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The Influence of Advertising on Patronage of Microfinance Banks in Kaiama LGA, Kwara State

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
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  • NGN 5000

Background of the Study
Microfinance banks play a crucial role in providing financial services to individuals and small businesses that are often excluded from traditional banking systems. In Kaiama LGA, Kwara State, microfinance banks are vital in promoting economic development, especially in underserved areas. Advertising has become an essential tool for raising awareness about the services offered by these banks, attracting new customers, and fostering financial inclusion.
Studies by Adeoye and Akinpelu (2024) have highlighted the significant role of advertising in increasing the patronage of microfinance banks, especially through targeted campaigns that address financial literacy and promote the benefits of microloans. This study investigates how advertising influences the patronage of microfinance banks in Kaiama LGA, focusing on the effectiveness of various advertising strategies.

1.2 Statement of the Problem
Despite the availability of microfinance banking services in Kaiama LGA, many residents remain unaware of the benefits or struggle to trust these institutions. Traditional methods of marketing have proven inadequate in reaching the target audience, particularly in rural areas where access to information is limited.
Olawale and Alabi (2023) suggest that advertising can be an effective way to boost patronage by increasing awareness and trust. However, there is limited research on the specific role of advertising in promoting microfinance banking services in Kaiama LGA.

1.3 Objectives of the Study

  1. To assess the influence of advertising on the patronage of microfinance banks in Kaiama LGA.

  2. To evaluate the effectiveness of various advertising strategies used by microfinance banks in the region.

  3. To identify challenges in advertising microfinance services to rural communities in Kaiama LGA.

1.4 Research Questions

  1. How does advertising influence the patronage of microfinance banks in Kaiama LGA?

  2. What advertising strategies are most effective in increasing the patronage of microfinance banks?

  3. What challenges affect the effectiveness of advertising for microfinance banks in rural areas?

1.5 Research Hypotheses

  1. Advertising significantly influences the patronage of microfinance banks in Kaiama LGA.

  2. Certain advertising strategies are more effective than others in increasing patronage.

  3. Challenges exist that limit the effectiveness of advertising campaigns for microfinance banks.

1.6 Significance of the Study
This study will provide insights for microfinance banks, advertisers, and policymakers on improving advertising strategies to increase financial inclusion in rural areas. It contributes to understanding how targeted advertising can boost the patronage of microfinance institutions.

1.7 Scope and Limitations of the Study
The study focuses on Kaiama LGA, Kwara State, and investigates how advertising influences the patronage of microfinance banks in this region.

1.8 Operational Definition of Terms

  1. Advertising: Promotional campaigns designed to increase awareness and patronage of services offered by microfinance banks.

  2. Microfinance Banks: Financial institutions that provide small loans and financial services to underserved individuals and businesses.

  3. Patronage: The act of using or supporting services offered by microfinance banks.





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