Constraints to Women Entrepreneurs’ Access to Microfinance Services in Bayelsa State, Nigeria

Abstract

Providing access to micro-finance especially for women entrepreneurs is considered a precondition not only for poverty alleviation, but also for women's empowerment. Despite this growing importance, women entrepreneurs seem to be faced with numerous barriers in accessing microfinance services in developing countries. This paper identified the constraints faced by women entrepreneurs in accessing microfinance services in Bayelsa State, South-South Nigeria and the strategies that can be employed to improve access. A composed sample of one hundred and fifty respondents randomly selected from three local governments in Bayelsa State made up the sample while descriptive statics-mean scores and exploratory factor procedure were used to achieve the study objectives. The results of the study showed that women entrepreneurs in Bayelsa State were faced with technical, management, economic, and social constraints in accessing microfinance services. The result equally revealed Interest rate reduction, relaxation of the conditions inherent in microfinance access, bringing microfinance services closer to the people, more public enlightenment for women entrepreneurs about microfinance services, reducing the payback period for microcredit as strategies that can improve access to microfinance services in the State. The author recommends that policies should be strengthened to make access to microfinance less difficult for women.

Keywords: Women entrepreneurs, Microfinance, Empowerment, Poverty alleviation, Constraints, Services.