IIARD International Institute of Academic Research and Development

JOURNAL OF HUMANITIES AND SOCIAL POLICY (JHSP )

E-ISSN 2545-5729
P-ISSN 2695 2416
VOL. 10 NO. 1 2024
DOI: doi.org/10.56201/jhsp.v10.no1.2024.pg110.123

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Empowering Women Through Financial Inclusion: A Case Study of the Bank of Industry's Trader Moni Scheme in Nigeria

Oyintonyo Michael-Olomu 1 and Funpere G. Akah

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Abstract

This qualitative study investigates the knowledge, satisfaction, and challenges surrounding the TraderMoni scheme among market women in Bayelsa State, Nigeria, within the framework of empowerment theory. Adopting an ex post facto study design, the research engaged 9 market women for in-depth interviews (IDIs) and conducted 4 key informant interviews (KIIs) with representatives from the Bank of Industry (BoI). Sampling employed a multi-stage approach integrating both probability and non-probability techniques. Data collection utilized In-depth Interviews (IDIs) and Key Informant Interviews (KIIs), with qualitative data subjected to content analysis using Atlas ti Version 9.1, aligning codes with study objectives. Findings reveal that participants fully understand the TraderMoni scheme, indicating a high level of knowledge among market women in Bayelsa State. Moreover, nearly all beneficiaries reported positive impacts on their businesses and income levels, attributing this improvement directly to the TraderMoni Scheme. However, challenges emerged from both implementers and beneficiaries, indicating operational and logistical hurdles. Challenges identified include difficulties in tracking disbursements, issues with loan repayment, lack of Bank Verification Numbers (BVNs), and absence of bank accounts among beneficiaries. These findings underscore the importance of financial inclusion initiatives like the TraderMoni scheme in empowering marginalized communities, particularly women in market settings. While the scheme has demonstrated positive ...

keywords:

TraderMoni, Poverty reduction, Market women, Social Protection, Poverty alleviation, Women empowerment

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