Microsavings mobilization innovations and poverty alleviation in Nigeria

Innovation in microfinance is given as any change in banking technology which resulted in improved viability and/or outreach of the microfinance institution. This paper examined the influence of innovative savings products in the Nigerian banking industry on welfare and business enterprise development of low-income earners and self-employed individuals in Nigeria. The paper employs primary data from a structured questionnaire and uses ordinary least squares to test study hypotheses. The results obtained show that the savings rate has increased by 160% since the introduction of the innovative savings account. The study therefore recommends more awareness programs on innovative savings products.