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Technological Advances in Microfinance Banks and Economic Growth in Nigeria

The study was designed to estimate growth implications of the intermediation activities of microfinance banks in Nigeria. The study covered the period 1992 to 2016. Model estimation was based on the technique of autoregressive distributed lag (ARDL) using data from the Central Bank of Nigeria statistical bulletin. Traditional intermediation functions of microfinance banks (deposit mobilization and credit creation) were adopted as explanatory variables while inflation and asset base were introduced as controlled variables. The result showed that while deposit mobilization significantly enhanced growth, microfinance banks’ loans and advances impeded the growth process.