Yusuf Musa Hammawa, Norashida Hashim, Usman Bappi, Deepali Singh


This study is aimed at assessing the role of microfinance resources on women microenterprise performance in the Adamawa State of Nigeria, so as to enable Nigerian government determine what area to focus in redesigning enterprise development programs, and what strategies to develop in enhancing the ability of women entrepreneurs to benefit from their microfinance resources and improve women involvement in microenterprises activities and performance. Also, the mediating role of training on the relationship between financial resources and women microenterprises performance is examined. The study employs a cross-sectional survey design, with simple random sampling, to collect data from 381 women entrepreneurs in Adamawa (women entrepreneurs who are a client of microfinance and belonged to any savings group in Yola and those who did not). SmartPLS 3.0 will be used to analyze data.


credit, savings, training, microenterprises, performance

Full Text:



Akanji, O. O. (2006). Microfinance as a strategy for poverty reduction. Central Bank of Nigeria

Economic and Financial Review , 39 (4). Pp.70-7).

Akintoye, I. R., Onakoya, A., Amos, B., & Olayinka, I. M. (2015). Infrastructural Decay in Sub-Saharan Africa: Evidence from the Nigerian Manufacturing Sector. International Journal of Economics and Financial Research, 1(8), 113-122.

Alakpa, S. O., E. (2014). The effect of credit volume on poverty alleviation: A case study of the shell petroleum development company’s microcredit delivery in Delta State, Nigeria. Middle-East Journal of Scientific Research 19,(2), 268-267.

Al Mamun, A., &Ekpe, I. (2016). Entrepreneurial traits and micro-enterprise performance: a study among women micro-entrepreneurs in Malaysia. Development in Practice, 26(2), 193-202.

Akintoye, I. R., Onakoya, A., Amos, B., &Olayinka, I. M. (2015). Infrastructural Decay in Sub-Saharan Africa: Evidence from the Nigerian Manufacturing Sector. International Journal of Economics and Financial Research, 1(8), 113-122.

Armendariz de Aghion, B. &Morduch, J. (2005).The Economics of Microfinance.Massachusetts: Massachusetts Institute of Technology.

Asongo, A. I., &Idama, A. (2014).The Causes of Loan Default in Microfinance Banks.The Experience of Standard Microfinance BankYola, Adamara State, Nigeria. ISOR Journal of Business and Management (ISOR-JBM), 16, 74-81

Astrachan, C. B., Patel, V. K., &Wanzenried, G. (2014).A comparative study of CB-SEM and PLS-SEM for theory development in family firm research. Journal of Family Business Strategy, 5(1), 116-128.

AzamRoomi, M., Harrison, P., & Beaumont-Kerridge, J. (2009). Women-owned small and medium enterprises in England: Analysis of factors influencing the growth process. Journal of Small Business and Enterprise Development, 16(2), 270-288.

Babajide, A. (2012). Effects of Microfinance on Micro and Small Enterprises (MSEs) Growth in Nigeria. Asian Economic and Financial Review Vol.2, No. 3, pp. 463-477.

Baron, R. M. & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychology research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51 (6), 1173-1182.

Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120.

Bebbington, A., &Perreault, T. (1999).Social capital, development, and access to resources in highland Ecuador. Economic geography, 75(4), 395-418.

Beck, T., Pamuk, H., &Uras, B. R. (2014). Entrepreneurial Saving Practices and Reinvestment: Theory and Evidence from Tanzanian MSEs: Centre for the Study of African Economies, University of Oxford.

Binks, M. R., &Ennew, C. T. (1996).Growing firms and the credit constraint.Small Business Economics, 8(1), 17-25.

Brana, S. (2008). Microcredit in France: Does gender matter? 5th Annual Conference-Nice.European Microfinance Network.

Carter, S., & Shaw, E. (2006 ). Women's business ownership: recent research and policy developments. UK: Small Business Service.

Cheston, S., & Kuhn, L. (2002).Empowering women through microfinance.A case study of Sinapi Aba Trust, Ghana.USA: Opportunity International.

Chen, H., & Chen, T. J. (2003). Governance structures in strategic alliances: Transaction cost versus resource-based perspective. Journal of World Business, 38(1), 1-14.

Chen, T. J., Chen, H., & Ku, Y. H. (2012). Resource dependency and parent–subsidiary capability transfers. Journal of World Business, 47(2), 259-266.

Chin, W. W. (1998). The partial least squares approach to structural equation modeling. In G. A. Marcoulides (Ed.), Modern Methods for Business Research.

Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd Ed.). London: Lawrence Erlbaum Associates Publishers.

Dillman, D. A. (2007). Mail and internet surveys: The tailored design method (2nd ed., Vol. 2). New York: John Wiley & Sons, Inc.

Duarte, P., &Raposo, M. (2010). A PLS model to study brand preference: An application to the mobile phone market. In V. Esposito Vinzi, W. W. Chin, J.Henseler& H. Wang (Eds.), Handbook of Partial Least Squares (pp. 449-485): Springer Berlin Heidelberg.

Ekpe, I. (2011). Women Entrepreneurship' Performance Microfinance Factors with Mediating Effect of Opportunity and Moderating Effect of Attitude. Thesis Submitted to the Othman Yeab Abdullah, Graduate School of Business,Universiti Utara Malaysia.

Elliott, A. C., & Woodward, W. A. (2007).Statistical analysis: Quick reference guidebook with SPSS examples. Thousand Oaks, CA: Sage Publications.

Elizabeth M. (2014) Saving Practices Nexus Performance of Small Scale Businesses Owned by Women in Africa: The Case of Tanzania. Journal of Small Business and Entrepreneurship Development March 2014, Vol. 2, No. 1, pp. 49-66.

Esther, O.E., Obasotale, A.R &., Abigail, D.O (2015). Nurturing Gender Equality: It’s Implication for National Development.International Journal of Social Sciences and Management Research Vol.1(8) PP 21-32.

Eversole, R. (2009). Solving poverty for yourself: Microenterprise development, microfinance,and migration. Australia: Foundation for Development Co-operation Extension, 40(6), 11-15.

Falk, R. F., & Miller, N. B. (1992).A primer for soft modeling. Ohio: The University

of Akron Press.

Federal Ministry of Women Affairs (2016).

Gangas, S. (2017). The relationship between Economic Growth and Poverty Reduction in Nigeria.Pyrex Journal of Business and Finance Management Research Vol,3 (2) PP. 34-56

Geisser, S. (1974).A predictive approach to the random effect model.Biometrika, 101-107.

Gibson, S. G., McDowell, W. C., & Harris, M. L. (2014). Micro and Small Business Owner Satisfaction with Financial Performance: A Longitudinal Study. New England Journal of Entrepreneurship, 17(1), 4.

Gichuki, C. N., Mulu-Mutuku, M., &Kinuthia, L. N. (2014).Performance of women-owned enterprises accessing credit from village credit and savings associations in Kenya.Journal of Global Entrepreneurship Research, 4(1), 1-13.

Global Entrepreneurship Monitor (GEM) (2013). Women’s report on higher expectation entrepreneurship from (accessed 4 March 2014).

Global Entrepreneurship Monitor (GEM).(2012). Women’s report on higher expectation entrepreneurship from (accessed 1 June 2014).

Haider, S. H., Asad, M., Fatima, M., &Abidin, R. Z. U. (2017). Microfinance and Performance of Micro and Small Enterprises; Does Training has an Impact. Journal of Entrepreneurship and Business Innovation, 4(1).

Hair Jr., J. F., Black, J. W., Babin, B. J., & Anderson, E. R. (2010). Multivariate data analysis (Seventh Ed.). Edinburgh: Pearson Education Limited.

Hair Jr., J. F., Hult, G. T. M., Ringle, C., &Sarstedt, M. (2013).A primer on partial least squares structural equation modeling (PLS-SEM). SAGE Publications, Incorporated.

Hair Jr., J. F., Sarstedt, M., Hopkins, L., &Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. European Business Review, 26(2), 106–121.

Hair, J. F., Ringle, C. M., &Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. The Journal of Marketing Theory and Practice, 19(2), 139–152.

Hair, JF, Sarstedt, M, Pieper, TM &Ringle, CM (2012), 'The Use of Partial Least Squares Structural Equation Modeling in Strategic Management Research: A Review of Past Practices and Recommendations for Future Applications', Long Range Planning, vol. 45, pp. 320-340

Harrison, R. T. & Mason, C. M. (2007). Does gender matter? Women business angels and the supply of entrepreneurial finance.Entrepreneurship Theory and Practice, 31 (3), 445-472.

Helm, S., Eggert, A., &Garnefeld, I. (2010). Modeling the impact of corporate reputation on customer satisfaction and loyalty using partial least squares. In Handbook of partial least squares (pp. 515-534). Springer Berlin Heidelberg.

Henseler, J., Ringle, C. M., &Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. New Challenges to International Marketing Advances in International Marketing, 20, 277–319.

Hill, R. (1998). What sample size is “enough” in internet survey research? Interpersonal Computing and Technology, 6(3), 1–10.

Hossain, F. (2008).Helping the Needy: Factors Influencing the Development of Microfinance in Barbados. University of Manchester Brooks World Poverty Institute.

Iganiga, B. O. (2008). Much a do about nothing: The case of the Nigerian microfinance policy measures, institutions,and operations. Journal of Social Sciences 17 (2). 89-101

Ike, P. C. (2013).Analysis of Impact of microfinance services on business performance of small-scale women entrepreneurs in Enugu State, Nigeria.Asian Journal of Agriculture and Rural Development, 3(6) 2013: 424-429.

ILO. (2003). Jobs, gender and small enterprises in Africa, Ethiopian Women Entrepreneurs: Going for Growth, ILO Sub-regional Office, Addis Ababa andMinistry of Trade and Industry, Women’s Affairs Department in association withSEED, Geneva, Switzerland: International Labor Organization.

ILO.(2011). Assessment of the environment for the development of women’s entrepreneurship in Cameroon, Mali, Nigeria, Rwanda,and Senegal.Employment Report No. 15 2011.

Iorchir, D. (2006). Reducing Poverty in Benue State of Nigeria: The Role of Microfinance and Micro-Enterprises. Journal of Business Management, 1(2), 15-29.

Islam, A., Nguyen, C., & Smyth, R. (2015). Does microfinance change informal lending in village economies? Evidence from Bangladesh.Journal of Banking & Finance, 50, 141-156.

Kale, Y. (2012). The Nigeria poverty profile 2010 report. In Press briefing by the statistician-general of the Federation/chief executive officer, National Bureau of Statistics (NBS). The conference room, 5th floor, NBS headquarters, central business district, Abuja, Nigeria: NBS.

Kantor, P. (2005). Determinants of women's microenterprise success in Ahmedabad, India: Empowerment and economics. Feminist Economics, 11(3), 63-83.

Kessy, S., &Temu, S. (2010).The impact of training on performance of micro and small enterprises served by microfinance institutions in Tanzania.Research Journal of Business Management, 4(2), 103-111.

Khandler, S. (2001). Does micro-finance really benefit the poor?Evidence from Bangladesh

Asia and Pacific Forum on Poverty. Manila: Asian Development Bank

Kisaka, S. E., &Mwewa, N. M. (2014).Effects of Micro-credit, Micro-savings, and Training on the Growth of Small and Medium Enterprises in Machakos County in Kenya.Research Journal of Finance and Accounting, 5(7), 43-49.

Kock, N. (2015). A note on how to conduct a factor-based PLS-SEM analysis. International Journal of e-Collaboration (IJeC), 11(3), 1-9.

Kuzulwa, J. (2005). The role of credit for small business success: A study of the National Entrepreneurship Development Fund in Tanzania. The Journal of Entrepreneurship 14(2), 131-161.

Lakwo, A. (2007). Microfinance, rural livelihood, and women's empowerment in Uganda. African Studies Center Research Report 85/2006: tp://

Ledgerwood, J. (1998). Microfinance Handbook: An institutional and financial perspective. World Bank Publications.

Leitao, J., & Franco, M. (2008).Individual entrepreneurship capacity and performance of SMEs.Available at SSRN 1118257.

Lowndes, V., &Skelcher, C. (1998). The dynamics of multi‐organizational partnerships: an analysis of changing modes of governance. Public administration, 76(2), 313-333.

Manyani, O. (2014). An Investigation into venture financing : A case study on small to medium scale enterprises in Bindura Urban, Zimbabwe (2013-2014). Elite Research Journal

May, N. (2007). The gender-responsive entrepreneurial economy of Nigeria: Enabling women in a disabling environment. Journal of International Women's Studies 9 (1), 167-175.

Mayoux,L.(1997).Impact assessment and women empowerment in microfinance programs: issues fora participatory action and learning approach mimeo Washington, DC: Consultative Group to Assist the Poorest (CGAP).

Mayoux, L. (2002). Microfinance and women‘s empowerment: Rethinking ‗best practice, Development Bulletin, No. 57, 76-81.

Mkpado, M. &Arene, C. J. (2007).Effects of democratization of group administration on the sustainability of agricultural microcredit groups in Nigeria.International Journal of Rural Studies, 14 (2), 1-9.

Muganyizi, E. J. (2015). Factors Determining Loan Repayment in Microfinance Institutions: The Case of Dar Es Salaam Clients (Doctoral dissertation, The Open University of Tanzania).

Munzanur, R., Younus, S., & Akther, M. R., J. (2013). The role of banks in promoting women entrepreneurship in Bangladesh. Bangladesh Academy for rural development (BARD) Kothari, Comilla(September, pp32-67

Nanatuvo, R., Dawa, S., Katongole, C., &, & Milira, F. (2012). Understanding women small business entrepreneurs in Uganda. Investment Climate Business Environment Research (ICBE-RF).

National Bureau of Statistics (NBS). (2007). Annual abstracts of statistics: Nigeria's unemployment level. Abuja, Nigeria.

National Bureau of Statistics (NBS). (2012). The Nigeria poverty profile 2010 report of the National Bureau of Statistics (NBS): Harmonized Nigeria Living Standard Survey (HNLSS). Abuja: NBS.

National Bureau of Statistics (NBS). (2017). The Nigeria poverty profile 2017 report of the National Bureau of Statistics (NBS): Harmonized Nigeria Living Standard Survey (HNLSS). Abuja: NBS.

Nikaido, Y., Pais, J., &Sarma, M. (2015). What hinders and what enhances micro and small enterprises’ access to formal credit in India?.Review of Development Finance, 5(1), 43-52.

Nwosu, E. O., & Orji, A. (2016). Access to Formal Credit and Enterprise Performance in Nigeria: A Gender Perspective. Argumenta Oeconomica, Vol. 36(1), p. 191-224, 2016

Ojo, O. (2009). Impact of microfinance on entrepreneurial development: The case of Nigeria. Faculty of Administration and Business, University of Bucharest, Romania.

Okafor, C., &Amalu, R. (2012). Motivational Patterns and the Performance of Entrepreneurs: An Empirical Study of Women Entrepreneurs in South-West Nigeria. International Journal of Applied Behavioural Economics (IJABE), 1(1), 29-40.

Okafor, D. (2008) Gender induced disparity in access to small business credit in Nigeria. Journal of the International Centre for Constructive Research (ICCR) ISSN, 966, 9742.

Oke, D.F (2013). The effect of social network on women entrepreneurs in Nigeria: A case study of Ado-EkitiSmall-scale Enterprise. International Journal of Education and Research Vol. 1(11), pp 34-45

Omboi, B. M., & Priscilla, N.W. (2011). Factor that influence the demand for credit among small-scale investors: a case study of Meru Cental District Kenya. Journal of Finance and accounting, 2(2) 219-232.

Okpara, J. O. (2011). Factors constraining the growth and survival of SMEs in Nigeria Implications for poverty alleviation. Management Research Review, 34( 2), 2012 pp. 156-171.

Peter, B. K. (2001). Impact of credit on women-operated microenterprises in UASIN GISHU district, Eldorent, Kenya. In P. O. Alila& P. O. Pedersen (Eds), 2001, negotiating social space: East African microenterprises. Retrieved September 18, 2013, from

Pitt, M.M., Khandker, S.R. & Cartwright, J. (2006).Empowering Women with Micro Finance: Evidence from Bangladesh, Economic Development,and Cultural Change, 54,791–831.

Rahaman, M. M. (2011). Access to financing and firm growth.Journal of Banking and Finance, 35(3), 709–723.

Rhyne, E., & Holt, S. L. (1994). Women in finance and enterprise development (No. 40).Education and Social Policy Dept. World Bank.

Roodman, D., &Morduch, J. (2014). The impact of microcredit on the poor in Bangladesh: Revisiting the evidence. Journal of Development Studies, 50(4), 583-604.

Roomi,M.A. & Parrot,G. (2008).Barriers todevelopmentandprogressionof women entrepreneurs in Pakistan.The Journal of Entrepreneurship, 17 (1), 59-72.

Salman, A. (2009). How to start a business: A guide for women. Pakistan: Centre for International Private Enterprise, Institute of National Endowment for Democracy, anaffiliate of the USA

Chamber of Commerce.

Sattler, H., Völckner, F., Riediger, C., &Ringle, C. M. (2010).The impact of brand extension success drivers on brand extension price premiums.International Journal of Research in Marketing, 27(4), 319-328.

Sekaran, U., &Bougie, R. (2010).Research methods for business: A skill building approach(5th Ed.). United Kingdom: John Wiley & Sons Ltd.

Sekaran, U., &Bougies, R. (2013).Research methods for business: A skill building approach (6th Ed). USA: John Wiley & Sons Inc.

Shane, S. (2003). A general theory of entrepreneurship: The individual-opportunity nexus. UK: Edward Elgar.

Sila, I., &Ebrahimpour, M. (2005).Critical linkages among TQM factors and business results. International journal of operations & production management, 25(11), 1123-1155.

SMEDAN. (2013).Survey report on Micro,Small and Medium Enterprises (MSMEs) in Nigeria. Abuja: Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Stohmeyer,R.(2007).Gendergapandsegregationinself-employment:On the roleof thefieldofstudyandapprenticeshiptraining.Germany:GermanCouncilfor Social and EconomicData (RatSWD).

Stone, M. (1974). Cross-validatory choice and assessment of statistical predictions. Journal of the royal statistical society. Series B (Methodological), 111-147.

Tata J., & Prasad S, (2015). Immigrant family businesses: social capital, network benefits,and business performance. International Journal of Entrepreneurial Behavior & Research, Vol. 21(6) pp 842-866.

Todaro, M.P. and Smith, S.C. (2013): Economic Development, 8 th Edition, Pearson Education Asia.

Versluysen, E. (1999). Defying the odds-Banking for the poor.USA: Kumerian Press.

Vonderlack, R. M. & Schreiner, M. (2001).Women, microfinance and savings: Lessons and proposals. Washington University, St. Louis, USA: Centre for Social Development.

Wan Afthanorhan, M. W. A. B. (2013). A comparison of Partial Least Square Structural Equation Modeling (PLS-SEM) and Covariance Based Structural Equation 289

Wiklund, J., & Shepherd, D. (2005). Entrepreneurial orientation and small business performance: a configurational approach. Journal of Business Venturing, 20(1), 71-91.

Wube, M. C. (2010). Factors affecting the performance of women Entrepreneurs in Micro and Small Enterprises .Retrieved May18, 2013.

Yahaya, K. A., Osemene,O.F., & Abdulraheem, A. (2011). The effectiveness of microfinance banks in alleviating poverty in Kwara state Nigeria.Global Journal of Management and Business Research, 11,(4),46-55.

Yeboah, E. H. (2010). Microfinance in rural Ghana: a view from below (Doctoral dissertation, University of Birmingham).

Yunus, M. (1998).Alleviating poverty through technology.Science, 282(5388), 409-410.

Yunus, M. with Alan Jolis. (1999). Banker to the Poor: Micro-Lending and the Battle Against World Poverty.

Zeller, M. (2003).Models of Rural Financial Institutions. Lead Theme Paper at Paving the Way Forward for Rural Finance: An International Conference on Best Practices, Washington, D.C.

Zhang H., & Ali, A. O. (2016).Empirical evidence impact of interest rate on loan repayment of microfinancial institution Tanzania.


  • There are currently no refbacks.

ISSN (Print): 2276-8645


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.