.90600019

Received: 15 May 2025; Accepted: 20 May 2025; Published: 26 June 2025

ABSTRACT

This study examined the impact of microfinance interventions on income generation among customers of LAPO and NPF Microfinance Banks in Abuja, Nigeria. A survey research design was employed, with a total sample of 686 respondents drawn from a population of 9,063 using the Taro Yamane formula. Purposive sampling was used to target clients who had participated in microfinance intervention programs. Data collection involved structured questionnaires and interviews, with a validated instrument tested for reliability using Cronbach’s Alpha (α > 0.9). Data analysis was conducted using multiple regression via the Ordinary Least Squares (OLS) method to evaluate the effect of six microfinance components group lending, targeting women, loans, interest rates, savings, and non-financial services on income generation. Findings revealed that group lending, targeting women, and loan provision had significant positive effects on income generation. Conversely, interest rates, savings, and non-financial services showed no statistically significant impact. These findings underscore the effectiveness of inclusive lending models and women-focused financial interventions in enhancing income. The study concludes that tailored microfinance strategies that prioritize accessible credit and community-based lending can significantly drive income growth and reduce poverty. It recommends a strategic redesign of microfinance programs to align financial and non-financial services with the economic realities of beneficiaries.

Keywords-Group lending, income generation, loan accessibility; microfinance interventions, women empowerment

INTRODUCTION

Globally, microfinance has emerged as a pivotal instrument for addressing poverty and promoting inclusive economic development, particularly in developing countries. As traditional financial systems have often failed to serve the poorest and most vulnerable populations, microfinance institutions (MFIs) have filled the gap by providing small loans, savings options, and non-financial services to underserved groups. These services aim to stimulate entrepreneurship, reduce poverty, and, most importantly, enhance income generation. According to the World Bank (2022), over 140 million people globally rely on microfinance as a tool for improving their livelihoods and achieving financial independence.

In many parts of Asia and Latin America, microfinance has been credited with increasing household incomes, improving access to education and healthcare, and fostering social inclusion. Successful models such as the Grameen Bank in Bangladesh have demonstrated the power of group lending and targeted financial services, especially for women, in creating sustainable economic impact. Group lending structures promote peer monitoring and collective responsibility, reducing default rates while enhancing social cohesion and financial discipline. Similarly, targeting women with microfinance services has shown to be highly effective in increasing household income and promoting gender equality.

In Africa, and Nigeria in particular, the relevance of microfinance is even more pronounced. Nigeria is home to millions of smallholder farmers, petty traders, and micro-entrepreneurs who operate in the informal economy and lack access to conventional banking services. In response, microfinance banks and institutions have been established to bridge this financial gap. Despite the proliferation of these services, the impact of various microfinance interventions on income generation remains an area of active investigation and policy interest.

Income generation, as a key dimension of economic empowerment, is often influenced by several factors within the microfinance ecosystem. These include access to loans, the design of interest rates, savings mechanisms, non-financial services such as training, the structure of group lending, and gender-specific targeting such as programs for women. However, empirical evidence on the relative effectiveness of these interventions remains mixed. While loans and group lending are generally associated with positive income outcomes, the influence of interest rates, savings, and non-financial services is less conclusive.

In this study, income generation is examined as a single dependent variable, reflecting the ability of microfinance beneficiaries to improve their earnings through various forms of support. The independent variables include six key components: Group Lending (GL), Targeting Women (TW), Loans (LN), Interest Rates (IR), Savings (SA), and Non-Financial Services (FS). Each of these variables reflects a strategic dimension of microfinance service delivery. Understanding the individual and combined effects of these variables is crucial for refining microfinance interventions aimed at maximizing income generation, particularly in low-income communities across Nigeria.

Statement of the Problem

Despite extensive investment in microfinance programs in Nigeria, the issue of persistent poverty and low income among beneficiaries remains unresolved. Although microfinance institutions are designed to empower the poor by offering credit, savings, and training, the actual outcomes in terms of income generation are often inconsistent and underwhelming.

Several microfinance models in Nigeria emphasize group lending, small loans, and financial literacy programs. However, their implementation frequently lacks consistency and contextual alignment. For instance, high interest rates, limited loan amounts, poorly structured non-financial services, and inadequate follow-up mechanisms often undermine the potential of these programs. Additionally, savings products are sometimes rigid or unattractive, discouraging long-term participation.

Despite ongoing economic growth, poverty remains a significant challenge in Abuja, Nigeria. This study aims to explore the role of microfinance bank interventions in income generation, with a specific focus on two institutions: Lapo Microfinance Bank and the Nigerian Police Force Microfinance Bank in Abuja.

Objectives of the Study

The main objective of this study is to examine microfinance interventions on income generation among customers of LAPO and NPF Microfinance Banks in Abuja, Nigeria. Specific objectives include:

Determine the extent of Group Lending (GL) as a feature in microfinance banks interventions and its  impact on Income Generation

Evaluate the extent of Targeting Women (TW) as a feature of microfinance  b  a  n   k s interventions on Income Generation

Examine the impact of Loans (LN) as a feature in microfinance banks interventions on Income Generation

Analyze the impact of Interest Rates (IR) as a feature of microfinance banks interventions on Income Generation

Investigate the impact of Savings (SA) as a feature of microfinance banks interventions on Income Generation

Explore the impact of Non-Financial Services (FS) within microfinance banks interventions on Income Generation

LITERATURE REVIEW AND THEORETICAL FRAMEWORK

Poverty Reduction

The concept of poverty is highly contested: there is no single clear-cut definition (Academic, 2023). Traditionally, poverty is expressed in terms of ‘distributional issues: the lack of resources at the disposal of an individual or household to ensure a suitable standard of subsistence or living’ (Alkire & Santos, 2024). Beyond an individual’s ability to satisfy minimum   living standards of food, clothing, shelter and fuel, it is also about ‘having what you need in order to have the opportunities and choices necessary to participate in society’ (Davis & Sanches-Martinez, 2014). Poverty reduction is a major goal for both national governments   and international development agencies such as the United Nations and the World Bank. Two broad definitions of poverty include:

Group Lending

Group lending is a popular microfinance intervention programs that has been used to increase access to finance for the poor in many developing countries. Group lending has been widely adopted by MFIs in many developing countries. Several studies have shown that group lending can be an effective tool for poverty reduction, particularly when combined with other interventions such as financial education and business training (Nitrenganya, 2020; Morduch & Schneider, 2017).

Thus, group lending is a popular microfinance intervention that has been shown to be effective in increasing access to finance for the poor in many developing countries. While there are potential drawbacks to group lending, it remains a valuable tool for poverty reduction when used in combination with other interventions.

Targeting Women

Targeting women as beneficiaries of microfinance bank interventions has been a commonly employed strategy for poverty reduction in developing countries.  It I s necessary to also address the gender inequalities and social norms that limit women’s access to resources and financial services (Diaz, Bonilla & Sabina, 2022). Studies have shown that microfinance bank interventions that actively work to address these issues, such as through gender-sensitive loan products and education programs, are more effective in improving the economic status and empowerment of women (Datta, 2005). Thus, targeting women in microfinance interventions has proven to  be an effective strategy for poverty reduction and women’s empowerment. However, it is necessary to also address the underlying social and gender inequalities that limit women’s access to financial services in order to fully realize the potential of microfinance interventions for gender equality and inclusive economic growth.

Loans

Loans are a fundamental aspect of microfinance bank interventions and are designed to provide access to finance to low-income households and small businesses who lack access to formal financial services. According to Ledgerwood (2013), loans are “one of the most basic financial services provided by microfinance banks, and the most popular among customers”.

However, the impact of microfinance loans on poverty reduction may vary depending on various factors, such as the design of the loan product, the target population, and the socio-economic context in which they are implemented (Asong & Bach, 2024). Therefore, loans are a central component of microfinance interventions and have been found to be effective in providing access to finance to low-income households and microenterprises. While microfinance loans have been shown to have a positive impact on poverty reduction, further research is needed to understand how the design of loan products and the socio-economic context in which they are implemented affect their impact on poverty reduction.

Interest Rates

High interest rates can limit the accessibility of microfinance services to the poor, while low interest rates can affect the profitability and sustainability of MFIs (Morduch & Schneider, 2017).

MFBs have developed various strategies to manage interest rates and balance the need for profitability with the need to provide affordable microfinance services to customers. These strategies include increasing efficiency in loan administration and servicing, reducing costs through the use of technology, and accessing low-cost funding sources (Oramah & Ndungu’s, 2023). Overall, interest rates are a crucial factor in the success of microfinance interventions and require careful management by MFBs to ensure that the cost of borrowing is affordable for customers’ while maintaining the profitability and sustainability of the institutions.

Savings

Savings is a fundamental aspect of financial inclusion and a critical element of microfinance bank interventions aimed at reducing poverty. Savings can be defined as the act of    setting aside a portion of income or resources for future use (Christensson et al, 2023). The importance of savings as a means of achieving financial stability and building assets has been recognized in various studies (International Monetary Fund, 2023).

Savings play a crucial role in microfinance bank interventions aimed at reducing poverty by enabling low-income households to build assets, stabilize their finances, and access credit. However, the challenges of low participation and inappropriate product offerings should be addressed through innovative savings products and delivery mechanisms tailored to the   specific needs of low-income households.

Income Generation

Income generation is a critical aspect of poverty reduction, and it is the process of generating a steady flow of income through various means such as employment, entrepreneurship, and investment. It is an important aspect of economic development and is closely linked to sustainable development goals. According to the United Nations Development Programme (UNDP), income generation is the main driver of poverty reduction as it allowed people to access basic necessities such as food, healthcare, and education (UNDP, 2021).

Income generation is a crucial aspect of poverty reduction and sustainable development. Formal income generation activities tend to have greater stability and earning potential, but informal activities are often the only option for those living in poverty. Microfinance bank interventions have been found to have positive impacts on income generation, while other   strategies such as vocational training, business development services, and public works programs also have potential to generate income for those living in poverty.

Theoretical Framework

The study is grounded in Social Capital Theory, which highlights the significance of social networks and relationships in facilitating economic activities and resources access. It underscores how group lending and targeting women within microfinance bank interventions can leverage the existing social capital to promote job creation, income generation, and asset creation.

Furthermore, the study draws’ on Empowerment theory, emphasizing how microfinance bank interventions empower individuals to exert control over their economic lives and resources. Through processes such as loans, savings, and access to financial services, individuals can enhance their economic well-being, leading to increased job creation, income generation, and asset accumulation. By combining insights from Social Capital Theory and Empowerment Theory, the study aimed to provide a comprehensive understanding of how microfinance bank interventions impact poverty reduction indicators, particularly in the context of job creation, income generation and asset creation.

Empirical Review

Mwakalila, Ngowi, and Kimaro (2020) investigated the role of microfinance interventions in reducing poverty among smallholder farmers in Tanzania. The study used a sample of 400 smallholder farmers in rural Tanzania, and data was collected through interviews and surveys. The findings showed that microfinance interventions have a positive impact on the income and consumption levels of smallholder farmers. Moreover, the study found that microfinance interventions are more effective in reducing poverty among smallholder farmers who have access to training and extension services.

Asiedu & Freema (2017) investigated the effectiveness of microfinance bank interventions on poverty reduction in Ghana. Data was collected from a sample of 500 households in rural and urban areas of Ghana. The results indicate that microfinance bank interventions have a positive effect on the income and consumption levels of households. Furthermore, the study found that microfinance bank interventions are more effective in reducing poverty in rural areas compared to urban areas.

Gupta, & Sharma (2023) literature review on effect of microfinance institutions on poverty in South Asian countries and their sustainability. The authors present a systematic literature review on microfinance institutions’ (MFIs) effect on poverty and how they can ensure their sustainability. This article reviewed the effect of MFIs on poverty in South Asian countries. The analysis and review of the selected corpus of literature also provide avenues for future research. A total of 95 papers from 49 journals in 4 academic libraries and publishers were systematically studied and classified. The authors define the keywords and the inclusion/exclusion criteria for the identification of papers. The review includes an analysis of the selected papers that give insights about publications with respect to themes, number of themes covered in individual publications, nations, scope, methodology, number of methods used and publication trend. The literature indicates the positive effect of microfinance on poverty but with a varying degree on various categories   of poor. The relation between poverty and microfinance is, however, dependent on the nation under the scanner. While sustainability and outreach co-exist, their trade-off is still a matter of debate.

Addae-Korankye (2018) investigated the relationship between microfinance and poverty reduction, microfinance and employment generation, and microfinance and business growth, aiming to develop a framework for understanding microfinance as a tool for poverty reduction in Ghana. Using grounded theory methodology and mixed methods approach, data was collected from 337 customers of microfinance and 10 MFIs through questionnaires and semi-structured interviews respectively. Ordinary Least Square (OLS) regression and Binary Logistic regression were used to analyse the quantitative data. The study found that although factors like high interest rates, inadequate loan sizes and lack of training hinders the growth of some microenterprises, causes some microenterprises to collapse and actually worsens the poverty situation of some clients, the net effect is that microfinance does generate employment and leads to business growth in Ghana. As its contribution to theory and practice, the study found that whilst microfinance creates employment and enhances business growth, it is not a panacea for poverty reduction in Ghana. This study also contributes to the financing constraint theory by Modigliani and Miller (1958) which postulates a positive relationship between favorable credit terms and   business growth.

Most of the reviewed literatures on microfinance intervention and income generation consider difference dimension and views and different locations, Gupta and Sharma’s (2023) reviewed literature on the effects of microfinance institutions (MFIs) in South Asia further supports the idea that microfinance has a positive impact on poverty reduction, Addae-Korankye (2018) underscores the importance of microfinance in generating employment and fostering business growth in Ghana. However, this study considered results microfinance components and income generation. Group Lending, Targeting Women, Loans and Interest Rates, Savings as predictors of income generation,

METHODOLOGY

This study adopted a survey research design focusing on LAPO and NPF Microfinance Banks in Abuja to collect and analyze data that explain the relationship between microfinance interventions and income generation. The target population consisted of 9,063 customers (7,763 from LAPO and 1,300 from NPF), and the sample size of 686 respondents (380 from LAPO and 306 from NPF) was determined using the Taro Yamane formula.

Where:

n = Sample size

N = Population size

e = Margin of error/Level of Precision (Yamane, 1973)

Using this formula, the sample sizes for the study participants is calculated below:

LAPO Microfinance Bank Limited (LAPO MFB), N = 7,763

n = 7,763 / 1+7,763 (0.05)²

n = 380.39 approximately   380

NPF Microfinance Bank, N = 1,300

n = 1,300 / 1+1,300 (0.05)²

n = 305.88 approximately   306

Purposive sampling was employed to select participants who met specific criteria such as participation in intervention programs and duration of engagement. Data was collected using questionnaires and interviews, with the instrument based on a 5-point Likert scale. The questionnaire was validated through expert review and a pilot study, and its reliability was confirmed using Cronbach’s Alpha, which yielded values above 0.9, indicating excellent reliability. Data analysis was conducted using multiple regressions (OLS technique) using SPSS Statistical Software (Version 26) to assess the impact of microfinance interventions: group lending, targeting women, loans, interest rates, savings, and non-financial services on income generation, as specified in the study’s regression model.

DATA ANALYSIS AND DISCUSION

Response Rate

A total of six hundred and eighty six (686) respondents were required to fill out the questionnaire   being the sample size of the study. The data for this study was collected over a period of eight (8) weeks in the FCT – Abuja according to the sampling method explained in the study methodology. With the help of research assistants, six hundred and twelve (612) questionnaire were correctly filled and returned. Making about 89.2% response rate for the questionnaire administered.

Data Analysis

Table 1 Distribution of Respondents Demographics

Source: Field Survey by Researcher, 2025

The demographic distribution of the 612 respondents reveals an equal representation of gender, with males and females each constituting 50% of the sample. In terms of age, the majority fell within the 35–44 years age group (27.1%), followed by 25–34 years (23.2%) and 45–54 years (22.9%). Respondents aged 18–24 years accounted for 14.4%, while those aged 55 and above represented the smallest group at 12.4%.

Regarding marital status, nearly half of the respondents (49.8%) were married, 24.3% were single, and 25.8% were either divorced or widowed. Educational attainment was relatively high, with 27.6% holding a bachelor’s degree, 27.5% having a diploma, and 12.9% possessing a postgraduate degree. Meanwhile, 22.7% completed secondary education, and 9.3% had only a first school leaving certificate.

In terms of occupation, a combined 30.3% of respondents were employed (12.3% full-time, 18.0% part-time), 16.5% were self-employed, 20.4% were unemployed, 20.8% were retired, and 12.1% were students. The majority of respondents earned between ₦30,000 and ₦119,999 monthly, with 26.0% earning ₦30,000–₦59,999, 24.2% earning ₦60,000–₦89,999, and 23.9% earning ₦90,000–₦119,999. Only 13.1% earned ₦120,000 and above, while 12.9% earned below ₦30,000.

Household sizes varied, with 34.0% having 3–4 members, 31.5% with 5–6 members, 18.5% with 1–2 members, and 16.0% having 7 or more members. In terms of residence, nearly half of the respondents (49.0%) lived in suburban areas, 26.1% in rural areas, and 24.8% in urban centers.

Table 2: Model Summary

1. Dependent Variable: IG

Source: Computed by the author using SPSS Statistical Software (Version 26).

 The model summary presented in Table 2 reveals the relationship between the independent variables and income generation (IG) in the analysis. In the first model, which does not include any mediating variables, the correlation coefficient (R) is 0.443, indicating a moderate positive relationship between the independent variables and income generation. The R-square value of 0.197 means that approximately 19.7% of the variance in income generation can be explained by the independent variables, which include Financial Support (FS), Targeting Women (TW), Group Lending (GL), Savings (SA), Loans (LN), and Interest Rates (IR). The adjusted R-square value of 0.189 accounts for the number of predictors in the model, slightly adjusting the proportion of explained variance. The standard error of the estimate is 0.80291, suggesting the average distance between the observed values and the predicted values of income generation. Additionally, the Durbin-Watson statistic of 2.241 indicates that there is no significant autocorrelation in the residuals, as the value is close to 2.

Table 3 ANOVA

1. Dependent Variable: IG

Source: Computed by the author using SPSS Statistical Software (Version 26).

The ANOVA results show that the regression model is statistically significant, F(6, 603) = 24.587, p < 0.001. This means that the combined effects of the six predictor variables—Group Lending (GL), Targeting Women (TW), Loans (LN), Interest Rates (IR), Savings (SA), and Non-Financial Services (FS)—have a statistically significant influence on income generation. The model explains a significant proportion of the variance in the dependent variable, income generation, although some variability remains unaccounted for.

Table 4: Coefficients

1. Dependent Variable: IG

Source: Computed by the author using SPSS Statistical Software (Version 26).

The coefficients table reveals that Group Lending (GL), Targeting Women (TW), and Loans (LN) have statistically significant and positive effects on income generation, as their p-values are less than 0.05. Group Lending (β = 0.246) has the strongest standardized effect among the predictors. On the other hand, Interest Rates (IR), Savings (SA), and Non-Financial Services (FS) have no statistically significant impact, indicating their limited direct role in income generation. VIF values are all below the threshold of 5, suggesting no multicollinearity issues among the predictors.

Test of Hypotheses

H₀1 Group lending does not significantly influence income generation

The regression result showed a coefficient (B) of 0.282, a t-value of 5.887, and a p-value of 0.000. Given that the p-value is less than 0.05, the null hypothesis was rejected. Therefore, it was concluded that group lending has a statistically significant and positive effect on income generation.

H₀2 Targeting women does not significantly influence income generation

The regression output revealed B = 0.172, t = 2.880, and p = 0.004. Since the p-value is less than 0.05, the null hypothesis was rejected. Thus, the study concludes that targeting women through microfinance interventions significantly enhances income generation.

H₀3 Loans do not significantly influence income generation

 The analysis produced B = 0.206, t = 3.773, and p = 0.000. With a p-value below 0.05, the null hypothesis was rejected. It was therefore concluded that the provision of loans significantly contributes to income generation for beneficiaries.

Hypothesis Four (H04) Interest rates do not significantly affect income generation

The test results indicated B = 0.079, t = 1.369, and p = 0.172. Since the p-value exceeds the 0.05 threshold, the null hypothesis was not rejected. Consequently, the study found no significant relationship between interest rates and income generation.

H₀5 Savings have no significant effect on income generation

The regression yielded B = 0.014, t = 0.262, and p = 0.794. Given that the p-value is much greater than 0.05, the null hypothesis was not rejected. It was concluded that savings do not have a statistically significant effect on income generation.

H₀6 Non-financial services do not significantly influence income generation

 The regression analysis provided B = -0.009, t = -0.236, and p = 0.813. As the p-value is significantly higher than 0.05, the null hypothesis was not rejected. The study thus concluded that non-financial services do not significantly influence income generation.

DISCUSSION OF FINDINGS

The results demonstrate that certain microfinance components play a significant role in enhancing income generation. Group Lending emerged as the strongest predictor, confirming that collective borrowing structures promote financial discipline and accountability, which in turn lead to higher income levels. Targeting Women also significantly influenced income generation, supporting the widespread evidence that empowering women financially leads to increased household and community income. Loans were likewise found to significantly contribute, underscoring the importance of access to capital for entrepreneurship and small-scale businesses. Conversely, Interest Rates, Savings, and Non-Financial Services did not show statistically significant effects.

The findings of this study align with existing empirical research on the role of microfinance interventions in improving income generation and reducing poverty. For instance, Gupta and Sharma’s (2023) literature review on the effects of microfinance institutions (MFIs) in South Asia further supports the idea that microfinance has a positive impact on poverty reduction, though its effectiveness varies by region. The review highlighted that the impact of MFIs on poverty is closely tied to the specific context of the nation, suggesting that interventions must be tailored to local needs for maximum effectiveness. This perspective aligns with the current study’s findings that microfinance components, like group lending and targeting women, have a clear positive impact on income generation, though factors such as interest rates and savings did not show immediate effects.

Additionally, the study by Addae-Korankye (2018) underscores the importance of microfinance in generating employment and fostering business growth in Ghana, while also acknowledging the challenges faced by some microenterprises due to high interest rates and inadequate loan sizes. The findings from Addae-Korankye’s study are reflected in the current research, where group lending and loan access were found to be the most significant contributors to income generation. However, like Addae-Korankye’s study, this research also notes that while microfinance can drive business growth, it is not a panacea for poverty reduction on its own.

CONCLUSIONS

Based on the findings, it can be concluded that microfinance schemes are more effective when focused on providing accessible loans and supporting collective financial practices like group lending. Special emphasis on women-targeted financial inclusion can yield tangible income benefits. However, merely offering savings or training programs without direct financial backing may not be sufficient to drive income increases. Therefore, program design should be more integrative and strategic.

RECOMMENDATIONS

Encourage more community-based lending initiatives that promote group accountability and peer monitoring.

Increase the scope and reach of microfinance services targeting women to enhance economic empowerment and household income.

Ensure that loan products are accessible with minimal bureaucracy, and provide favorable terms to promote usage and repayment.

Consider redesigning savings products to make them more attractive, perhaps with incentives or linkages to investment opportunities.

Align training and support services more closely with the financial needs and business realities of beneficiaries.

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