The role of micro finance institutions on rural development in Akalo sub county, Kole district, Uganda
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Date
2019-09
Authors
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Journal ISSN
Volume Title
Publisher
Kampala International University, College of Economics and Management
Abstract
This study was to establish the effects of microfinance institutions on rural development in Akalo Sub-County, Kole district. The study was guided by the following objectives namely; To establish the activities of microfinance institutions in rural areas in Akalo Sub -County, Kole district, to establish the level of rural development in Akalo Sub-County, Kole district and To establish the role of microfinance institutions on rural development in Akalo Sub County, Kole district. The study applied both quantitative and qualitative research approaches that is descriptive and cross-sectional research designs. Akalo Sub- County was used as a case study because these are microfinance institutions available to support in developing rural areas. A sample size of 54 respondents were selected from the target population of 62 in Akalo Sub County, Kole District.
Findings indicated that respondents generate more income from farming more than any other venture implying that farming is one sector that is driving development in the area. Furthermore, the findings indicate that the biggest percentage of the money that respondents save in the banks or microfinance institutions is generated from sale of farm produce but the market value of the produce sold in the market is still low and lastly, its revealed that microfinance institutions have partly contributed to the development of the area through spurring growth of businesses.
The researcher recommends that more roads need to be constructed in Akalo sub county and the poor ones improved, The researcher also recommends that microfinance institutions should provide further trainings to their customers to enable them manage the funds provided to run their business successfully and more hospitals, schools and electricity have to be put in place and the community need to take care of these infrastructure in order to foster economic growth and development in Akalo sub county.
Description
A Research Report Submitted to the College of Economics and Management in Partial Fulfillment of the Requirements for the Award of Bachelor’s Degree in Business Administration -Accounting and Finance of Kampala International University
Keywords
Micro finance institutions, Rural development, Akalo sub county, Kole district,, Uganda