Noble International Journal of Economics and Financial Research


Online ISSN: 2519-9730 | Print ISSN: 2523-0565

Archives

    Volume 4 Number 1 January 2019

A Critique of Micro-Insurance Models for Microfinance Banks to Boost SMEs in Nigeria

Pages: 01-09
Authors: Ukpong Mfon Sampson, Acha Ikechukwu A.
Abstract
This study is a critique of the diverse models adopted for micro insurance covers by microfinance banks in Nigeria. It is aimed at ascertaining the most functional model(s) which best fits the financial system and its low income earning entrepreneurs and businesses. Micro insurance is a financial arrangement to protect low income people against specific perils in exchange for regular premium payments. It is mostly provided by microfinance banks as an innovation to their micro financing activities such as lending, leasing, savings and cash transfer to the poor or those excluded by the mainstream retail banking sector. Diverse micro insurance models have been developed over the years but these are characterized by one flaw or the other such that little value is offered in contrast to the large sums involved. There is therefore a need for a model which could provide a comprehensive yet affordable micro insurance service. In this paper, six models adopted in various countries are analysed with a view to relating their effectiveness to the Nigerian environment. We conclude that the partner-agent model and mutual cooperatives fit the Nigerian financial system and recommend them to microfinance institutions in their efforts to boost SMEs in Nigeria.

Aim & Scope Instructions for Authors Editorial Board Indexed/abstracted in Submit Manuscripts Archive

Call for Papers

Call for Quality PapersAuthors are invited to submit their quality and original research manuscripts/articles for possible publication in the following journals. Following journals are published by Noble Academic Publisher (NAP). Noble Internati...

Read More

Publication Ethics

NAP has certain standard of publication ethics to ensure the quality of publications and originality of contributions. We only consider those contributions that are unpublished, original and not copied right by other ...

Read More

Article Processing Charge

Article Processing Charges [APC]As with any other Open Access publishing company, with NAP there is no paper, no mailing, no subscriptions, and no restriction against using and sharing our journals. But we do have to pay for maintaining published man...

Read More