Impact of Microfinance Bank on Rural Development in Boripe Local Government Area of Osun State

ABSTRACT The study assesses the impact of Ospoly Microfinance Bank on rural development in Boripe Local Government area of Osun State. A survey research method was adopted. Stratified sampling technique was used to select (120) respondents which represent the total population of Iree Community as a whole. Data were generated through questionnaire, interview and of course the internet. Chi- square statistical technique was used to test the formulated hypotheses. Microfinance Banks are Banks that provide Banking or Financial Services other than service provided by commercial Banks targeted at people living in the rural areas. The study reveals that Microfinance Banks have been able to improve the Banking habit of the rural dwellers i.e the degree at which the rural dwellers make use of Banking service or patronize Bank. In view of even Economy Development, microfinance Banks have played a great role by providing Banking and Financial Service to peasant low income earners, rural dwellers and small scale business. The objective of the study is to relate the activities of Microfinance Bank as it affects the rural dweller in Boripe Local Government Area of Osun State and the economy condition of the entire nation. The major findings to this research is also to expose to the general public the importance of Microfinance. Bank on the business existence. It is however recommended that all individual must improve on their banking habit in order to enjoy the activities of microfinance bank as it has a lot of positive effect on the rural small scale trader, Artisan, market women and civil servant e.t.c. it is therefore noted that the activities of microfinance bank cannot be over emphasized in the rural development.